[Resolved]  HDFC Bank — wrongful sales

Address:

Central Delhi, Delhi

Dear Sir,

I am currently holding these two policies in question

Policy No. 13060983 bought in August 2009, Premium- Rs 55,000
Policy No. 15359580 bought in August, 2012, Premium–Rs 55,000

Please note that I wanted to prematurely surrender my policy 13060983–Unit Linked Endowment Plus II; in 2012 after paying regular premiums for 3 yrs (2009,2010,2011) as I was not satisfied with the type of growth and returns, nor did I wish to pay an annual premium of Rs 55,000. The HDFC advisor-thru his smart salesmanship advised me to buy this new policy –HDFC Savings Assurance Policy, saying that this is one time investment saving plan and that the funds-3 premiums paid in the old policy will be diverted to fund the new policy thereafter.

Policy Issued from:
HDFC SL Ashok Vihar Branch,
35,36; 4th Floor, Central Market; Ashok Vihar-Phase I, ND-52

Financial Consultant details:
Mr Gaurav Takshak;
License Number:9123966,
Agent no: 00490022
Ph:[protected]

Advisor
Mr Pradeep
[protected]

The advisor suggested that the old policy 13060983 invests in Equity, while the Savings Assurance Policy invests in debts and is thus risk assured. Besides, Funds from old policy will cater to funds required for new policy. But that has not been the case. I am being asked to pay annual premiums for both policies. That was not my understanding. That was all smart salesmanship of the HDFC advisor, cheating me into buying a new policy to fulfill his targets.

Besides, he had promised a Gold Coin being given on purchase of new policy, which has not been delivered to me till date. I followed the advisor for the same for a long time, but to no avail. There was never a revert from his side.

I cannot continue with both these policies. And that is why, request for cancellation of the new policy and that funds of it can pay 4th premium of old policy[protected].

I hold a long standing healthy relationship with HDFC as all my current & savings a/c are with HDFC & am a preferred customer. I have also bought another Policy ‘Youngster Suvidha’, paying an annual premium of Rs 40,000 towards that.

I am pained by how these advisors cheat us

Ritu Jain