[Resolved]  HDFC Bank Saving Assurance Plan — Selling the product thru unethical/unprofessional way

ICICI — 2.5 Lac fixed deposit not returned

ICICI Bank refuses to close the fixed deposit account and deposit the money into our checking account saying something or other - starting from signature not matching with the Passport of my spouse in her maiden name a long time ago, although the signature matches the specimen submitted to the bank at the time the account was opened. They are now saying that we should visit the branch in India to get our money back. Imagine paying $2500 to travel to India to get our deposit back.

We are researching the RBI complaint process along with trying to approach the NYSE about the bank attitude.

They tried the trick on me also, but I always go through internet comments, and is saved.

Your should complaint to the 1. IRDA at
Complaints against Life Insurance Companies:
Mr. Sudipta Bhattacharya, Sr Assistant Director
Insurance Regulatory and Development Authority
Parishrama Bhawanam, 5-9-58/B, Basheerbagh, Hyderabad – 500004.
[protected]/66789768 Extension –251
e-mail id: [protected]@irda.gov.in

2. Also file a complaint agains the HDFC Bank with Baning Ombudsman get their address from www.rbi.org

Sincerely
Gurinder Singh Kooner

Saving Plan is good plan if you are thinking fro investment.But i[censored] r thinking for Life Insurance then you should go for term plan where your isk covrage will be more on very minmal amount of premium.
In SAP you wil get return what yu can expect in any debt plan and tax benefit too.

Hi, i have this stupid saving assurance plan for 6 years. I was in need of money and asked bank to surrender my money. The answer was very strange, you can surrender as per rules, we have to deduct first year total premium and 50% for the next 5 years. So you can estimate how much profitable this bank and its policiy is.

The same incident has happened to me. I was sold HDFC assurance plan by HDFC bank agent assuring me 10-12% return claiming it to be a investment policy. After receiving the policy I understood that 50, 000* 10 year premium, the basic sum assured is just 4.2 lakhs and the bonus declared is 32.5/1000, which will fetch me just 5.5 lakhs at the end of 10 year term. Let us form a group and lodge compalint aginst them in IRDa. the reply by HDFC life officials is not satisfactory. EVen the surrender value is very lose-yu will lose even the premium paid

H.Ramakrishnan
[protected]

Thanks for information. I was planning to get th SAP plan. Yesterday Agent from HDFC came to me and started to discussion with me regarding good beneficial policy SAP and definetly you will get goor returns after 10 years. Thanks a lot I saved my money... really need to write our comments on blog so many people understand in details and save their money...Really all agent are try to cheat the people...and our money will be wasted any how...

Staffs in HDFC BANK are not giving proper service to their customers if they do not oblige them with insurance Policies. They have lied to me in past and Presently whenever I go to the bank they harass me. RBI should not allow Banks to have an insurance desk in their Premises. the should only be allowed to sell pure banking products. This will solve the problem.Relationship Manager is a gimmick to net funds and serve threir own Interests by all private Banks.

Iam also pissed off of with this cheap policy.They assured sixty percent groth afte 10 years and they forged my signature also for auto debit from account.What can i do to get back my money.I would like countinue this rotten policy with less prmium, currently am paying 60000 pe year. When I approched the banking staff iwas told its not possible to reudce the premium..if there is any possibilty for reduce the premium to its leaset level...Please help me in the regard..I have paid first year premium..and am ingrace period of second year premium...

I also got hoodwinked by HDFC into buying this plan and the whole things appears to be a scam. As per the plan i am supposed to pay premium of 2 lakhs per year for 10 years. I was promised huge returns. Now in my third year i got a piece of paper which shows actual returns which is ridiculous. The guaranteed return after investing 20 lakhs is only 16 lakhs (you lose 4 lakhs) if you get 6% interest you will get 22 lakhs gain of only 2 lakhs. With the best case scenario of 10% interest you still get only 26 lakhs for the 20 lakh you put in over 10 yrs. Lets say you invested the same amount of money at 6% interest in fixed deposit you would have 31 lakhs and 40 lakhs if you got 10%. So in essence HDFC is stealing lakhs of rupees from the customer, which otherwise the customer would get from a simple fixed account.
After looking at the numbers i have decided to stop making premium payments after the third payment. I will initially lose about 2 lakhs with this cash surrender option. But if I put the money i was going to keep paying as premiums to this stupid plan over the remaining 7 years, into a simple fixed deposit account, after 10 years I will still come out ahead by a few lakhs...so this is my advice to all -to cancel further premium payments if you have put in at least three payments. Over the long run you will be better off, although in the short run you will lose money.

I have similar experiance. HDFC personel banker told me that this Saving Assurance Plan is a best option to invest as it is based on the revisionary bonus. He also convinced me that after three years you can withdraw money completely if require without losing invested mony. I have paid already Two premium of total 2lacs. Now i went through terms and condition published by HDFC, i came to know that i will get only 50% of Premium paid subsequent to initial premium. Net result, if i pay 3lacs, in three years, i will get only 1 lac after third Year!!. Now i thinking whether to pay third premium or not? Please advice

Seems like I am not alone who was duped by the ill-advised agents selling this SAP plan. Even I am stuck in the dilemma of continuing/surrendering or letting the policy lapse.

After going through a lot of details I feel the best option to minimize losses would be to reduce the premium to the minimum. The people who have been told that the premium reduction is not possible are again given wrong information and should try hard to get the premium reduced to minimize loss.
This will ensure that the policy remains In-Force and you get some (reduced) sum assured and added bonus(read peanuts) accrued every year.

You will atleast be able to recover your invested amount with approx about 10% simple interest.

my 2 cents

I have paid 8 installments. When I see comment that they forge signatures, I am terribly worried. Can anyone tell me how much will I get If I surrender the policy?

Jaya

Hi
I have similar case with HDFC SAP plan, personal banker provided me the wrong information, saying that this is a complete investment plan, but its investment plus insurance plan, I already paid 4 installments of Rs 65000/- (three installments) and Rs 66007/- of one.

I want to know why the sum assured amout is less then the amout we are going to pay in 10 years. since I tried to get the answers from HDFC services but they are not provideding any answers and now they stopped to reply.

Is there any way to file case against the HDFC standard life in consumer court for this froud.

Amar

I HAVE INVESTED 4 PREMIUM 20000/- + TAX PA ... & NOW WANT TO REDUCE PREMIUM TO 5000/- ONLY ... WHAT WILL BE EFFECT ON MY SUM ASSURED ( CURRENTLY IT IS 1.67LAC )

IS IT GOOD TO REDUCE PREMIUM & START NEW SAMPPORN SAMRIDHI PLAN FOR BALANCE 15000/- PA ... BANKER IS FORCING TO TAKE SAMPOORN SAMRIDHI PLAN INSTEAD OF SAP ... IS HE RIGHT OR AGAIN MISGUIDING ME ... I M CONFUSED RIGHT NOW

WILL BANK TAKE SOME CHARGE FOR REDUCTION IN PREMIUM ALSO ?

CURRENTLY I WILL GET 2.5 LAC AFTER 10 YEARS BY SAP

IF INVEST 20000/- PA IN FIX DEPOSIT @ 8.75% THEN TOTAL I WILL GET 3.33LAC APPROX ... THIS IS HUGE DIFFERENCE IN AMOUNT

DHEERAJ SHARMA

want to know about sampoorn samridhi ... is it beneficial against SAP

kindly give feedback

dheeraj sharma

I am also duped by the same bank and process.
I have lodged complaint, however they have rejected citing that we have signed the papers, hence have accepted.
Very Improper way of getting customers...
And they call themselves as leading institution's.

these is the way they become leaders in the banking sector by taking your money in a crooked way by giving hdfc savings assurance plan i tried to lodge to grivense and insurance system also none has been done
i have lost confidence in indian system where they can sell you anything without giving any information
they claim to give you best home servies sothat they can crook you and nobody knows if you go to bank may be you might come across some information which will prevail you not to take policy
goverment must protect depositors and investors and take legal action against staff atleast if not bank

I also bought this stupid SAP plan from HDFC bank last year my personal banker sold me this now I am in dire need of money and i want to withdraw my money i only paid one premium of 50, 000 but now i don't have money to pay the premium so i thought of surrendering the policy so called on customer care no and got this shocking information that i can't surrender this policy and if i surrender it i will loose all my money.this i
this is really sick the advisor who sold me this policy told me that i can withdraw my money anytime without loosing my base amount.
Need suggestions what is the possible way to deal with it.

HDFC STD LIFE is of no use to the customers. I purchased 3 policy as SAP & misguided by agent saying that this is sigle premium. IRDA should not allow the agents those are delivering wrong information. They are lack of knowing rules & regulation of policy matter. I shocked when I approched to the bank, that you should come to the bank. Then why you should allow such agents in this business. People are saving their hard earning but never get a single paisa. Why Govt. is not looking into the matter & not refunding their invested money. Why is IRDA is not looking into the matter & working for benefits of the consumers.
Mr. Ramesh K.Kharate

HDFC life is making crores of rupees by these frauds. What to do, still new customers keep coming despite many complaints and fall as scapegoats. when i visited their office, i was horrified to see many poor customers struggling to get even half of the money invested 3 to 4 years back. See the assets they have made out of this ill gotten money at prime locations. They are nothing but White collar dacoits. Even if you make 100 calls/ personal visits your complaint will not be addressed. Never invest your hard earnt money in these private companies especially HDFC. Better to invest in fixed deposits.