HDFC Standard Life Insurance — HDFC pension champion - Charges and terms and conditions
NiNiranjanbn on Aug 22, 2011
Name Niranjan B N
Address 97/2, 10th cross, kumarapark west, Bangalore 560020
Phone 080 23464150
I would like to bring to your kind notice some of the terms and conditions and charges of HDFC Pension Champion which I have started investing in 2010.
HDFC Life insurance I feel is almost cheating the investor for the following reasons.
Minimum duration for paying the premium is 3 years for the above funds.
There are various charges included
investment allocaion rate (10% to 40%)
policy administration charge (0.95% of the premium amount per month )
fund management charge (1.25%)
Surrender charge is especially forcing common investment due to following reasons
If the premiun is stopped in between, the policy is automatically cancelled and surrendered.
The surrender charges is 100% in the first year, 50% in the seconf year, 30% in the third year, 15% in the forth year.
Therefore the investor is forced to invest in the fund for 3 years even if he notices that the fund is not performing well.
It is similar to the zamindar system that existed in India, where rich and powerful people were forcing slavery on farmers.
These charges are not mentioned in the website which advertise about the fund.
The fund manager and the website only indicate the benifits
Therefore the investor is kept in the dark about these charges during investment.
After the first year investment is made, they send a brochure explaining the charges. And the investor cannot withdrawn from investment because of the surrender charges. The investor is in a trap.
I am completely not satisfied by the by such charges and terms and conditions and by the way they are cheating common people by hiding the applicable charges.
It would be of great help if your good office could support me so that I am not forced to furhter invest in HDFC Pension Champion.
I want to surrender the fund at the market price on the date of the surender.
If you have any further advice to me, kindly please advice me how to take it forward.
Thanks and Regards
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