[Resolved]  HDFC Bank Life / Life Insurance — HORRIBLE TO HAVE INSURANCE FROM HDFC LIFE, HUNTERS OF POLICY HOLDERS. THEIR SLOGAN SHOULD BE SAR KALAM KARA KE MARO INSTEAD SAR UTHA KE JIYO

Address:

Agra, Uttar Pradesh

Dear Sirs,

I was stunned to note ,when my father told me about the conditions printed on the policies, as to be very much averse to the interest of the policy holder whereby the entire amount paid by the policy holders as premium ,will go to the pocket of HDFC Life and that the person will be robbed off basically of all his savings.

In case of eventuality,if a person goes for surrender of the policy,he will not get any amount from the first year premium and that for the rest of period ,he will get 50% of the premium and thus he will loss his 27% of the basic amount paid to the insurance company,HDFC life, what to say about the bonus or the interest factor. And when the answer to this querry was sought from the branch, they could not say anything except that we had to apply for surrender value,we will get the response from their Mumbai office.

In my case,

Policy no. commencement date Net premium paid Surrender value

00037240 March 2002 Rs.33840/- Rs.25942/

This way, I have to shell out Rs. 7898/-from the basic amount ,which is almost 23% loss,incurred in taking the HDFC standard life policy, what to say about the bonus or the interest factor.

Is it fair on the part of the HDFC standard life insurance co. or the Government and its regulatory agency to oversee such a situation.

Further no norms are there as to what percentage of deduction or how to arrive at such an amount of surrender value. Its only upto the insurance co like HDFC standard life or HDFC life to pay or arrive at the amount whatsoever they like.

It would be fair on their part to put the slogan SAR KALAM KARA KE MARO instead of SAR UTHA KE JIYO

Moreover, I applied for surrender value on 28.03.2011 but came to know about it on 21.04.2011, a month later. I submitted the documents immdtly on receipt.

But the payment is still awaited, whereas the LIC makes the payment within 3 to 4 days.





Even the other policies of my brothers and sister has been surrendered so that we may be saved from the paws of HDFC LIFE.

What more to write? I will take the matter to the press, even to the consumer forums and the regulatory authority og Government.

Waiting for your response,

Yours truly,

Amit kapoor

36, New Lajpat Kunj, AGRA

Pin 282002

Mob. [protected],

Email: [protected]@yahoomail.com