[Resolved]  HDFC Bank Bank - ULIP — BEWARE HDFC BANK - ULIP

ulip — Policy Lapse due to carelessness of Agent

I have a LIC policy, which I bought from an Agent, with the name Lawrence Terrent, in Pune. The policy has the locking period of 3 years and a condition that the premium has to be paid in the Policy -issuing center. The premium cannot be paid online / any other branch in India. As a result I dispatched cheques to my agent this year. He misplaced the first one and even with the second one he tried submitting it after the policy due date. The premium amount is yet to be deducted from my account, which clearly states that my cheque was not honored. Can I know the complaint procedure against the agent and what action can be taken in this regard?
Thanks

the policy is a crap. one manager in the bank cheated us will all false information.
We gave a complaint and is of no use.
we lost hard earned one lakh because of them.
we went to put 25000 in some other ulip plan other than hdfc, that buy made us put 1, 00, 000 in HDFC ulip, telling that 1st year alone, pay 1, 00, 000 and from next yera pay ionly 10000.now they are telling there is nothing like that and every year we need to pay 100000 and they took service tax as 30 %. do never believe this bank's people, they have employees ONLY to cheat people like us.

Same thing happened to me in a branch in delhi. HDFC SL are cheats. they miss sell through HDFC bank. Complaints did not work. Dont buy any HDFC SL products.

HDFC agents told me that if we continue the policy after 3 years for 2 years more, it will yield us profit..
but when you say that the commission again they take is 60%, so what to do in that case?
Should i continue after 3 years or not
and also should i reduce the premium for my 3rd year..as the value for my money is constantly decreasing
Please suggest

ya really these bank people ...have to sum things ..but once u in to it cant come out of it ..simply v have to pay next cancell charges..so better to reduce ur premium and conti long term to get profit..

ulip — Non-cooperation of agent.

I have more than 30 policies at your company . Some of them was bought under the agent Mr. Kamlesh Mishra , code 1908541T. Few of the policy no. of the said agent are[protected], 41995524, [protected]. My complaints are 1) The agent is reluctant to collect the renewal premiums on time. 2) Not gave the renewal premium receipt for which cash amount were taken . 3) Not respond to phone calls . I am aware about the recent death of his wife but the agent is non - cooperating for more than one year . I sincerely request you to debar this agent , stop all the facilities of being agent and ask him to take no objection certificate from me before to resume service as an agent . Pls do the needful at your earliest for the sake of better sevice of your customer and reputation of your great organisation.
With sincere regards ,
Dr. Sourindra Mohan Goswami .

How can you sign a document without checking whethet it is for 3 yrs payment or a single payment.Dont cheat yourself.can you sign even when a banker ask you to do.
Dont give feedbacks like this, this tells how fool u r.According to me they are smart.After getting ur documents cant u read what it is.

Learn By Practise

HDFC Bank — Beware OF HDFC BANK

MAKING FOOL OF investor HDFC big cheater



I had taken a policy of 'Young star' with insurance coverage giving me so many dreams shown in excel sheet ( http://www.hdfcinsurance.com/MediaCenter/News/Product%20profile%20HDFC%20Young%2...⇄ ). It involved initial amount of Rs 5 lakhs investment,in the yr 2005, followed by payments of Rs. 50,000 for 3 consecutive years. This was terms and condition agreed at the time of investment with staff came home .I paid all these payments in NRE. In 2010 January, I got a cheque of approx Rs. 4 lakhs ur bank, saying that all is closed.


Policy # is 10785159

You can clearly see that I have lost around Rs. 2.5 lakhs at the end of 4-5 yrs. It would have been a better choice to put it in fixed deposit else where which would have given me double the amount by now.


Contact - [protected]

HDFC ULIPS are cheats.

Their ULIPS are not performing.

I invested 50, 000 in first year, the bank agent did not tell anything about the 30% comission.. and the investment is worth 28, 000+

I did not invest any more for second and third year.

I will not be surprised they wrap up their business.

Cheats Cheats Cheats !

HDFC ULIP is a total cheat. I was told by the agent that it is a 1 yr policy. After 2 yrs, I found that they had deducted 60% of the sum and I am left with zero amount. I logged a complain on missing yet nothing happened. Do you where to go? The amount is pretty high. Any help would be appreciated.

yes i agree.all agents selling ULIPs are cheats since they are not giving full info. when its our loss then too and when its our profit in tht case also. so kindly read the documents fully and within 15 days we can get our money back by cancelling the policy but after that its too late...

This is very true. I was sold a HDFC SL ULIP policy by an agent. They never told me that they will cut 40% for admin charges and showed me a calculation how my money will got at an exceptional rate over the year. I payed 50000 premium but when i got the statement only 24000 was invested in the fund and rest of the money is gone. I am just waiting to find a way to cancel this money sucking policy. Stay away from HDFC SL.

Big time cheaters they are! I paid premium for 4 years, and the NAV changed from 60+ to 80+ still when I check my balance, it is couple of thousands loss!!! because of their charges and for 2nd year reinstantiation of the lapsed policy they cheated me big time by cutting down my units as per the latest NAV for the whole amount I paid for 2 years.

HDFC SL Pro could be superb plan but the office people are making fraud on the name this policy. i purchased a HDFC Progrowth of 50000/-, but they made it SL Crest by mistake. when I informed to

change the plan (which was not my mistake) on the next day only. they canceled my current policy and return money of 47000/- only. They just duped me on the name lucrative benefits of this

policy . So please beware of HDFC people

HDFC Is CHOR BANK... dont open your account with hdfc bank, They will take all your hard earned money... beware of this bank

its not survival of the fittest, its the survival of the wittiest..
An agent also cheated me three years back that i am making a smart investment,

they took almost 50% (300000) of my total investment at the time of surrendering after 3 years...Imagine, this is not at all ethical..

any way this is a good lesson learned..its not too late now to cancel or surrendering your ULIP policy, mark my words...

Better to get some small interest in FD !! from my returned/ surrendered amount.

CCP
complete chor policy...beware

Hi. My name is Deven Kanal and i'm a feature writer with Reader's Digest Magazine. We're doing a story on banks ripping off customers. If anyone would like to contribute their story to RD, then please send me your contact details at kanal.[protected]@gmail.com