HDFC Standard Life Insurance — HDFC pension champion - Charges and terms and conditions

7 Reviews
 Niranjanbn on Aug 22, 2011
Respected Sir

Name Niranjan B N
Address 97/2, 10th cross, kumarapark west, Bangalore 560020
Phone 080 23464150

I would like to bring to your kind notice some of the terms and conditions and charges of HDFC Pension Champion which I have started investing in 2010.

HDFC Life insurance I feel is almost cheating the investor for the following reasons.

Minimum duration for paying the premium is 3 years for the above funds.

There are various charges included
investment allocaion rate (10% to 40%)
policy administration charge (0.95% of the premium amount per month )
fund management charge (1.25%)
Surrender charges

Surrender charge is especially forcing common investment due to following reasons
If the premiun is stopped in between, the policy is automatically cancelled and surrendered.
The surrender charges is 100% in the first year, 50% in the seconf year, 30% in the third year, 15% in the forth year.
Therefore the investor is forced to invest in the fund for 3 years even if he notices that the fund is not performing well.

It is similar to the zamindar system that existed in India, where rich and powerful people were forcing slavery on farmers.

These charges are not mentioned in the website which advertise about the fund.
The fund manager and the website only indicate the benifits
Therefore the investor is kept in the dark about these charges during investment.
After the first year investment is made, they send a brochure explaining the charges. And the investor cannot withdrawn from investment because of the surrender charges. The investor is in a trap.

I am completely not satisfied by the by such charges and terms and conditions and by the way they are cheating common people by hiding the applicable charges.

It would be of great help if your good office could support me so that I am not forced to furhter invest in HDFC Pension Champion.

I want to surrender the fund at the market price on the date of the surender.

If you have any further advice to me, kindly please advice me how to take it forward.

Thanks and Regards
Complaint comments  6 Comments     Updated: Share0Tweet0Share0


Dear Mr. Niranjan,

With regard to your concern, we will be glad to assist you with the same. To do so, please write to us with the concerned policy number / Client ID in order to assist you better.
Further, we would like to inform you that we have a specialised Customer Grievance Team to take care of all the Customer Complaints. Hence, we would request you to visit any of your nearest HDFC Life Branch Office and submit a written complaint. For knowing the Branch Addresses please visit our website
Assuring you the best of our services always.
Warm Regards
Customer Service Team.
I have called up the HDFC malleshwaram branch office in Bangalore and complained before posting it in the website.

Mr. Satish Kulkarni informed me that they will get back to me immediately with all the details.

I am still waiting to get the details.

I am sorry to read about the issue that you are facing with HDFC Life. I completely agree about the deceiving tactics from HDFC Life about not disclosing the charges before hand.

Unfortunately, I became their latest victim. While discussing the policy, the HDFC Bank and their agents paint the picture green for unsuspecting customers like us to fall for their schemes. I too was assured that there are benefits and only benefits. The Bank Agent (and that too the Asst Branch Manager in my case) conveniently hid the schedule of charges. Only when I received the policy document, I was shocked. And there charges are not cheap and I find myself trapped.

You nailed it with your Zamindar system statement. The big banks are screwing the simple and middle class people who trusted them with their hard earned money.

There has to be some recourse for folks like us that these banks are duping so blatantly and openly. If they do not resolve these issues fairly and satisfactorily, then filing a written complaint with the banking ombudsman is one option. See, that's another thing that these sharks rely on that people do not have time to run around the govt. offices or the regulatory bodies are already burdened with so many complaints that they do not have time or resources to give enough time to each of the complaining parties.

Please do post back if your issue gets resolved or any further development happens.

Good Luck!!
I am also enrolled into the scheme and shocked with the charges which was not informed to me by the sales people who promoted this protect.
Please all of you stay away from investing in this scheme...HDFC Pesion Champion is chargins almost 1% a month. ICICI Pinnacle super is charging 0.25% with 10% gauranteed highest NAV lockin for 7 yrs.

Dear All,

I am also trapped with HDFC pension champion plan. The service charges are too high. You have to pay minimum three years premium and plan do not perform at all. I have lost almost 50% of my investment so far and do not know how much I will be losing further. All is a nexus of deceiving companies which snatch money of innocent and ignorant people like us. Please be aware and do not invest in HDFC pension champion plan.


Dear all

Always for tax Saving and investment products go for endowment policies where there will be fixed returns and investments will be for long term. No one can should expect returns from from ULIP policies in first 3 to 4 years due to charges. And whenever taking a policy from any company think about the claim ratio of the company.
If investments are to be made for short term please go for Mutual funds rather then ULIP life insurance policies where We can expect more Returns

If any one want to invest in any financial products in the market like Insurance, Mutual Funds, FD's, car insurance and health insurance (Bangalore Only) call us on[protected] and we would be happy to help choose you best products in the market

Warm Regards
Prashath GB
Priroity Wealth Management Pvt Ltd

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    HDFC Standard Life Insurance - HDFC pension champion - Charges and terms and conditions