[Resolved]  HDFC Bank Standard Life Insurance Company Unit Linked Pension Plus Plan — Unit Linked Life Insurance - Unilateral closed before maturity without intimation

Address:

Kanchipuram, Tamil Nadu

Sir,

Unit Linked Life Insurance-
Unilateraly closed before maturity wthout intimation

My family members are having various accounts including SDV Locker, with HDFC Bank, Chitlapakkam (Chromepet)Chennai-47. My husband Mr V.Asokan in the capacity as the Secretary of Bashyam Navratna Apartments' Owners Association's Account is also maintaining the Association's Account there. As a matter of fact it is being given the 'Preferred Account' Status. We were being frequently approached by Ms Mahalakshmi, Asst Manager of the HDFC Bank staff requesting us to opt for the Unit Linked Life Insurance Scheme of HDFC Standard Life Insurance Company Limited.
Due to frequent pestering, we were forced to join Unit Linked Life Insurance Scheme of HDFC Standard Life Insurance Company Limited. The details of the Policy are as under:-
Policy No. 12229179
Policy Holder Mrs S.Kalavathy
Plan Unit Linked Pension Plus
Premium Amount
(Incuding Taxes) Rs 99,999/-
Premium adjusted w.e.f 30th Sept 2008
As a matter of fact, we were totally unaware of the scheme. We were only informed by the staff that it is a very good scheme and that after 10 yers wait we will be getting triple the amount we are paying. Alongwith monthly pension. We were also informed that we will have to pay Rs10,000/-after completion of every year. So far we have paid such fees twice. The first was in 2009 and the second was in 2010.
In November 2011, we suddenly came to know that HDFC Standard Life Insurance Company Limited, has wound up the Unit Linked Life Insurance Scheme, unilaterally. A cheque for Rs 77767/- was handed over to us n person without any notice. We were not informed as to why the cheque is being given. At that juncture we were busy in leaving for US.We approached the HDFC Bank, Chitlapakkam Branch, they advised us to go and verify with HDFC Standard Life Insurance Company Limited' s Tambram Office. Accordingly, We had been there. The staff at that office were only trying to tackle us smartly without giving the reasons for winding up the scheme, without proper notice.
The amount that we have deposited in this scheme was our life time savings which is the retirement benefits of my husband. Hoping to get some regular income in the form of pension after 10years we have opted for Unit Linked Life Insurance Scheme of HDFC Standard Life Insurance Company Limited.
It was a rude shock for us to receive Rs 77767/- out of Rs 120000/- totally paid to HDFC Standard Life Insurance Company Limited.
As informed above, the amout of Rs 120000/- that has been deposited by me is the life time savings of out family and we had deposited with an intent that we will be getting some regular income after 10 years. Therefore, I request HDFC Standard Life Insurance Company Limited to compensate the loss incurred by me monetarily and for the mental trauma I had suffered. Already there is a percetion that the New Generation Private Banks are fleecing the Public. It has beeen my turn now to experience it personally. No doubt HDFC and its sister concerns are claiming to earn profit every year by adopting such dubious methods.
As I had returned recently from US, I am sending this letter now.
In case, I am not compensated adequately , I will be constrained to initiate adequate steps including publishing in the Internet about the loss and fraud committed by HDFC Standard Life Insurance Company Limited in collusion with HDFC Bank Ltd and the manner in which HDFC Standard Life Insurance Company Limited has wound up the Unit Linked Life Insurance Scheme.In case if I do not hear satisfactory response from you within fifteen days, I will be constrained to initiate action against you to recover the loss and to claim damages including legal channels.

Yours fauthfully,
S.Kalavathy