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[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.
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Complaint marked as Resolved Aug 14, 2020
Complaint comments  6 CommentsShareTweet

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HDFC STANDARD LIFE — ‎FRAUD CASE FROM HDFC STANDARD LIFE

sir here i just paste my latter wich i send to the hdfc standard life all deatil are their plz help me out



To,
The manager of HDFC STANDARD LIFE.
Kalyan branch
Dated 22 Jan 2009

Sub:- ‎FRAUD CASE FROM HDFC STANDARD LIFE

Respected sir,

I chandan singh brother of anand singh holder o[censored]r policy of which no. is 12540894 which u people have sold me by wrong mean and wrong commitment and for the same explanation is given below

in the month of dec. 2008 one of your telecaller whos name is savina called me for a policy of HDFC unit link young star plus II and she offered me the same policy on 30% discount by saying that the actual value of the policy is 12000 for a year and she offered me it for 8000 for a year and i agreed for the same and i gave a cheque for the same, on the next day a person from there side came to me with a form of the policy on which i saw it was mentioned that the amount 8000 is for 6 months and i asked the person that i was told that it is for a year period on this he told me that he will inform savina to correct it and he went of with the form and after few days i tried to contact both of them but was of no use due to which my money was blocked for so many days as the cheque was issued by me and i also informed them not to deposit the cheque without clearing the issue of the policy period and later on i followed up for the same for many days which again was of no use as savina use to ignore my calls, here i also called up sachin your team leader but again it was of no use he also gave me false words, and in the mean time i got a call from another telecaller for the same policy with same discount and i agreed on it and every thing was done within few days and now i have the policy with me.

but the problem is that this girl savina deposited my cheque without informing me and i think she used my money, she gave me wrong commitment and now my money is eaten up by this people which i want back as early as possible as already one month has passed away and i want it with interest as it is fault from ur side. i think i have been cheated by u people which was not expected form such a reputed firm called HDFC STANDARD LIFE.

i am not happy with this kind of treatment form ur side and i am planing to take some major steps against it which may be a police complaint also. i am ur customer as i have purchased ur policy so plz. solve this matter as early as possible or else i can solve it better then u.

i want u people to take action against this telecaller savina.and team leader sachin hope for a positive reply from ur side as early as possible or else i am forced to take action against it in my own way. they are not ready to give me the numbers of senior managers and when I tay to savina mobile no. [protected] no. of office boy talk to me and they told me “tujko jo karma hai kar le dekh lunga tujhe”

I found they are using my ‎‎fraud signature in my brother policy because i am given my bank a/c cheque that’s why my signature is required but they are using my fraud signature I am already mail this matter and also make complaint for this my (complaint no. IC28690 (Mumbai branch) but yet I am not received any reply from ur side so now I decided to give u a official latter also i am very serious about this matter and i want reply or else i can make it a big issue.

Note : ( I attached my policy paper in case i[censored] want to verify my signature as proof, my policy no. is[protected]

Thanking you


Chandan singh anand singh
(Mob. No. [protected])
Dear Chandan,

I think we as consumer need to unite and show our strength so that these private bank stopped cheating us. Let us work together and set an example for better banking system in India. We all can collectively put a case as there are so many like you suffering from HDFC group unethical and unprofessional banking style.

We need to work together to clean this mess for saving our colleagues from further unethical working style and saving our energy, time, efforts for better sel[censored]tilisation.

Regards- Ram
[protected] (Kolkata)
To, Dated: 25/03/2010

The Zonal Manager
Customer Care Division
HDFC standard life insurance,
Agra-282001

Sub: Regarding the complained for the SAP policy No. is 12746965


I have the saving account in the HDFC bank in Jaipur branch (Ashok marg, C scheme, Jaipur). During last year in the month of the April I have visited the bank for the transaction of the money one of your executive Ms. Ruchi sharma have given me the wrongly communication related to fixed deposite.

She inforced me to shift the 50 K amount form my Fixed deposite to the Sap plan & also said you are high value customer we are offering you the SAP its equalant to the FD in which you are putting your amount in the bank like FD for the year & on which your are getting more interest compare to FD, tax benefit, risk cover & applicable for year basis.

After this all the papers have been sended to my Jaipur house while I have been transferred to Agra. Suddenly on this month I came to know that this policy is for ten years continuously I have to deposite the 50 K per year, very much different from the FD & I can’t withdraw the money before 10 years.

This is the case of the fraud & totally deception.

Please take the serious action against the executive for this scam & make the customer fool.


Regards

Dharmendra Singh
Mob No. [protected]
To, Dated: 25/03/2010

The Zonal Manager
Customer Care Division
HDFC standard life insurance,
Agra-282001

Sub: Regarding the complained for the SAP policy No. is 12746965


I have the saving account in the HDFC bank in Jaipur branch (Ashok marg, C scheme, Jaipur). During last year in the month of the April I have visited the bank for the transaction of the money one of your executive Ms. Ruchi sharma have given me the wrongly communication related to fixed deposite.

She inforced me to shift the 50 K amount form my Fixed deposite to the Sap plan & also said you are high value customer we are offering you the SAP its equalant to the FD in which you are putting your amount in the bank like FD for the year & on which your are getting more interest compare to FD, tax benefit, risk cover & applicable for year basis.

After this all the papers have been sended to my Jaipur house while I have been transferred to Agra. Suddenly on this month I came to know that this policy is for ten years continuously I have to deposite the 50 K per year, very much different from the FD & I can’t withdraw the money before 10 years.

This is the case of the fraud & totally deception.

Please take the serious action against the executive for this scam & make the customer fool.


Regards

Dharmendra Singh
Mob No. [protected]
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I had a similar experience.The marketing executive asked me to invest Rs. 2.5 lacs per annum as premium in pension plan for the 5 years..After 11 years, based on current market/previous market performance it will become Rs. 54 lacs.
They never highlighted anything about allocation charges.
Out of my Rs.2.5 lacs premium 40%(i.e.Rs. 1 lac) they have charged as allocation charges and only 60% is invested in market.The 40% value i.e.Rs. 1 lac will never be my money, will be something like consulting charge for HDFC.
I do not have any regards to such fraud companies like HDFC.

prasanna kumar.
Hi sir,
i had taken a sap plan but your distributor have given wrong suggestion so we request to
your please take the action about my plan. i have already given complain in your SAP Office but no body can take any action so i request to you please take action about my matter and think it.
my Policy no 12242435
Name: Gajendra Narayan Yadav
Email- [protected]@gmail.com

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