[Resolved]  HDFC Bank Standard Life Insurance Company Ltd — No refund of surrendered policy

Address:

Chennai, Tamil Nadu

I have taken an insurance policy and as i need money urgently, surrendered the same on 30.06.2014. Customer service office at chennai have collected original policy together with copies of my pan card, address proof and a cancelled cheque. Originals of id and address also verified. They have informed that within 7 days, i will get the amount credited to my account. On 02.07.2014 i have got a call confirming my intention to surrender the policy. That time also i reiterated i am need of money hence chose to surrender the policy. There was no progress until 14.07.2014 not even a mail or call from them. When i wrote they returned saying that some discrepancy in my address proof and i need to give change in address., which literally is not required as i am residing at my own address for the past 8 years.. Any how for the sake of their satisfaction i have given address proof on 15.07.2014. On 16.07.2014, they have confirmed that everything is in order and payment will be processed shortly. Till date nothing happened and whenever i am sending mail i am getting standard reply, that my request would be processed shortly. Because of this i had to borrow on my credit card, which incurs huge interest and service charges. I don't know why they are illegally holding my money and i don't think so hdfc life insurance do not have money to pay my dues.