| Address: | West Delhi, Delhi |
HDFC company which at one time was standard for Ethics can no longer be trusted. I fell Victim to its HDFC Savings Assurance Plan. I am retired ex-service man and wanted to keep my retirement benefit in a plan where it stays safe, have flexibility to withdraw and earn a good interest better than regular savings/recurring account.
HDFC Investment advisor sold me this HDFC Savings Assurance under the pretext that I have flexibility of reducing premium, high interest and also that he is giving me joining cash back offer of 25K. He invested all my retirement amount as first premium saying that you can stop payment after this and high payment in first year means higher interest.
It is when I received the policy document that yu cannot reduce the premium, you will end up loosing 2/3rd of your total money if you withdraw before 10 years and if you dont pay premium after 1st year you loose complete 1st year premium which is huge.
In one way or other I stand to loose my retirement amount.
I tried Ombudsman, Grievances etc all is waste and lacked empathy to understand and were only good in repeating the policy statements.
I also tried IRDA and havent got any response. If anyone knows a solution please comment
I saw a lot of similar complaint here and reason for these is SAP comes with almost 25-30% bonus to Insurance advisors as compared to other which gives 7-10%
HDFC which once was a premier institute is now cheating its customer. Do not Invest in HDFC products, staff is unprofessional, departments are least bothered about your money. I dont have a good experience with there Home loans also in terms of adjusting interest rates as per market rates when it comes down. STAY AWAY FROM Savings Assurance Plan and HDFC to be on safer side.
If Mr DEEPAK PAREKH or HDFC VP come across this please investigate your department dealings especially in New Delhi (West branches like Rohini etc). Is there someone accountable in this country who can take some action against HDFC and its Policy Advisors.
DO READ THE DOCUMENT CAREFULLY and DO NOT SIGN ANY POLICY WITHOUT DOCUMENT IN HAND (Get cope of policy from NET)
DO NOT INVEST in HDFC as Internet is full of complaints against there products, claims department, Home loan etc.
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