[Resolved]  HDFC Bank Standard Life — Policy Cancellation Not allowed

Address:

Kasargod, Kerala

Dear Sir,

One of my friend took a policy HDFC Standard Endowment Champion Suvidha on April 20th 2010 sum assured Rs. 500,000 and he paid 1st term payment Rs 100,000, now Dec 8th 2010 he is needed very urgently some amount and also he is facing some financial problem, he contacted HDFC Kanhangad Branch office and they said that he can't withdraw that amount now, he has to wait for 3 years. and we contacted customer care tollfree no and talked to one Mr. Hussain, after some conversation he said that its impossible to cancel the policy now, once we cancelled the policy they will take the surrender charge is 100% of my investment. I heard about new IRDA rules that is any policy holder can withdraw or cancel their policy at any time. So please do the needful sir.