[Resolved]  HDFC Bank — HDFC LIFE Agents fraud in Policies

Address:

Bangalore, Karnataka

Hello Sir, I wanted to invest amount Rs. 15000 to FD for 5 years for tax benefit in HDFC bank (HDFC Bank, Thippasandra Branch, Bangalore) & with that intention I went to bank. When I requested for the process to do it, Ms Sanu Singh from HDFC Bank explained me about the HDFC LIFE SL PROGROWTH SUPER II. She explained it is very good investment & more than 10% returns are expected comparatively with the FD (9%). Then I said okay with it. But when I received the after 10 days, I did detail analysis on it where it so many hidden charges (monthly policy charges, policy administration charge, risk charge)which she did mentioned while I taking the policy. I took the policy, went to her & argued that why didn't you mentioned all this hidden charges then she started telling that in the end of 5 years you will get more than 10% even if you exclude this charges. She said if I invest Rs.15000 to 5 years you will get around Rs.83672 which is more than 10%. I didn't do calculation at that time & thought that it may true. So I went back thinking that if I am getting more than 10% after 5 years why to worry about the charges. But later when I did the calculation, then i got shock about the math HDFC Illustration tool is doing. Here it is below illustration of HDFC Bank with assuming the 10% returns . Policy year Premium Fund Value (end of year) 1 15, 000 14, 667 2 15, 000 30, 532 3 15, 000 47, 698 4 15, 000 66, 273 5 15, 000 86, 372 If you calculate the final amount with a simple Interest also you are getting only 4.75% returns. I took all this calculations to her & asked her explain how this 4.75% simple interest becomes 10%. Then she started telling her superior will talk to me regarding this & she will explain correctly. She asked me to come branch next week so that she will contact her superior, take an appointment & will call me to discuss. I waited for 1 week & called her, then she replied that her superior is not well (suffering from Jaundice) & she will call me once she is well & free. Next I waited for 2 weeks by the time I lost time of more than 1 month which I came to know later that one month will be the grace period in between I can cancel the policy. When I talked to her later, she changed her branch & started telling me she can’t do anything now & I need to bear this loss. So my conclusion is HDFC agents to get their commission can tell anything to you, try to make fool to their customers, make false promises, etc., When customers asks reply then they will raise their hands saying they can’t do anything. So I request you to sir please take some actions against these agents. If you want more details, just mail me, I will provide you the all details. Regards Gajanan Maske [protected]@gmail.com