HDFC Bank — fraudulent sale of policies by misguidance

Address:

Visakhapatnam, Andhra Pradesh

I was honestly paying insurance premiums since commencement, when in dec 2015 i got a call from mr. Navin jain who quoted that he is calling from hdfc life (He got my phone number from hdfc life insurance list which apparently has been shared) and told me that the agents who had sold me the policy had claimed huge sum (Upto 70000 per policy) as agent commission and whether they had rendered any post sales service. As i had not received any such service from them, i was upset and as a solution they said the only way to tackle such mischief is to not pay the premium for those policies and in lieu of the same two new policies (Classic assure plus) would be issued from hdfc life where there would not be any brokerage charges and the amount paid till that date in the original policies would be transferred to the new policies. I was further told that these policies which were to be issued also did not have any lock in period and could be even cancelled next year. So i followed him as he told me he was from hdfc life (But now i realized that he is a mere broker as given in the bottom part in the first page of the policy) and bought the two new policies as given above.

The truth in my statement may be inferred from the fact that i would not purposely indulge in losing my life cover while loosing the money from my original 2 policies (Super income plan and sanchay) and take additional monetary burden of two new policies of classic assure plus (120622+ 113867) and after the first year end up not pay their premium also.

After few months or so mr. Navin jain once again calls me up saying that all the papers were ready for the surrender and then told me he needed a refundable security deposit of about one lakh each for 3 of the policies. But since i didn’t have so much money, i was told that i could do it one at a time. The only catch was that i had to route the money through a referencee and pay through a third person, but the cheque was to be issued to hdfc life pvt ltd. And that the cheque no. /payment would be updated in my name as security deposit. (Once i told him the cheque number and issuing bank). The pressure was building on me as each time i was falsely made to believe that the amount that would be getting deposited due to the surrender was increasing (Now almost upto 10 lakh by some stupid calculation). So then over a period of few months, i had made the transactions through my friend mr. Kumaraswamy kondabathula, my child master sai sathwik, and my wife mrs. Chinni padmasri. But to my surprise, i get insurance policies delivered to my address. When iasked mr. Navin jain about this, he informed me that these were dummy policy documents which were in the process of getting cancelled so i did not panic then. With lot of effort i managed to make the payments as demanded by him and was awaiting my refunds when again this time some mrs sonia (That’s how introduced to me and referred by mr navin jain) calls me stating that the amount is ready for payment, but since this was an insurance payout a port folio fund transaction account has to be opened in my name which were of three types: 1, non refundable 2, tax deducting and 3, tax saving needing an approx. Amount of 1.6 lakh, 2.1 lakh and 2.9 lakh respectively. After much pressure and questioning i very reluctantly decided to go for the tax deducting variant and made the payment rs 2.1 lakh, but again in the name of hdfc life and and through two referencees: mr sharath setty, and akula praveen kumar (And again got policies in return as usual). I have been fraudulently sold policies worth rs 7, 24, 568/- of your company by this agent from the above mentioned broker companies viz.

1. S. B. Insurance borkers pvt ltd, address : d2 sector 3 noida, uttar pradesh, code 00556403, lic no 230, contact details : [protected]

2. S. M. C. Insurance brokers pvt ltd, address: 9 b, netaji subhash marg, daryaganj, delhi, code 00446466, lic no :289 and another address : smc insurance brokers pvt ltd, parsvnath metro mall, pratap nagar metro station, new delhi, code: 00631664, license no. 289)

With these companies, hdfc has shared my personal and insurance policy details which have enabled them to commit fraud upon me. I do not know why they had the need to do so, but it effectively makes the company, part of the organised crime racket.

I am now planning to register an f. I. R with the police, and complaint to the irda, to the economic offences wing, and to the ministry of finance, dept of financial services against;

1. Hdfc life insurance company : for deliberately sharing my personal info and indirectly helping them to commit fraud

2. S. B. Insurance borkers pvt ltd, address : d2 sector 3 noida, uttar pradesh, code 00556403, lic no 230, contact details : [protected]

3. S. M. C. Insurance brokers pvt ltd, address: 9 b, netaji subhash marg, daryaganj, delhi, code 00446466, lic no :289

4. Mr. Navin jain, agent of the above broker companies

I would like to reiterate that the truth in my statement may be inferred from the fact that i would not purposely indulge in losing my life cover and let my policies lapse and also loose the money from my original 2 policies (Super income plan and sanchay) and take additional monetary burden of all these policies and after the first year end up not paying their premium also.