Mis-Selling of HDFC Saving Assurance Policy

Location/place: Ambala

Name of company/service: HDFC Life

Hi ,

My dad is a retired person who got retirement corpus and went to HDFC Bank, Ambala City to deposit his hard earned money in HDFC Bank in Feb 2010. HDFC Banking person named Amit , sensing that my dad is a risk averse person and only interested in FD and assured returns schemes, started mis-selling HDFC Savings Assurance plan . They stated that it is a assured returns policy with 12% and only need to pay premiums for minimum 3 years and then one can withdraw amount. My father being a Naïve person thinking Banking people are the reliable person invested 1 lac IN POLICY (13504671), and then invested 1 lac each year in 2011 and 2012.
Now banking people have started showing their true colors, now my father is getting only 1.8 lac in return for 3 lac invested. I agree there is penalty in this policy (which was not informed earlier) but even we keep invested for another 7 more years completing the 10 years policy period , we will get only around 12 lac which is worse i.e. 3 % return.

I really don’t understand how IRDA or HDFC can come up with this ridiculous product Where there is no insurance, no good interest and major penalty. How can such a product exist in a market eroding investors wealth

I WANT HDFC TO RETURN MY DAD’S MONEY WITH INTEREST .

MANISH
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