[Resolved]  HDFC Bank — HDFC life mis-sale of insurance policies

Address:

Thane, Maharashtra

I am the unfortunate victim of the three HDFC Life policies (Policy nos. 14509250, 14511936 &[protected]; in month of July 2011 missale to me by HDFC Kalyan branch by bank executives Ganesh Parbahate & Rupal in presence of branch manager Sailesh Oogale. As I had discussion with the branch manager and I explained my intention that since I was having saving of Rs.8 Lac & I wanted to one time invest this amount where I can get good returns.

In due course I got the policy but never gone in the details after words; assuming that as discussed it has done & it will be one time investment that was my belief.
But I’m completely stunned in Jul’12 when suddenly I got a sms notice from HDFC Life asking for renewal premiums towards the above policies, I completely shocked when I refer to my saving a/c. where Rs.150000/- were debited as premium for one policy.

I’ve approached to the executives & branch manager of Kalyan to look into the matter & resolve with HDFC life as per commitment of one time investment policies given by them while selling the policies to me, but no response received from them on my concern. At last on 02/09/12 I’ve lodged the complaint (Nos. [protected] & [protected]) on HDFC life website about mis-selling of the policies

I have tried and explained all the facts to HDFC Kalyan branch manager & customer care team & explained them my understanding in faith that this is one time premium policy. But, it seems that they are not interested to listen to the client and more interested to collect the premium,

This was very well planned & executed trap by a group o[censored]nscrupulous sales staff trying to increase their sales figures & their commission at the expense o[censored]nsuspecting customers. I can understand if miss selling done by agent to earn commission, or done by sales manager to meet targets but miss selling by branch manager is not acceptable.

My very simple question again is how a salaried person will accept the yearly premium amount of the policies more than his earning???

With great grief, agony and sorrow I am writing this mail before taking a severe legal action against HDFC Life for mis-sale of the said policies, cheating to their loyal customers.

So I would request you to kindly take a necessary action, since it is a serious offence to mis-sell a policy to a client which is against the law.

Regards
Rajesh Chhugani
[protected]