[Resolved]  HDFC Bank Standard Life Insurance — POLICY NO.12100157

FORCED POLICY
POLICY NO.12100157

My need to have a locker landed me into forcibly taking ‘HDFC Standard Life Insurance’.

I approached the HDFC bank Greater Kailash-1 branch. on 8-Aug-2998.I was promised a locker for one year on the condition if I deposited money in a fixed deposit account for one year. They demanded 5 lakhs I agreed for two lakhs.

They made me sign on the dotted lines on a bunch of papers which I did in good faith.

I received the ‘Savings Assurance Policy’ by post ( Ref No.: 12100157 AWB No. # [protected] Blue Dart Courier) on 10- sept-2008

On around 4-5th of Oct. 2008 I came to know through someone it was not a fixed deposit for one year but a 10 year plan where I had to deposit the same amount every year for the next 10 years. I refuted him by saying that since I have been offered a locker for one year why should the bank take a deposit for 10 years. He laughed it out and told me that I have been conned.

Excited with frustration I visited the branch early morning the next day and confronted the agents and asked them as to why the period of the fixed deposit of 10 years was never disclosed to me. Instead of giving me a straight answer they began extolling the virtues of the scheme and eulogized the features of the policy.

I reasoned out by telling them that as a 53 years old with lots of ailments as also not financially capable I would never ever opted for any long term deposit scheme/policy were I aware.

I vehemently told them that I was not interested in the said policy and offered to withdraw. I also offered to surrender the locker if that was the condition.
They showed their inability for rectification saying the 15 days ‘Option to return’ was also over. I was furious. I questioned them as to why this important piece of information that was vital to the policy not disclosed to me initially.. They had nothing to say. I was miserable.
We all are aware of the marketing agents who in their zest and enthusiasm to accomplish their sinister task of meeting the target assigned to them and be in the good books of their bosses play crafty.

There is a thin boarder line between cheating and not disclosing everything.

Since time immemorial the role of agents has been one of trust and faith. They were always committed to offer services that deepened our trust in them.

Was it not obligatory on the part of the agent/staff while initiating me into the schemes/policy to disclose each and every aspect of it as also to inform me about the time span, purpose of investment and most importantly keeping my age in mind?


The two very important piece of information which is vital to the scheme was not disclosed to me :
1. The tenure of 10 years.
2. The ‘Option to Return’ within 15 days from the date of
receipt of the policy document.

It is also pertinent to note that I would have wasted not a single moment had I been informed of the ‘Option to Return’ policy and avoided being afflicted with misery and disgust.

IIn the above circumstances I hereby request you once again to kindly refund my money as I do not wish to continue with the policy for reasons as stated above.
I do hope you would treat my complaint fairly in good faith and in time without prejudice failing which I would have no option but to have recourse to all the avenues open to the aggrieved consumers to get justice.

In trust is truth and truth is mighty and will prevail.

Regards
Suresh Pujari