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

Dear Sir,
This is absolutely right.
I am also a victim of this cheating by HDFC bank, Cochin, where I bank with. The advisors from HDFC bank suggested to go with Rupee Assurance Plan by investing Rs 1 lakh annually for next 10 years and I joined in 2008. I invested Rs 4 Lakh till 2012 and later came to know this plan is not worthy and asked for surrender. HDFC Std Life advised only Rs 2, 65, 926 I can be refunded. I lost 34% of my investment amount and a reasonable interest for last four years.

Thanks,
Mathew

HDFC relay cheating the people with this SAP and ridiculous that institution like HDFC does have such product. My father-in-law and his friend similarly trap by a HDFC agent. They was told that it have high return and their is minimum penalty if they slenderer or unable to pay after paying the first premium. After 6 month of baying policy eventually my father-in-law visit the local branch of hdfc and the bank manager now singing a different song, and stating that you will get nothing if your unable paid the premium and the agent is change his job.
In this blog everybody is cheated by the hdfc and their agent, is any one know any way go get back the money atlest if I ready to give the penalty.
thanks,
Raktim

I have also invested in HDFC SAP and have paid for two years. Please advise whether to continue with this or should I surrender this policy?

All the life insurance + investment plan is very waste. Dont even go for combo plan. either go with life insurance if you need it or investment plan.

Please let me know I was duped by my branch manager Vikas Kumar (now the branch manager at Katwaria Sarai, Delhi Branch) That time he was with Hauz Khas branch. They made it look like i just need to Pay 50k for 3 yrs and will get dividends every year. This bank received this policy at their own address(banks address), gave it to me after almost a month. There is no booklet in it just the first and last cover with the white illustration sheets. Now when I enquired with HDFC Life, they say it was a product which carried a very high incentive for the selling agent and they were very sorry I was missold this policy but I ll get only 50, 000 if I take it out. Like a fool I paid 1.5 lacs. Please let me know if anyone is planning on doing anything I'll join and this is not the only HDFC policy I have just lost loads with this company. Pls contact me on [protected]@gmail.com

Is there any way we can get the money given by us so that we can invest/save the remaining years money.

I have paid it for 4 year...now I need money..when i called to customer care they told if you break it you will get very less amount.

Did any one find any resolution of it...

Same issue here, cheated by HDFC bank employees as they get high commissions by selling BAD products.
Started in 2009 with 1 Lac annually, already paid 7 installments and If I stop now will get only 3 lac + bonus. I don't have any option to continue for next 3 years.

I was also cheated by hdfc sales guy in 2009. I was looking for a ppf/FD kind of option. Actually I wanted to put 10, 000 as savings for 80c.

Those hdfc cheats duped me into a insurance policy for 10 years. At that time, I had no idea about how to make a complaint. To be Frank even now in 2016, I have no clue.

Please make me a part of this group if there is a protest planned against hdfc and help me get my money back.

Regards
Madhav
[protected]
madhav.[protected]@gmail.com

I have two HDFC Savings Assurance Policies of Rs. One Lakh each and six premium are already paid by me. what should I do now to save my hard earned money. should I continue with the policy and pay them the rest of four premiums or stop them paying now. PLEASE SUGGEST ME HOW TO MOVE.

My husband, a retired military officer was drawing his salary through HDFC Bank, G.C. Avenue, Kolkata Branch. Before his retirement in 2009, he was approached by his HDFC Bank customer relations officer for a good investment opportunity. The bank officer promised 11% assured return on completion of 10 years premium. He also said, "This return has the assurance of HDFC Bank/ their insurance arm." My husband was duped with false promises by the bank officer to buy this policy. I have paid Rs 50, 000 for the last seven years.
On inquiry at HDFC Life Office, I have found that the returns promised are fake and the amount to be refunded on premature closure of the policy is meager.

S. Pattnaik
Bhubaneswar
[protected]

I was sold this policy (HDFC SL - Savings Assurance Plan) in 2007 as a pure investment product with high returns of at least 15%. The investment advisor from HDFC Bank also showed me an Excel sheet with projected returns and a side by side comparison of how this product is better compared to Fixed Deposit.
When I paid the first premium and received the documents, it turned out to be an insurance policy. I realized I was duped, and I could have cancelled the policy immediately within the first 15 days. But I decided to continue since the advisor had assured that even though it is an insurance policy, it will give 15% returns.
So I decided to continue. Later on, as years passed and I continued to pay the annual premiums (Rs. 100000/year), I could see that the bonuses being declared were pathetic, less than that of even a savings account.
Later on, I also realized that the Excel that the advisor had sent to me, had serious miscalculations and the formulae were also incorrect. Later I learnt that the advisor had left the bank.
This was a lesson learnt for me and also one where the price paid was very high.
After that I have been approached by several bankers, RMs, investment advisors etc in banks trying to sell me a 'safe investment product with assured high returns'.
Its funny, these guys never tell its an insurance policy upfront. They will try to pitch it as if it is a unique investment product. I would point blank ask them if they are talking about an insurance policy to which they would confirm.
So much so, that one lady in the bank also tried to sell me an insurance policy saying they are tax-free bonds (she must have looked at my demat account and seen that I have invested in some tax-free bonds). She started by asking me if I invest in tax-free bonds, and that they also sell tax free bonds which give 10-11% tax free returns. I quickly realized where she was going.
I told her point blank that I am not interested, and not to call me either.

The HDFC Life guys are cheats. I have been duped twice. And I have to partly blame myself for trusting that someone like Deepak Parekh is at the helm of the company so I believed they will have some ethics. But it turned out they are all thugs just looking at making a fool of anyone whom they can lay hands on.

Case 1 : They sold me the SAP where I am still paying 5000 per month . This I have to pay for 10 years . The returns are literally lower than a savings bank account. They had assured me that the returns will be as high as 12-13% .
Case 2 : When I availed a Housing Loan from HDFC, the HDFC life guys sold me an insurance policy . I paid more than 1.5 lac rupees which got added to my loan amount. They kept me in the dark totally about the fact that the policy is valid only for 5 years and not for the 20 year period of the loan. They looted my few lakhs here as in a way I am paying for the insurance that is now not valid even to this day.

Both the times when I confronted them - I was told that I should have checked before signing the document.

Never really got around to filing a consumer complaint. But even today my blood boils that these guys are such big cheats.

I just want people to be wary of HDFC Life and its agents. The company is a cheat and they are all thugs !!

Hi
I invested in this disastrous plan in 2010 with 1 Lakh premium. Till now I have been receiving revisionary bonuses which average out to 7.8 % over 6 years. With this I believe after 10 years I will be earning around 1190000. Which is nothing for all the pain over 10 years. Please let me know what can be done.

I also took a disastrous decision to invest in this plan after HDFC cheaters somehow convinced me in bank at Jamshedpur branch . I have made 9 premiums and one premium is left and waiting how much these crooks are going to pay me. Now nothing is in my hand already made a big blunder.

Hi
he same incident has happened to me in 2009. I was sold HDFC assurance plan by HDFC bank agent assuring me 10-12% return claiming it to be an investment policy. After receiving the policy I understood that on a 10-year premium, the basic sum assured was far less than the premium at the end of the 10-year term. I have managed to cut my losses by reducing the premium amount from 3 lakh to 1.5 lakh and agreeing to pay for the duration. The policy should mature next year and I will be glad to see the end of it Hopefully total sum will at least pay my premium back! Although the reality is likely to be a loss of few lakhs. I agree with the suggestion of forming a group and lodge complaint against them. Given my base being the UK I wouldn't know how?

HDFC bank should have been bained by RBI and IRDA
they are playing full of trick
they sold me HDFC Assurance plan saying it is best investment. original premium of 40 become 49 by the end of 5th year due to regulation changes and now my SA is 4Laksh and revisionary bonou 1lk totoal 5 lakhs where i have have ping the 49x10 = 4.9 lakh. What a joke this is all due to sutupid officier at IRDAI and RBI

Very bad policy.I was missold this policy.I am an NRI and these crooks convinced me to sign up for a policy of 4lakhs/annum.However, I managed to reduce the premium to Rs1800 per year from 2nd year onwards.My policy matured on 18th Feb, 2020 and I received Rs4.162 lakhs which is exactly the same premium that I had paid.