HDFC Life – policy return denial

Location/place: Madhyamgram

Name of company/service: HDFC Life

Here is a complaint against HDFC Life.

I had been advised by an HDFC financial advisor to buy fixed deposit policy. Based on his advice I bought that policy.

But during free look period I found it’s a insurance policy not a fixed deposit policy so I want to return the policy on in the below given address within free look period that is on 06-Dec-2012. Initially, I received the policy through courier around end of Nov (most probably on 27-Nov-2012.)

Here is the address where I send back the courier

“ HDFC Standard Life Insurance Company Limited
11th Floor, Lodha Excelus,
Apollo Mill Compound,
N.M. Joshi Road,
Mahalaxmi,
Mumbai – 400011
Board line no.+91-022-66682666”

Even I dropped e-mail several times asking for a confirmation within this free look period.

Here is the response I got back each time. Attached the email chain for reference.

“This is with reference to your e-mail communication, we would like to inform you that as per our records previously your free look request denied due to the reason policy document not received and also look in request not received in correct format, later we received your request about free look with cancellation letter and policy document on 13/12/2012 and the same is under process. Kindly allow us some time to proceed further and you will receive the refund at the earliest.”

What I have understood with the above is that they are processing my case and would refund as soon as possible.

Finally on 27-Jan-2013 I received request denial courier. Then I called toll free from where I came to know the reason for return is “Not submitting the request in correct template” and “I am suppose to return it to the branch office not to the above mentioned address.” But I was not communicated with this reason within free-look period. After 27-Jan-2013 I went to the branch and they are refusing to return the policy as free-look period is over.

Last email I received on 21-Feb from HDFC life stating they can’t refund me as policy free looks is over.

I feel I am cheated.

Could anything be done to get refund from HDFC Life?

Policy Detail:

Policy Number: 15608054
Policy Holder’s name: ARIJIT MITRA
Nominee: ADRIJA MITRA