Dear Sir / Madam ,
This company by the name of HDFC SALES is engaged in illegal activity .
The company is into mis - selling of insurance products to home loan customer
H D F C Sales Financial Services has about 200 - 3 0 0 employees .
Only about 9 of them have LICENCE to sell INSURANCE .
The other employees do not have the certificate or the licence mandatory for selling insurance .
The company HDFC Sales FINANCIAL SERVICES sells life & general insurance
They sell HDFC LIFE ( earlier HDFC Standard Life ) and HDFC ERGO .
The employee cross - sell HDFC STANDARD LIFE and ergo policy to HDFC HOME LOAN customer
Instead of giving the plain and simple HOME LOAN PROTECTION PLAN ( which provides pure coverage ) , the employees sell them ULIP schemes .
The U L I P are market linked and do not give proper COVER and protection for the loan which is the prime concern in case of loan customers .
Infact most customers are not told about the PURE COVER SCHEME called HLPP , and HDFC does not disclose it to its customers .
I R D A can ask HDFC LIFE and ERGO to give them the details of business from HDFC SALES . .
IRDA will find all the ULIPs and other products have been sold by employees who do not have any IRDA LICENCE .
But , the company books the business in the name of 8 - 9 employees who have the licence .
The actual customer have never seen or met these 8 - 9 employees .
But , the POLICY BOND CERTIFICATE that the customer receive bears the name of the people whom the customer has never interacted with . .
There is rampant mis-selling of ULIP and other high value insurance product to the unsuspecting customers .
Also NHB must note that HDFC provides loan to fund the premium of these customers .
The PREMIUM amount is added to the HOME Loan amount .
This is rampant mis - use , because Hoem LOAN cannot be given to the customers to pay his insurance premium .
Even PREMIUM of ULIP is FUNDED by HDFC through Home Loan .
Only HLPP - Home Loan Protection Plan ( TERM INSURANCE or Pure insurance ) can be legally funded by HDFC .
But , H D F C funds all sorts of Premium .
N H B , can enquire specially in Pune and Kolkata .
If NHB asks HDFC to provide them the HOME LOAN customers of KOLKATA and PUNE , they will find that 20 % of the customers have been given some additional loan and that loan has been provided to the customer to pay the premium of the insurance . .
If at all the customer needs loan to fund his insurance premium then he has to take a PERSONAL LOAN . . But , he cannot take a home loan to fund his ULIP and other Insurance premiums . .
The customer could have taken a personal loan instead .
This fact is known to the CEO of HDFC SALES . ( C E O ) . .
This fact are all known to the NSM ( N S M ) of HDFC LIMITED . .
All these illegal financing and funding is happenning with the full knowledge of the TOP MANAGEMENT .
Everyone in the top management is aware of these rampant misuse of the system and MISSELLING and FINANCING
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hdfc H D F C — ERGO ergo / HDFC LIFE , hdfc standard life
if HDFC is not cancelling your policy even after you have offered to cancel it there is nothing to worry. most certainly the person who sold you the policy does not have a IRDA licence required and mandatory to sell any insurance policieshence if you ask H D F C to show the I R D A Licance of the person who sold you the policy , they will not be able to show the LICENCE and hence will be forced to cancel the policy
the IRDA certificate should be valid on the date on which your policy was issued
soumick , aditi , soumita , satarupa , sajal do not posses the CERTIFICATE
for HSP or ERGO one needs to have a GENERAL INSURANCE licence .
for HDFC LIFE , one needs to have a LIFE INSURANCE licence
to avoid the problem the agent's name mentioned in your policy may be a name who has not met you
the POLICY will mention the name of another AGENT who has a licence
it will not mention the name of the agent who met you and conselled you