[Resolved]  HDFC Bank Life Insurance — HDFC life sucks money when you surrender policy

Address:

Bangalore, Karnataka

I took a policy endowment insurance from HDFC life (it was big mistake to take a life insurance from HDFC life insurance) 9 years back. I paid promptly the insurance premium every year totalling 140000/- I found they were declaring only 2% or Rs. 10/- bonus where as LIC for same kind of policy declares Rs.50 to Rs. 55 bonus, after finding this, I thought there is no point in continuing this policy. I sent surrender request. Even surrender will not happen quickly, you need apply for quote wait for 10 days and then they will give u pea nut quote. They gave me only 69000 as surrender value. This is big cheat I believe. I had accumulated 89k as bonuses nothing has been added, they are saying upon surrender bonuses will not be added in surrender value. I believe they are just cheating customers. I am in total loss with this HDFC life policy. I HATE HDFC LIFE insurance, I will never recommend any HDFC products in my life. - Raj