Location/place: Faridabad
Name of company/service: HDFC Standard Life Insurance Co. Ltd
This is regarding mis-sale of Policy No. 13700248 (HDFC Savings Assurance Plan) by HDFC Standard Life Insurance.
I have a savings bank account in HDFC Bank, Sector 35, Faridabad (HDFC0001733). I wanted to open a locker in the bank. The Bank executives told me that to open a locker I need to take a single premium policy of Rs.20,000/- and so I did. But to my shock the company sold me an Annual Premium Policy instead of Single Premium Policy.
I raised the issue with the HDFC & subsequently with IRDA (Irda Token number 06-13-015573 and Entity Reference Number 04000000008626) and in response to that I received a letter dtd 25-06-13 (attached herewith) from HDFC Customer Service Department and I am not satisfied with their response
The justifications given by the bank after “internal assessment” are not valid because of the reasons given below:
(1) I opened an account in this bank just to avail the locker facility. I opened the account, availed the Locker Facility and started the Policy on the same date i.e 29/05/10 (pls refer email from HDFC mentioning despatch date of Welcome Kit for the Bank Account as 29/05/2010) and signed many documents at that time but I was told that I have to take this Single Premium Policy of Rs.20,000/- if I want a locker.
(2) I didn’t fill any of forms given in the Policy Document. I request HDFC to consult handwriting expert, if required
(3) I never gave the consent for Direct Debit from my account and on carefully seeing Pg 15 of Policy Document (attached herewith), I noticed that Form for Direct Debit does not have my signature.
(4) I didn’t receive any communication from HDFC like Premium Receipt, Bonus Notice etc on my correspondance address, as pointed out by the bank in its reply. I request HDFC Life to show any receiving they have.
(5) As explained earlier in my complaint, I was out of station and did not check my account balance so I had no information that HDFC has deducted such an amount from my account becaause I never received any Premium Receipts from HDFC. So, how does the bank expect me to raise objections in the so-called free-look period when I came to know regarding this issue only on 10-June-2013.
Clearly, this is a case of Cheating, Mis-representation and breach of trust by HDFC Executives. I am being forced to pay the Premium till 10yrs which I am unable to do. So, I request HDFC to cancel the Policy and refund atleast the Principal amount of Rs.80,000/-, as I am in financial trouble and in urgent need of money.
Request you to kindly intervene in the matter.
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