[Resolved] HDFC Bank — Fraudulent way of selling policies | |||
Sir, I had taken a policy - UL Endowment Winner with HDFC life. The policy number was 12635839 which was started on 13th February 2009. I have paid premiums of 50, 000 / year for a three years but due to lack of funds I couldnt continue the payment. Just when I was planning to break the policy and withdraw the money I invested, Sachinkumar (Direct Sales Manager - TAD, HDFC Standard Life Insurance company ltd, M: [protected], E: [protected]@hdfclife.in) called me in January ending 2014 for a meeting to discuss about an alternate plan where I dont loose out on the cancellation amount and he can arrange for two installments to pay my last 50, 000 for this plan. He came along with Prashant Mundhe (Yet another Direct Sales Manager - TAD, HDFC Standard Life Insurance company ltd, M: [protected], E:[protected]@hdfclife.in )and convinced me saying that the funds accumulated in my existing policy could be transferred into a debt policy and I just need to pay 25000 in Feb and the next 25, 000 in Aug and I dont have to pay any further premium. All funds of the previous policy would be utilized in this new policy and I would get better returns on policy maturity. They created a new policy for me - HDFC Life Classicassure plus, policy no[protected] and provided me the receipt of INR 25, 000 which I had paid to them. They said that I would get a confirmation call but you can say that you have understood all terms and are ready to go for it. Since they are employees of HDFC Life (They also provided me their business cards) I assumed everything is good and I proceeded as they had told me to.A few months later when it was time for me to pay my supposedly last payment of Rs. 25000, I called up the call centre just for a verification about the same and was shocked to know that my old policy still continues as it is. The new policy started off at the initial 25, 000 which I had paid and is for a period of 10 years (Premium paying terms of 7 years). The last payment which I was about to make is for the second installment for year 2014 and this will continue for 7 years !! Thats not all. This policy is non-cancellable. It seems that there was a 14 days period after the policy is made where we can cancel. After that we have no other choice but to continue. I was unable to comprehend this. I tried calling Sachin but he was always not reachable by phone. I wrote a strong letter to customer service (Complaint No. [protected]) but they reverted to me saying they have done a thorough investigation and they dont find any issue and that they have my signatures at all places verifying that I know what the policy is about. I wrote back saying that they should stop the auto debit from my account for the next installment as I dont want this policy. There was no reply to that. It was good that I knew which account would be debited and I kept insufficient funds in that account. Day before yesterday I got a call from the bank saying that an ECS transfer request is going to be declined due to my insufficient fund and I was glad that the second payment didnt take place. Had it been any other honest company, they would have atleast stopped the ecs transfer thinking that the customer is not happy with the plan, lets stop the autodebit till the entire issue is solved. But thats not the case with HDFC Life.I want to cancel this new policy and I also need my 25, 000 back. This is fraudulent way of selling policies by giving false information and promises. By doing this, HDFC Life is spoiling its own image in the market. A disappointed customer Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved HDFC Life customer support has been notified about the posted complaint. | |||
 7 Comments | |||
Comments
Hi HDFC Life,
A quick update:
From today I am receiving calls from people mentioning that they are from HDFC Life. Details are 1) Rahul Chauhan (Mobile - [protected]) and Gunjan Verma who are calling me from another number - [protected] and [protected]. They say that I need to pay an extra INR 10, 000 to a partner company of HDFC Life which is for security deposit for cancelling my policy[protected]. Out of this 10, 000 in one weeks time they will refund my 9, 500 Rs, 500 Rs would be deducted for agency fees. Apart from this my entire amount of 24999 along with interests would be refunded and the policy would be cancelled. They are not willing to give me any proof of this in documents (Letterheads or emails). They are simply mentioning that they have my file with them and to process it I need to pay 10, 000 immediately. Please let me know the Genuineness of these calls. Is this really HDFC Life calling me or someone has taken my mobile number from my post above and are calling me in the name of HDFC Life.
A quick update:
From today I am receiving calls from people mentioning that they are from HDFC Life. Details are 1) Rahul Chauhan (Mobile - [protected]) and Gunjan Verma who are calling me from another number - [protected] and [protected]. They say that I need to pay an extra INR 10, 000 to a partner company of HDFC Life which is for security deposit for cancelling my policy[protected]. Out of this 10, 000 in one weeks time they will refund my 9, 500 Rs, 500 Rs would be deducted for agency fees. Apart from this my entire amount of 24999 along with interests would be refunded and the policy would be cancelled. They are not willing to give me any proof of this in documents (Letterheads or emails). They are simply mentioning that they have my file with them and to process it I need to pay 10, 000 immediately. Please let me know the Genuineness of these calls. Is this really HDFC Life calling me or someone has taken my mobile number from my post above and are calling me in the name of HDFC Life.
Hi HDFC Life,
Thank you for confirming in a private message that this was a Spurious Call and they are not connected with HDFC Life.
Coming back to the main topic, Aruna from the grievance department of HDFC Life called and once again said that there is nothing from your side that you can do. She also did say that she would forward to me the legal department address to discuss further. After the call no such mails have come with the required information.
Can you please explain, what is a non-cancellable policy? Now that the second premium was not debited from my account what is the further actions you would be taking? When a consumer is repeatedly mentioning that all documents were being taken after providing false promises and the consumer has no funds to pay for all premiums for the rest of the years to come, you as a well known insurance company, what are you going to do to extract money from such consumers?
Thank you for confirming in a private message that this was a Spurious Call and they are not connected with HDFC Life.
Coming back to the main topic, Aruna from the grievance department of HDFC Life called and once again said that there is nothing from your side that you can do. She also did say that she would forward to me the legal department address to discuss further. After the call no such mails have come with the required information.
Can you please explain, what is a non-cancellable policy? Now that the second premium was not debited from my account what is the further actions you would be taking? When a consumer is repeatedly mentioning that all documents were being taken after providing false promises and the consumer has no funds to pay for all premiums for the rest of the years to come, you as a well known insurance company, what are you going to do to extract money from such consumers?
Hi,
You have sent me a private message mentioning that my policy status is now as "surrender".Please let me know what procedure must I follow to get my refund of my premium paid? Awaiting your speedy reply.
Thanks.
Sandesh
You have sent me a private message mentioning that my policy status is now as "surrender".Please let me know what procedure must I follow to get my refund of my premium paid? Awaiting your speedy reply.
Thanks.
Sandesh
These people are just dodging around saying that the "Surrender" status is for my other policy. The problematic policy is still "Inforce" status. Isnt there any way we can communicate to these people that we dont want the policy? Can someone advise what steps can be taken so that HDFC life doesnt send bogus agents to fraudulently create a new policy by giving false promises and false information? This marketing method is wrong and will just bring you frustrated customers. Do you really want to build up your business with unsatisfied customers?
HDFC Life have outsourced their marketing activity to some lame third party company and this third party (just to reach their targets) goes out to make new victims giving out false promises. Never expected this from a brand like HDFC. This just shows how low a company can stoop down just to fulfil their sales targets. When troubled customers call the call centre, the only reply they get is, you should have read the terms and conditions properly. Even my ECS mandate form was forged with my signature on it. No reply from them for that.
Their company punchline which says "Sar Utha ke Jiyo" should have been "Sar Katake Maro"
For all those people who are looking out to buy a new policy from HDFC Life OR planning to encash money from existing policy that has matured, please beware. HDFC will send out some one who will stick a new policy to you giving all false promises and before you even realize it, you will have a new policy which is LOCKED for a good amount of years.
Also, if you are a troubled customer of HDFC Life, please see the link below where people will call you from some company claiming to be HDFC Life and on the pretext of solving your problems will find ways to make money from you. (This too would be the same lame third party companies that HDFC Life has outsourced sales activities to)
http://www.hdfclife.com/irda-public-notice-on-spurious-calls
Their company punchline which says "Sar Utha ke Jiyo" should have been "Sar Katake Maro"
For all those people who are looking out to buy a new policy from HDFC Life OR planning to encash money from existing policy that has matured, please beware. HDFC will send out some one who will stick a new policy to you giving all false promises and before you even realize it, you will have a new policy which is LOCKED for a good amount of years.
Also, if you are a troubled customer of HDFC Life, please see the link below where people will call you from some company claiming to be HDFC Life and on the pretext of solving your problems will find ways to make money from you. (This too would be the same lame third party companies that HDFC Life has outsourced sales activities to)
http://www.hdfclife.com/irda-public-notice-on-spurious-calls
HDFC Life have outsourced their marketing activity to some lame third party company and this third party (just to reach their targets) goes
out to make new victims giving out false promises. Never expected this from a brand like HDFC. This just shows how low a company can stoop down just to fulfil their sales targets. When troubled customers call the call centre, the only reply they get is, you should have read the terms and conditions properly. Even my ECS mandate form was forged with my signature on it. No reply from them for that.
Their company punchline which says "Sar Utha ke Jiyo" should have been "Sar Katake Maro"
For all those people who are looking out to buy a new policy from HDFC Life OR planning to encash money from existing policy that has matured, please beware. HDFC will send out some one who will stick a new policy to you giving all false promises and before you even realize it, you will have a new policy which is LOCKED for a good amount of years.
Also, if you are a troubled customer of HDFC Life, please see the link below where people will call you from some company claiming to be HDFC Life and on the pretext of solving your problems will find ways to make money from you. (This too would be the same lame third party companies that HDFC Life has outsourced sales activities to)
http://www.hdfclife.com/irda-public-notice-on-spurious-calls
out to make new victims giving out false promises. Never expected this from a brand like HDFC. This just shows how low a company can stoop down just to fulfil their sales targets. When troubled customers call the call centre, the only reply they get is, you should have read the terms and conditions properly. Even my ECS mandate form was forged with my signature on it. No reply from them for that.
Their company punchline which says "Sar Utha ke Jiyo" should have been "Sar Katake Maro"
For all those people who are looking out to buy a new policy from HDFC Life OR planning to encash money from existing policy that has matured, please beware. HDFC will send out some one who will stick a new policy to you giving all false promises and before you even realize it, you will have a new policy which is LOCKED for a good amount of years.
Also, if you are a troubled customer of HDFC Life, please see the link below where people will call you from some company claiming to be HDFC Life and on the pretext of solving your problems will find ways to make money from you. (This too would be the same lame third party companies that HDFC Life has outsourced sales activities to)
http://www.hdfclife.com/irda-public-notice-on-spurious-calls
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