[Resolved]  HDFC Bank Life Insurance — Policy issued giving wrong information and offer

Address:

Pune, Maharashtra

This is reference to the Insurance Policy Issued to me and my wife providing wrong offer regarding HomeLoan. Policy number is mentioned for reference: Vishal Dev Kumar[protected] Jyotsna Vishal Dev Kumar[protected] Early December 2012 around 15 Dec 2012 I got a call from lady introduced herself as Deepika from HDFC Bank regarding Loan Offer. She explained me offer is related to HDFC Life Insurance where I can take loan from 10 lakh to 50 lakh by buying a policy from HDFC Life Insurance and HDFC Bank will provide loan on basis of Insurance Policy. I was told if I want to have loan for 50 lakh I will have to take HDFC Life Insurance Policy of Premium of 1 lakh per year. I was interested in joint loan on my and my wife’s name. Offer also had the feature if I don’t want to continue policy after first premium I can adjust premium on loan EMI. Lady told me at the start I have to tell them the purpose of loan and my loan filing will be done for that particular reason. Around 20th Dec 2012 Deepika introduced lady named Shweta and said Shweta will be the Point of contact for this loan offer from very day onwards. I check with Shweta about joint loan and she said she will confirm from her manager. Very next day 21st Dec Shweta called me and said it is possible to have loan on joint basis. She told me to pay premium of 50 Thousand for my policy and 50 for my wife’s. I was ready for the offer. Very next day she called me for document collection, a guy from FC Road HDFC Life Insurance branch was at my door step for document and premium check collection. On same day Shweta called me and said she has already taken approval for joint loan and will receive the policy papers within week’s time. Mentioned is the no which was given to me for loan status check No: [protected] Once Insurance papers are ready, HDFC Bank will receive my policy papers from insurance company and loan process will start. After 10-15 days of process start I will receive Loan Approval Papers Me and my wife signed Insurance policy papers and handed over premium check to collection guy. After 5 days I called Shweta and confirmed about loan, she said application for loan is already sent to department for approval and will receive papers in 15 days. I told her if I can get sanction letter in week’s time so that I can start process of finalizing property. I received Policy Papers last week of January around 30 Jan 2013. I called Shweta to check loan process but she didn’t picked up my calls, I tried almost every day 10-15 times for next 10 days but no response. They made sure 30 days are passed from date of receipt of my policy document so that possibility of policy cancellation is over. Then I got a call from no [protected] on Feb 11 2013 that my loan is rejected, and reason given to me was premium amount for loan is 1 lakh and I have submitted 50 K. I was surprised and tried calling no given to me for status check. Lady picked up my call and I asked her about the no. where I have called she said this is HDFC bank Karol Bagh Branch No. I told her that Point of Contact lady is picking up my call, she said mail will be sent to point of contact to call you and after 2 days I got a call from Shweta. I asked her If approval was taken then how come my loan was rejected? Shweta said that was mistake from her part and she again applied for the loan and again it was rejected. Reason of rejection was very stupid “Request for early approval" since i told them to get my loan processed on urgent request. Again I tried calling Shweta and there was no response. Finally she picked up my call and said if I can invest 1 lakh more (50 in my loan and 50 in my wifes loan). Mean while I discussed incidence with my dad and dad went to Karol Bagh Gurudwara road branch to check authenticity of case. He checked with Branch Manage (Sardar Ji) and he confirmed there is no such loan offer available. Then my dad explained me each details. Same day I called up Shweta, she responded and said if I can give check in FC Road HDFC Life Insurance Branch I said I will give you check in Delhi only. She said let me check my manager and replied that we are not allowed to meet customers. I tried calling Shweta and again almost after a month on 31st of May she told me that i will get policy cancellation documents in 4 days and invested money in my account.I went to HDFC Life's office to inquire about such case and came to know this is a fraud and branch has received similar complaints. I logged official complaint in HDFC Life’s office Grievances Dept. and also logged online complaint on HDFC Bank’s complaint dept. Mentioned is the complaint no – [protected] and received complaint acknowledgement around June 10th 2013. My main concern is how is my policy details shared with these people(Shweta and gang). After few days I was told by Shweta if i submit more 50 k Cheque my loan will be approved. I was told to submit details in HDFC LIFE PUNE FC Road branch. There are only two beneficiaries HDFC Life and second is agent (SMC Insurance Brokers PVT LTD) Agent Code mentioned in Policy is 00446466 and License no 286 Another shocking thing happened, i was surprised when Shweta called me and said why have i logged complaint on HDFC Bank portal. From this incident it was very clear that Lady is either from HDFC Bank or somebody from Bank is helping them Later I went to HDFC Life for status of my complaint and executive told me that my complaint was rejected by Grievances Dept. I only wish to cancel my policy and my investment back as it was taken for Loan's purpose. Shweta’s No : +91 [protected]. [protected] This is the no which was given to me for checking loan status Since lady introduced herself as HDFC Bank executive so there was no question of any doubt. I am receiving calls from HDFC Life for premium pending which i dont want to pay. Executive also told me that they have taken action against people involved in the fraud. If every thing is known then why is my policy not cancelled and my investment is handed pver to me.