[Resolved]  HDFC Bank Slic — Misuse of policies: Brand Value is so CHEAP

To HDFC Corporate,

Myself, P Mondal, from Tata Consultancy Services, Kolkata wanted to go for an equity based investment without life coverage at the end of February’ 2008 and for that reason I came across with one of your Investment agent “Jayanto Paul (+91-[protected])” of HDFC SLIC, CR Avenue, Kolkata. I wanted to simply do investing for Rs. 60000/- as a single premium in any sort of Equity Based Fund without Life Coverage. But, he insisted me to invest 25000/- in 3 years premium basis and described that policy as follows:

1. It would have almost no charge and 100% of the money would be invested in the market.
2. No Life Coverage will be there as per my requirement.
3. After 1 year, if I am not able to give the premium value, no problem will occur.
4. After 3 years, I can withdraw my full amount of money and no further premium will be needed to pay.
5. After doing the investment he will come to me with a form to be filled up by me for getting online statement.


I felt good about the offer, signed the forms, and gave him cheque. Afterwards, Mr. Jayanto Paul became totally vanished. When I tried to call him for bringing the IPIN forms to us (For any further clarification, you can talk to Mr. Sunil Kumar Singh ([protected]) and Mr. Gopala Ulisi ([protected]), they are also having almost same issues with Mr. Paul), he used either to not pick up my phone or make his phone switched off. For the last two months in the morning time he is committing to come in afternoon, in afternoon when I am calling him, he changes his commitment to come in the evening and in the night hours, he makes his mobile switched off. Finally we downloaded the Form from Internet and submitted to Salt Lake, Sector-I, HDFC SLIC, Kolkata Branch.

Whatever I have briefed above is not something serious. But, later I understood why he did not bring the forms to us to get online statement, when at the last week as a result of my submission of IPIN Form, I received the statements of my Policies. I became tremendously shocked with the details (Policy Number 11661989, every thing is fine with[protected]. Immediately I called the helpdesk and now I can conclude something about the policy as follows:

1. 60% of my Premium has been deducted as Admin Charges and only 40% of Premium is has been invested in market.
2. It is actually an Insurance Plan with life coverage.
3. After 3 years if I withdraw my money, 15% will be surrender charge.
4. Maturity period is 5 years, not 3 years.



Based on the entire incident above, I have the following doubts about your Fund’s Professionalism:

· Instead of repetitive request to Mr. Jayanto Paul for an investment with single premium in Equity Based Fund without Life Coverage, he made the investment, which not at all I meant for. Now, you should not ask me why did I not go through the document before signing the forms. If you say this, then HDFC SLIC does not have any difference with a CHEAT FUND. I have already LIC coverage of 25, 00, 000/-, so, why should I go for another LIC which will have coverage of only 1, 25, 00/-. Does it make any sense? I had some extra money, which I wanted to invest in market with HDFC SLIC in order to get higher returns. But, you see what I wanted and what happened. The whole matter reveals the fact that either your management instructs the agents to cheat the corporate peoples not bothering about the brand names or they do not educate well the agents before dealing with corporate world.
· At the time of investment, the Mr. Jayanto Paul told me the charge is almost nil, while after getting the statement I found it is 60% of the first Premium. I do not have any objection against your 60% admin charge and other condition not conveyed to me my Mr. Paul. But, if you are really one of the top rated mutual funds in India, then why do your agents hide the things before client?
· After getting the statement, I asked Mr. Paul to clarify the stuffs and as he was unable to do that, I requested him to forward the call to his Branch manger. But, instead of my request, Mr. Paul denied to do that. Then directly, I tried to call Branch Manager of Girish Park, HDFC SLIC, Mrs. S. Gyan[protected]. Nevertheless, I found talking to a Branch Manger of HDFC SLIC is nothing but of a hard luck. Several times, I called her but not for a single time she was available. In this week, at least I called her more than 20 times and not for a single time I found her over telephone. Whoever was picking up the phone after listening my name either cut the call or told me the absence of Mrs. S Gyan. So, being under HDFC Family, how much scope you provide to your clients to directly talk to your Top Level Management? If I would have been provided to talk with Branch Manager, I would not have raised the flag with this mail.
· I gave Mr. Paul one reference (My friend Mr. Amitava Choudhury of CADS INDIA, +91-[protected]) who wanted to go for long-term investment with a premium value of around 60, 000 to 70, 000 (Better you listen from him). But, after listening all those stuffs, I am sure he will be hardly interested to go for investment with HDFC SLIC, because, he will also be scared enough thinking about misusages of his policies. It is shame for any Investment Company that client called an agent for investing money and Company’s agent cannot reach to client because he has misused the referees’ policy. This CR Avenue, Kolkata Branch of SLIC is so non-professional that they cannot step to the right thing to get the business expanded tomorrow.


I am not sure, whether you will praise Mr. Paul for arranging an investment for Three Years rather that 1 year from me. But, Frankly speaking, I am expecting call from your management level (Not from Customer Care Executives) to explain me why all those unwanted things happened? Is the Brand Value of HDFC SLIC so cheap, that any time any employee of your company can customize and misuse it in his own manner? Moreover, how much you conscious to maintain your Worldwide reputation and Banner Name? I hope being a well-known and worldwide reputed company, you will do some needful in order to prevent the downward movement of HDFC SLIC’s customer satisfaction.


Thanks in advance,
Regards,
P Mondal