[Resolved]  HDFC Bank Standard Life Insurance Company Limited — Unfair Trade Practices

Hello,

This is to bring to your notice the unfair trade practices played by major Insurance Company.
I had taken an Insurance policy with details as below:

Policy No.: 10707528
Life Assured: Swarnpreet Singh
Plan Description: Unit Linked Pension
Payment Type: Direct Debit
Frequency: Monthly
Premium Amount: 5000/- (Five Thousand Only)

Since the starting, the HDFC had problem taking payment and I had to run every time for making my premium payments. Everything was going fine till December 2007. In the month of Jan 2008, the premium amount was not debited from my Bank Account and the reason given to me was insufficient funds whereas there were enough funds to make the debit possible.
Anyhow, I received a call on the 21st Jan 08 on the same from Mr.Pankaj Kapoor # [protected], [protected] stating that since the payment was not cleared through the direct debit, could it be possible for me to make a cheque payment? I happily accepted the same and on the 25th Jan 08 an executive named Mr. Aamir Khan # [protected], Employee ID [protected], visited my premises for the payment of the lapse premium.
On his visit, he was not carrying a receipt book and on contrary he asked for two cheques for Rs.5000/-. When asked, he said that since the payment for Jan 08 was not cleared, the payment for Feb 08 would not be debited since it as a closed Direct DEBIT account and I would again need to sign the Direct Debit Form for revival of the Direct Debit Facility. On this, I gave him two cheques with details as below:
a.Cheque No.: 055622 dated 25.01.2008 amounting 5000/- for SBI Bank, Sushant Lok, Gurgaon
b.Cheque No.: 055623 dated 20.02.2008 amounting 5000/- for SBI Bank, Sushant Lok, Gurgaon.

Now, since he was not carrying a receipt book, I made him sign on the photocopy of the cheques as a receiving. I also showed him the bank statement for the month of Jan 08 and made him look into the availability of funds and asked him the reason why the debit was not cleared. On this he replied, that sometimes the Direct Debit facility has a malfunctioning and is not cleared, After this I went on an official project for 2 months to Dheradun.

On my return, there were two letters from the HDFC Insurance with details as below:
Letter Dated: 25th Jan 08
Details: The letter clearly stated that instead of initiating a debit of 5000/- they initiated a debit of 10, 000/-, which was not the amount they were supposed to DEBIT and thus the same was not cleared due to insufficient funds. And further they wanted me to make the payment.

Letter Dated: 19th Feb 08
Details: It was a revival quotation, stating revival charges of 250/- for revival for the lapsed policy plus my premium being unpaid for the month of Jan &Feb'08.

On receiving the above letters, I contacted the customer care and asked for the cheques, which were given as per the details above. The customer care replied that they have not received any cheques till date and they did not have any entry for the same. This annoyed me and I requested them for the closure of my policy on which they replied that the same could not be done before three years and also when I asked about the amount I would receive after three years, they replied that since it is a lapsed policy they would make appropriate deductions and then return the money.

Consequences : Now, my questions are:
a.Why did they debit 10, 000/- when they were supposed to debit 5000/- only?
b.Why the same was not informed to me even if they did?
c.Where are my cheques gone? They have clue on the same!! I really have to get my bank statement again and check maybe the said person has cleared it in his account!!
d.Where do I stand at fault in the above transactions, which were notcleared? Why should I face so much of mental trauma because of their faults?
e.Above all, if I want to close the policy, why should I wait for three years for my money?
f.Even after three years, they would not return my full money!! Why should I not get my entire money back?
g.Why should I face loss for which I am not at fault?

Please look into this and help me get out of this mental agony.

Regads,
S P Singh

I WANT TO HAVE A LIFE INSURANCE IN HDFC BANK

HDFC Standard Life Insurance Co. Ltd
Unfair Trade Practices
Hello,
This is to bring to your notice the unfair trade practices played by HDFC life Insurance Company.


Policy No.: 12478233
Life Assured: Chandresh parmar
Plan Description: Unit Linked
Payment Type: Direct Debit
Frequency: Monthly
Premium Amount:1500/- (One Thousand five Hundred Only)

Some Hdfc life insurance branch very rude and doing unethical practice . i have face one very bad experience with it. matter is that hdfc insurance some agent are miss use my document and without my permission he put my policy and when i make complain against branch manager, he behave very rude and not giving me any proper respond .For cancellation of this policy i gave 2 time application on branch (Adajan and Athwagate)but they are not giving me any proper respond. they are also make ecs on my bank account .