[Resolved]  HDFC Bank Standard Life Insurance — Fraud & Mis-Sale of Insurance

I, Gopal Chandra Dey residing at 16, Suren Tagore Road, Kolkata – 700019 do have both my Personal & Business accounts with HDFC Bank Golpark branch right from the day of the Bank’s Inauguration period of around[protected].

It’s been a very good relation and I had numerous Fixed Deposits and got lot of business transactions with HDFC Bank. I was having a high respect and trust in HDFC Bank and their policies.

Until I came across in[protected] few of your people like Mr. Kaushik Haldar from HDFC Standard Life, Mr. Arjun Banerjee from HDFC Bank (Golpark Branch) & Mr. Sanjay Goswami – Relationship Manager HDFC Bank (Golpark Branch) for last 2 years with 100% Fraud as well as Misleading Commitments regarding selling of the abovementioned Policy of HDFC Standard Life – Pension Plan.

Mr. Kaushik Haldar of HDFC Standard Life had visited my shop “The Gucci Fashion Valley” alongwith Mr. Arjun Banerjee hearing I got a FIXED DEPOSIT in HDFC Bank from Mr. Arjun Banerjee and have tried to convince to go for the abovementioned Insurance Policy. I have numerously told them I’m not so aware of such policies in the market and it is real tough for me to understand the concept of these sorts of Policies which are Unit Linked or something like allocating my Money to Company Bonds.

But even after my continuous negative reply they hammered me for around 25 occasions showing me this Policy will not only cover my life risk but will also give me a better benefit about 90% growth within 3 years if I split my Fixed Deposit which is just giving me around 9% growth per year and deposit a onetime Rs.20 Lakhs in this Pension Plan Policy rather than only getting 9% annual benefit. I told them there is no such thing I ever heard, both of Mr. Kaushik Haldar & Mr. Arjun Banerjee told me due to regulations of IRDA (Insurance Administrative Body) this can’t be proclaimed or advertised and compared to lot of other policies like of LIC/ TATA AIG etc. who are not giving such benefits.

The BIGGEST MISTAKE I made, is to finally go with their words in December 2007 and transferred Rs.20,00,000 from my Fixed Deposit toward onetime premium of HDFC Standard Life – Pension Plan Policy Number:11466812. See, I am a very simple businessman and since I was having complete trust over HDFC Bank and their people I have been overwhelmed by their benefits through this plan after repeated hammering by those 2 people (Mr. Kaushik Haldar & Mr. Arjun Banerjee) and fell in their trap of Fraudulent Commitments and Misleading that my money will be invested in Bonds to get such hike. My step was based upon trust for 15 years rather than understanding the entire misleading concepts they have forwarded to me.
I’m completely stunned around the next year December 2008 when I suddenly got a notice from HDFC Standard Life for Rs.20 Lakhs as the Next Year Premium. I have gone to HDFC Bank Golpark Branch enquiring regarding this, I met Mr. Sanjay Goswami who let me know that it was done in a mode of Rs.20 Lakhs Premium every year and my entire first Premium is invested to Shares rather than Bond and due to Share Market turbulence my Rs.20 Lakhs has been reduced to Rs.9 Lakhs during December, 2008. Hearing this I was completely speechless, it means a complete loss of Rs.11 Lakhs. I asked Mr. Sanjay Goswami how this could be possible, how you people can cheat me like this and mislead me. He told me not to bother it will be ok once the market regains my money will be again counting to 90% benefit as told by the executives and forwarded me a paper from his computer with proper computation on my Policy which shows my Money will definitely rise to an amount of Rs.39 Lakhs at the December of 2010. I asked him to stop my Policy or convert it to Bond system and get me my full money back, but Mr. Sanjay Goswami told me according to the policy it is not possible better wait for the right time for atleast 1 year and as per banking analysis the market will definitely rise and by December 2009 I will be having Rs.32 Lakhs as my Policy Value and then you can convert it to Bond system so that their will not be any risk. I told him how I can believe him, he gets me a Paper Printed (mentioned just above) with Computed Return on my Policy alongwith his corporate email ID printed in it and his Business Card and told he is a Relationship Manager and he can’t mislead people sitting in Bank. It is the executives who had misleaded me due to lack of training and he had apologized for that and assured on the returns once again and to keep trust in HDFC Bank. And for keeping the policy running I must give the minimum possible Premium which is Rs.10,000 annually. I felt somehow assured sitting in bank and on his request had given a letter to convert my premium to Rs.10,000 and given the premium also.

Now, this year they have given me the regular notice for the Next Premium I have enquired about my policy and found it is still Rs.16 Lakhs approximately not even the money I deposited as my first Premium. And now I strongly believe this is somehow a gambling done in disguise of Life Insurance Policy, and it may anytime go to Rs.5 Lakhs or to NIL at any period of time due to share market.
So, see what I’m left today is a complete disrespect for your Bank and allied services and your great Misleaders and Fraudulent commitments given due to my less knowledge in these areas. If my money had been with normal FIXED DEPOSIT system it should have increased to around Rs.24 Lakhs by now where as felling in your trap of cheating the old customers like me I am running in a NET LOSS of Rs.8 Lakhs. This is what your people and your system has caused me and my present financial scenario has suffered a much for this.