[Resolved]  HDFC Bank — Misselling of the HDFC Life Pension Super Plus Plan

Address:

Amritsar, Punjab

HDFC Life Pension Super Plus Plan was fraudulently sold to me by HDFC Bank officers Mr Puneet Trika and Mr Sameer Kapur attached to Court Road Branch Amritsar on 29 January 2013 Both of them got the form signed from me by explaining the features of HDFC Life Pension Super Plus Plan as that of an FDR. Moreover he convinced us to sign the form only on the grounds that the same will be debited one day later i.e 30 of January 2013 only after taking our consent telephonically else no investment will be madeThe features explained to me were as under:
1)It is one time investment similar to an FDR
2)At the end of five years we will receive the fund value plus an annual pension of Rs 40000/for lifetime and the basis of calculation of Rs 40000 is 8%of Rs 5 lacs which is invested by us .
3) In this plan Principal as well as the interest is secured like an FDR.

Within an hour after checking the plan online I came to know that it is a unit link plan in which principal will be adjusted against life time pension of some meagure amount and therefore it was intimated to both of them telephonically as well as personally by visiting the branch to return the signed application form since the terms and the conditions were not acceptable to us and we are not interested to invest in it. At that time it was also confirmed to us by Mr Puneet Trika that the funds are not invested and the policy is not issued and the signed application money will be returned back to me .Moreover he convinced us to sign the form only on the grounds that the same will be debited one day later i.e 30 of January 2013 only after taking our consent telephonically else no investment will be made .In the evening a torn application form was submitted to me at my residence by Mr Puneet along with Cams officer Mr Kartik confirming the cancellation of my request on the same day .On one hand they submitted a torned form to us and on the other hand they debited our account on the same day and issued the policy without our consent .Can you please justify the intension of those two HDFC bank officers who first explained false features of the policy to us to take our consent and got the form signed on the pretext that it will be submitted only after taking verbal confirmation from us one day after and when we intimated them on the same day that the request is to be cancelled they presented a fake torn application form before us confirming cancellation of the policy and thereafter debited our account and issued the policy?

When we received the policy on 06 Feburary 2013 we immediately contacted our RM Mr Punnet for explaining he reasons of issuing the policy when it was confirmed to us that the policy is cancelled .He accepted that the policy is issued without our consent and therefore he will get it cancelled very shortly .He convinced us that we should not raise any complaint since he has already lodged a complaint in his internal software for cancellation of the policy since it is issued by mistake . When it was questioned that the premium payment term mentioned is of 15 years whereas it was adviced to us that only one time investment would be made it was informed to us that as per IRDA guidelines all policies issued today have premium paying period of 15 years and any time if you donot want to pay the annual installment you are required to fill the discontinuance form and submit it to HDFC life and after deduction of charges of Rs 2000/it will be converted to a single pay plan . Thereafter the freelook period also lapsed since it was intimated to us that the cancellation of the policy has been initiated at his end .After consistently following up with him for the whole month I visited HDFC Life office at Mall Road Amritsar to confirm the status of the request raised by HDFCBank where Mr Tarun Behl informed me that any policy can be cancelled only if the customer signs the freelook form within 15 days and adviced me to raise a grievance .
Thereafter I raised a grievance in writing in HDFC Life dated[protected] for refund of my funds and cancellation of the policy on the following grounds:
1) Policy sold by fraudulent means
2) Policy features explained were that of an FDR
3) It was confirmed on the same day by HDFC Bank Officer MR Puneet Trika that no investment is made but still funds were invested
4) On receipt of the policy paper we again contacted Mr Puneet Trika for cancellation of the policy ,they said it is under process but nothing is being done till date
5)It was confirmed that it is a sinle premium plan but actually the premium paying term is 15 years .
I had also filed complaints in HDFC bank as per details below
1) Complaint No: MOSCO[protected] dated 25/02/2013 via phone banking
2) Complaint No : MOSCO[protected] dated 16/03/2013 via phone banking
3) Mail send to grievance .[protected]@hdfcbank.com on 28 March 2013
4) Mail sent to [protected]@hdfcbank.com on 28 March 2013 Ref no. PNO[protected]VA
5) Again Verbal Complaint done telephonically on 04 March 2013 to Nodal Officer Mr Ratan Kumar at contact no[protected] Ref no. 37271/12-13/15/37
6) Verbal complaint again send to Nodal Officer Mr Ratan Kumar at contact no[protected]on 17 april 2013 (reopening of the same case)
7) Verbal complaint again done to Nodal officer Mr Ratan Kumar at contact no[protected]on 23 April 2013
8) Mail sent to [protected]@hdfcbank.com on 16 April 2013 having Ref.No.PNO[protected]VA/PNO[protected]LV

But my request is denied firstly without taking any clarification from me .Whatever is intimated by the staff is accepted as a clarification and they are portraying a wrong picture before the grievance cell .I request you to take both parties in conference call before arriving at any verdit this time.
As per revert received from grievance .redressal @hdfcbank.com dated 28 March 2013 against my mail dated 25 march 2013 it was adviced to me (copy attached )that the features were explained to me in the presence of my husband and the features were again explained to me in the late evening hours whereas it doesnot confirm that the features explained to me were correct .Moreover in the late evening hours no features were actually explained but it was confirmed that the request stands cancelled and even the mutilated application form was returned to us .Denial of the request on the basis that the application form is signed by me and I have not contacted HDFC life within freelook period is is not at all satisfactory since it is not considered that under what circumstances and wrong commitments the form is signed and freelook facility not availed .I am definitely educated enough to understand the terms and conditions but I always acted on the advice of my RM to cancel the policy since he adviced me that he has already initiated the cancellation of the policy and the refund process is under process.

Request you to provide justice to us and our innocence since my only fault is trusting your employees at each and every stage .Request you to refund my funds back( Rs 5 Lakhs) since this is my hard earned money which I have kept for my old age and I have no more funds to invest next ltime which will lapse all my funds invested till date. All the terms explained to me were false
Looking forward from a positive response from your side
Regards
kiran Taneja
Policy no. 15774731