HDFC Bank — Jeevan Sanchay wrong selling by employee

Address:

Mumbai

I have been a premium customer with HDFC Bank for over a decade now, however, Last year due to huge accumulation of funds, I had contacted HDFC bank manager at Brooke fields Branch, Bangalore to help me with appropriate investment options, who in-turn introduced me to one investment manager Mr.Vijay who works for the same back. While discussing investments, I was offered for one of their products Jeevan Sanchay policy with a guaranteed return of 13 % or more in the coming years. ( of course, hence, since this is much better than an FD, I agreed for this investment and also considering this is no direct connection with market fluctuation ) Key Points to note here.

1 I had no clear visibility to how this policy will perform
2 THe policy was sold in peak of COVID 19 period in Bangalore where as my registered address is in Hyderabad
3 WRONG details and Promises made ( over 13% CAGR promised)
4 As per the rules a hard copy of the insurance copy will be sent to registered address and a retraction is possible within 30 days of such a reciept. - ( again please note there was no way that i could access the hard copy of the policy )
5 None of the details of the policy was explained to me in detail by the selling officers.( no mails sent or details explained)

post this scenario, after few months of wait and deep stress and handling during the COVID ( focus on safety and health and no direct access to the staff ) while i was saving for my second instalment, i checked back for the hard copy and also checked for numbers / returns promised, to my dismay, i realised the total returns will be much less than the promised amount.

At this point I raised a compliant with the HDFC life ( Marathahalli Branch ) in writing and also a compliant with the call center ( details attached ) to 1) cancel the policy with immediate effect 2) The details of policy mis-sold 3) investigate the case and return the initial or amicable amount ( less some charges if any )

however, I have had / still having a very bad experience with the insurance company for the details shared below.

1) I have not had any direct response to my queries until 10 reminders, I was always getting a canned / standard system response

2) Even the last response, only standard / canned responses are struck to my mails

3) THe team confirmed there has been investigated, however, despite multiple reminders and requests, the details of investigation has not been shared

4) the customer service team keeps referring to the policy hard copy, this was never received by me nor i was available in Hyderabad and due to travel restrictions, none of these is possible.

5) I have paid for 10 Lakhs for nothing, it is a huge amout and life time savings of a person, how can such a huge amout be forfieted, this is impacting my life decisions and is very frustating.

I request the ICCF to help me in this regard and solve for it amicably, i will be further writing to IRDA as well on this compliant and will not be giving up on the atrocious looting.

Please also note : Despite me getting confirmation mail from the HDFC life that the policy has been cancelled, I keep getting calls and mails from the HDFC team to pay for the premium, clearly shows how the systems are inefficient. ( I have screenshots of the same )