HDFC Bank Standard Life Insurance Company Limited — Cheating In HDFC UNIT LINKED PENSION PLUS PLAN | |
I have taken Sir Utha Ke Jeyo plan policy no 11802169 marketed by such a reputed company called HDFC standard life Insurance company of renowned Industrialist and businessman Deepak Pareikh in approval with Insurance Regulatory Developement Authority. This plan HDFC UNIT LINKED PENSION PLUS PLAN has got some very interesting features for the benefit of the company at the cost of the customer which will never let any investor live ''SIR UTHA KAR''. Brief are as follows: 1. No Insurance of your life but the policy is being sold by a Life Insurance Company with approval of IRDA. 2. No Guarantee of your Principal Amount, only NAV of your units is payable in case of event. 3. Straight away 50% is deducted on account of Premium Allocation Rate which no investor understands at the time of taking policy. Only rest of 50% is invested in units at the prevailing NAV. 4. I have invested Rs.100, 000/- last year on 31/3/2008 and the present value of my units is only Rs.30000/-. Rs.70, 000/- gone straight away. 5. Insurance consultant Sudhanshu at that time posted with Saket Branch, New Delhi is not traceable, Mr Ganesh at call centre[protected] have no answer except to say that go to the branch office and lodge your complaint. 6. IRDA is not having any office in New Delhi except Mr. Bajaj who picks up the phone and advises you to write to Hydrabad office to senior officer. My questions are: How a Insurance company can offer Non Insurance Products? Why the name of 50% Expense Premium Allocation Rate is not kept Premium Allocation Charges? Why a wrong indicative application form got signed at the time of getting induced to buy a policy? Is is the fair business practice by such a reputed company? Why the Government of India has allowed taxation benefit u/s 80 to the taxpayers for investment in such products where there is no insurance, no social security, no national development? Isn't it for providing indirect benefit to these companies? Please advise can I do anything? Would anybody like to join me in this matter if he has got same grievances. Diwakar Vaish [protected] Was this information helpful? | |
 59 Comments | |
Comments
There is little point in getting angry. How do victims organize themselves and present a cogent, rational complaint to the Insurance regulatory authorities, explaining how the policies are anti-customer and how the employees and agents cheat the customers for the sake of a commission? Twin aims: Others must beware of this legal scam and we must also get some relief.
Please let me know who can take the lead (I am unable to do it for personal reasons but will join anyone). We should draft a joint petition and make sure that authorities who can take action listen to us, read our complaint. We must also complain through Press/Media. Insurance industry Ombudsman may help. Ideas welcome.
Please let me know who can take the lead (I am unable to do it for personal reasons but will join anyone). We should draft a joint petition and make sure that authorities who can take action listen to us, read our complaint. We must also complain through Press/Media. Insurance industry Ombudsman may help. Ideas welcome.
I am ex-serviceman of Indian Air Force who had served the nation for 15 years at diffeent location . I thought of some investments last year and subsequently I had purchased following two ULIP insuracne from HDFC of worth 4.00.000 (the full details are mentioned below), but while purchasing them I was not at all informed about the charges and debits. Upon receiveng the statement I was shoked to note that only 60% of my investment has been invested in market and my presnt fund value is just 1.20, 0000 which is very disgusting to understand.Its open misuse of my hard earned money.
When I had talked to HDFC they are saying they can not help me out, and also by seeing the satement I do not want continue to pay the premium against these policies.
Now may I request you to please treat this as most urgent and please make HDFC to cancel my both policies and refund the amount which I have invested with them
Tell me how to cancel these policies and get back the amount
Tirumal
[protected]
When I had talked to HDFC they are saying they can not help me out, and also by seeing the satement I do not want continue to pay the premium against these policies.
Now may I request you to please treat this as most urgent and please make HDFC to cancel my both policies and refund the amount which I have invested with them
Tell me how to cancel these policies and get back the amount
Tirumal
[protected]
Respected Sir,
Sub- Regarding Capital Unit Gain Policy of Bajaj Allianz
Life Ins. Co. Ltd.
I am old employee of Bajaj Allianz Life Ins. Co. Ltd. I
joined on Sept.2006, We were given training of all the policies only
about SALLING FEATURES of the policies and nothing was told that what
company will take Surrender Charges from the Customers.
One Policy was CAPITAL UNIT GAIN, started in Dec.2006
and we were told that this policy will be counted of value 100% in your
and branch's account. So sell this policy maximum. We promoted this
policy only to the Agents, to sell. After some time I came to hear that
this policy was banned by IRDA and so selling was closed in app.
SEPT, 2007. IRDA said that this policy is not Customer's friendly and
there are huge hidden charges in this policy.
Sir, I am sending you some Attachments with this mail
taken from Internet regarding this policy. You also can check from
Internet yourself about this policy. One attachment is regarding its
DETAIL. There is clearly mentioned that on Surrender, company will give
100% of its Fund Value.
Sir, I need this that if Policy was banned by IRDA then
all the old Customers will also be given Relaxation in this policy in
Surrender and other issues for what grounds this policy was banned.
Sir, Now after 3 years completion company is deducting about 60% of
First Year Premium from the customers.
Please see the matter at priority, hoping for early
responce.
Thanking you,
Jyoti Parkash Monga
Ex-B.M, Now customer
Bajaj Allianz Life ins. co. ltd.
[protected], [protected]
Sub- Regarding Capital Unit Gain Policy of Bajaj Allianz
Life Ins. Co. Ltd.
I am old employee of Bajaj Allianz Life Ins. Co. Ltd. I
joined on Sept.2006, We were given training of all the policies only
about SALLING FEATURES of the policies and nothing was told that what
company will take Surrender Charges from the Customers.
One Policy was CAPITAL UNIT GAIN, started in Dec.2006
and we were told that this policy will be counted of value 100% in your
and branch's account. So sell this policy maximum. We promoted this
policy only to the Agents, to sell. After some time I came to hear that
this policy was banned by IRDA and so selling was closed in app.
SEPT, 2007. IRDA said that this policy is not Customer's friendly and
there are huge hidden charges in this policy.
Sir, I am sending you some Attachments with this mail
taken from Internet regarding this policy. You also can check from
Internet yourself about this policy. One attachment is regarding its
DETAIL. There is clearly mentioned that on Surrender, company will give
100% of its Fund Value.
Sir, I need this that if Policy was banned by IRDA then
all the old Customers will also be given Relaxation in this policy in
Surrender and other issues for what grounds this policy was banned.
Sir, Now after 3 years completion company is deducting about 60% of
First Year Premium from the customers.
Please see the matter at priority, hoping for early
responce.
Thanking you,
Jyoti Parkash Monga
Ex-B.M, Now customer
Bajaj Allianz Life ins. co. ltd.
[protected], [protected]
my name is suresh, and i am from cochin, i taken one metlife insurance policy. Rs. 6000/ in every half year. I already paid 3 premium, after that i just check what would be my fund value. metlife people telling my fund value is only Rs. 3300/- rest of the full amount utilised as the charges. My first 2 premium of Rs. 12000 fully be allocation charges and when i paid my third premium, , they debited Rs. 1854 itself service tax on my premim (10.3% of Rs. 18000) . now the charges started - Administration charges 135/month, mortality charges - 18/month fund management charges etc. They are deceiving us. Is there any way to get back our original amount, interest is not reqired.
Boss, remember there is no guarantee on returns on ULIP policies, thats y there is fight is going between IRDA & SEBI for further continuance of these ULIP sales in future, GOVT of INDIA given instructions to all life insurance companies not to sell new ULIP policies in future, in ur case u blindly believed that stupid bank person, i wont say ur fault but dont leave him simply make a complaint to consumer form, IRDA, ombudsman... ...take care
I am also one of the victims of this fund. My policy Number.is 11356630 and I have invested a sum of Rs 1.50lakh in the policy. During sale of this polices no one has told me that 30% will be deducted in first year and 30% in the second year. Even branch manager of Ambala Cantt has visted to my house to grab the customer. Just you emagine that If any one will know that 30% and first year and 30% in the 2nd year will be deducted, no one will be ready to purchase such type of stuped polices. Actually this amount was a very hard money gifted me by my husband from his retitment benfits army during Aug 2007. Now the total fund value of these is 1/3 which is a great shock for me. As per latest news HDFC SLIC has earned a net profit of Rs 90, 000 crores and invested in Mutual Funds.
HDFC Standard Life Insurance Company Limited — Pension withdrawal claim not received
Good Evening Sir,My Self Nidheesh kumar dubey i left hdfc standard Life at 06/10/2008 & my employee code was 26179 i claimed for pension withdrawl before 10 months & my pension no. is mh/211273/13684
so kindly conform me that when the fund will be credit.
Nidheesh kumar dubey
[protected], [protected]
Life Insurance Co.Ltd — Agency Suspended
Dear Sir,This is to bring to your notice that I am Agent ( Agency Code: 0002045E) ,Zonal Club Member of LICI, Siliguri-II Branch in Jalpaiguri Division for last 20 years.
On August'09 i received a letter from Divisional Manager that one my policy sourced , had an early claim and the policy holder was suffering from existing disease. I was asked to give an explanation for not mentionig the same in Agent Confidential Report.
As i was travelling , I received the letter late and reverted on 20th Nov'09 with all explanation to the Divisional Manager.
Since than I have not received any reply from any end. I have even met personaly to the Branch Manager & Divisional Manager, but have not ceived any revert.
My Agency code has been blocked , where i am not allowed to source further policies and I am not even receiving my due commission.
Reminder, Request & Plead letter for withdrawl of suspension of work has been sent again on 23rd March'10 with a copy to Branach manager, Branch Secretary, Divisional Secretary, Divisional President & Zonal Manager.
But till date i have not received any reply from LICI and thus am mentaly disturbed as my earning has been stopped for last 10 months.
Request you to help into this to resolve.
Thanking you in anticipation
Warm Regards
Surendar Gupta
Zonal Club Member
Agency Code:0002045E
LICI
HDFCSL/insurance — Cheating and fraud by HDFCSL agent
Sir,Mr R.P.Yadav,I.D.No 00382064 requested me to deposit some money in HDFCSL for 5 years and you will get just double of it.And I shall give you 10% comission of it.I deposited 75000/After few days again requested me if you deposit 55000/more you will get a mobile phone from the HDFCSL.So I did.
Again he came to me and told that if you depsit 40000/more Company wil give you fridge in addition my comissin.So i did.
But when policies received i found that all money has been deposited in PENSION sheme for 10/11 years which i refused.
He did not any receipt of 75000/ but receipt of 55000/gave stating SAVING ony and 40000/ SUPER PENSION /INVESTMENT added after wards when i objected of pension plan.
Sir i 65 years aged and a govt pensioner, how can i deposit 170000/per year to maitain my scheme othewise all the will be forfieted.
So all the matter be inquired under IPC./cheating/fraud and agent and HDFCSL be punished to me from monetary loss.
Thanks.
ASPIRE LIFE ULIP — Not returning me back my original premium amount
I have bought Bharti-AXA ULIP plan in year 2007 and paid only one premiumRs.30,000/-. Thereafter due to some personal issues, I did not pay anything. Can I claim back my invested amount after 3 years or surrender the above policy. Please advice.
My policy no is[protected]
Kindly return me back my original amt invested otherwise i will have to take steps to sue the company is customer court
Respected Tiruma Sirl,
You can surrender your policy or cancel the policy but you will not get the full amount which you had invested.If you surrender your policy after 5 yr then you will get 100% fund value otherwise if you surrender your policy on 3rd & 4th Year then you will get 90% & 95% respectively of your fund value.
Thanks & Regards
Pankaj Panchwagh
You can surrender your policy or cancel the policy but you will not get the full amount which you had invested.If you surrender your policy after 5 yr then you will get 100% fund value otherwise if you surrender your policy on 3rd & 4th Year then you will get 90% & 95% respectively of your fund value.
Thanks & Regards
Pankaj Panchwagh
I was pursuaded by the bank employees and agent to take HDFC SL Pro Growth Super II in my name and in the name of my wife Urbashi Dash. A sum of Rs 30, 000/-as deducted from my a/c on 23.12.2010. I was medically examined 21 days back. Till date I have received no communication. I have strong reasons to believe that I have been befooled and cheated.
I am not at all interested to take the policies. I want my money back in 7 days time, or else I shall be constrained to take other course of action. I hope HDFC SL will return my money early.
P.K.Dash
I am not at all interested to take the policies. I want my money back in 7 days time, or else I shall be constrained to take other course of action. I hope HDFC SL will return my money early.
P.K.Dash
HDFC Standard Life Insurance Company Limited — Delay in processing refund for Life Insurance Policy
Hi,I had one life insurance endowment policy issued by HDFC Standard Life Insurance Company Limited for my wife Mrs.Deepali Kalra and I had raised a request to get the surrender quotation on 24rth Dec. 2010. Ideally, it takes not more than 2 days to get the surrender quotation but this request for surrender quotation was not processed until 3rd Jan. 2011. This was picked up only after I called up HDFC Standard Life Insurance Company Ltd. to get the status on 3rd Jan. 2011.
Subsequent to this status call on 3rd Jan.2011, The surrender quote was provided by 5th Jan 2011 (in the evening around 8 pm). On 6th January, I had completed rest of formalities including NEFT mandate to process the refund on prority basis. But the amount was deposited to my wife's account by 14th Jan. 2011 only.
The delay in processing the request for surrender quotation (from 24rth Dec. 2010 until 3rd Jan. 2011) caused the delay at my end and I had to take loan for the purpose for which I was seeking refund on the policy.
Now, after raising the issue with HDFC Standard Life Insurance Company, the company did not accept the fault at first and also not providing any satisfactory response.
I request you to take up this matter with HDFC Standard Life Insurance Company Limited and help me getting proper resolution and compensation.
Thanks & Regards,
Sachin Kalra
on behalf of Mrs.Deepali Kalra
PS: Attached is the response I got from HDFC Standard Life Insurance Co.Ltd. after 3 weeks of registering complaint with them
ALWAYS AWARE LIKE THIS COMPANY EXPERT IN CHEATING AND MAKE FOOLS TO CUSTOMER
i was fooled by the agent too HDFC's agent said that the growth funds will be the best for me to invest and will get higher return and never ever he mentioned that there will be Rs 70000 in allocation charges
that was deducted each from my 3 policies that i had so i invested Rs 300000 and in first year when i
get a statement it said i only had Rs 30000 each in my policy that only Rs 90000 and than i made
several attempts with the branch and branch manager for almost 1 year i never got any response so
my policies lasped and finally new branch manager called and when i spoke to him he told me i only had
2 option either forget about all my Rs 300000 that i invest since my policy was lasped or i invest another
Rs 600000 for remaining 2 years and they will revive my policies and that should be the only premiums that
i had to pay and i want have to pay any more premium instead i just recieved a notice of premium due for
another Rs 100000 each on all my policy and now i have no idea what will happen if i dont pay the premium?
will my policy lasp? or what will happen. I think all of the cutomers who got defrauded buy this greedy
agents and branch manager should just beat the hell out of them and also every one should just stop using this instead invest in FD's or KVP from Post
that was deducted each from my 3 policies that i had so i invested Rs 300000 and in first year when i
get a statement it said i only had Rs 30000 each in my policy that only Rs 90000 and than i made
several attempts with the branch and branch manager for almost 1 year i never got any response so
my policies lasped and finally new branch manager called and when i spoke to him he told me i only had
2 option either forget about all my Rs 300000 that i invest since my policy was lasped or i invest another
Rs 600000 for remaining 2 years and they will revive my policies and that should be the only premiums that
i had to pay and i want have to pay any more premium instead i just recieved a notice of premium due for
another Rs 100000 each on all my policy and now i have no idea what will happen if i dont pay the premium?
will my policy lasp? or what will happen. I think all of the cutomers who got defrauded buy this greedy
agents and branch manager should just beat the hell out of them and also every one should just stop using this instead invest in FD's or KVP from Post
HDFC Bank — LIFE INSURANCE AMOUNT NOT PAID
I have surrendered my policy on 7th March 2011 in BTM Layout HDFC Life Insurance Office, and i was told that i shall get the cheque within 5 working days and they asked me to collect the cheque from the Branch after 5 working days. I went after 10 days and asked why i have not received the cheque they told me because of Holi and year ending it was delayed and they told it has been dispatched from Delhi we will get it in 2 days. i went there after 2 days and they told the courier has missed. Now they are not receiving my calls only and i had made commitments to pay back some other loans and these HDFC insurance people are not responding only. I have the acknowledgement with me. Its just a fcuk company cheating all the customers. HDFC means High Drama Involved fcuk company. We should kick their and send them away from the country...Please be aware of their meaning...
HDFC UNIT LINKED YOUNG STAR PLUS — WHY THE POLICY IS NOT IN OPERATION EVEN AFTER MAKING PAYMENT OF 3 YEARS INSTALLMENTS
MY POLICY NO. 11553449 EVEN THOUGH I PAID CONTINUOUSLY 3 ANNUAL PREMIUMS, WHY MY ABOVE POLICY IS NOT IN OPERATION AT PRESENT. PLEASE EXPEDITE THE REASONS AT THE EARLIEST TO MY MAID ID [protected]@gmail.comwhat is the solution for making my policy to be effective. Your early reply in this matter is highly appreciated.
Nagesh Purijala
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investment/insurance — cheating
Dear Sir,I had invested in an Insurance Scheme in 2005. Rs. 5 lkhs premium plus Rs 3 lkhs during consecutive yrs till 2008. Now they have canceled this scheme and paid us Rs 4 lkhs cheque t, that too in Indian Rs., while the ac was NRE. The bank involved is HDFC, Pathanamthitta. Name of Agents involved are Jitesh, Satish, Biju.
Kindly look into this matter urgently.
Rgds
Moncy