[Resolved] HDFC Bank Life Insurance — INDUCED INTO HDFC SAVINGS ASSURANCE PLAN BY PROVIDING INCORRECT DATA | |||
HDFC BANK staff Seema tomar of chembur mumbai branch Advised me to take HDFC savings assurance plan assuring me that on maturity it will provide me a return of around 11 percent per annum. Based on her advise I took this policy about 5 years back, uptill now I have paid RS 10 lacs (RS 2 lacs per annum ) .maturity period 10 yrs. Recently I inquired about the maturity value of those who had taken the policy earlier. I was shocked to hear that the maturity value is only around 5 percent per annum. In december 2013 also an employee of HDFC vashi new mumbai sector 17 branch was trying to sell the same product to me at a time when a normal FIxed deposit was fetching around 9% interest per annum. I don't understand why HDFC life is bend upon fooling the customers by providing false promises. Was this information helpful? | |||
Aug 14, 2020 Complaint marked as Resolved | |||
 2 Comments | |||
Comments
I would like HDFClife to close my account and return my principal along with interest of around 9% per annum( normal FD interest ) that comes to around RS 12.75 lacs .
Reply
Please find other useful information below
1.Policy Number[protected]
2.Name of the plan HDFC savings assurance plan
3.Sum assured. 16, 84, 224
4.Effective date of the policy 18th March 2010
5.Premium paying terms - annual
6.Premium amount - 2, 00, 000
7.Cost of damage - RS 12 .75 lacs to be paid back to me immediately and policy to be closed, any delay to be
Paid back with 9 % interest per annum ( normal FD rate - damages iam only asking for market FD rate
and not even the approximate assured rate of 11% which was told to me in the beginning)
Recently I inquired about the maturity value of those who had taken the policy earlier.
I was shocked to hear that the maturity value is only around 5 percent.
In fact last year when I had been to HDFC new mumbai vashi branch, an employee of HDFC was again trying to sell
This product when the ongoing FD rate was around 9 % assuring me this product will give better return then FD).
8.Branch address- HDFC SL, chembur branch, sai Kiran apartments, 217, Central avenue, corner of 11 the road, Chembur, Mumbai - 400071
9. postal address - VEeramony chandrashekar, port of Fujairah, P.O.Box 787, finance dept, Fujairah, United Arab Emirates.
10. Complainant's age - 52 years
11. Complainant's father's name - Late R. V.Mony
12. Complainant's occupation - Service
13 . My UAE no.[protected]
1.Policy Number[protected]
2.Name of the plan HDFC savings assurance plan
3.Sum assured. 16, 84, 224
4.Effective date of the policy 18th March 2010
5.Premium paying terms - annual
6.Premium amount - 2, 00, 000
7.Cost of damage - RS 12 .75 lacs to be paid back to me immediately and policy to be closed, any delay to be
Paid back with 9 % interest per annum ( normal FD rate - damages iam only asking for market FD rate
and not even the approximate assured rate of 11% which was told to me in the beginning)
Recently I inquired about the maturity value of those who had taken the policy earlier.
I was shocked to hear that the maturity value is only around 5 percent.
In fact last year when I had been to HDFC new mumbai vashi branch, an employee of HDFC was again trying to sell
This product when the ongoing FD rate was around 9 % assuring me this product will give better return then FD).
8.Branch address- HDFC SL, chembur branch, sai Kiran apartments, 217, Central avenue, corner of 11 the road, Chembur, Mumbai - 400071
9. postal address - VEeramony chandrashekar, port of Fujairah, P.O.Box 787, finance dept, Fujairah, United Arab Emirates.
10. Complainant's age - 52 years
11. Complainant's father's name - Late R. V.Mony
12. Complainant's occupation - Service
13 . My UAE no.[protected]
Customer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good
a company is at responding and resolving complaints by granting from 1 to 5 stars for each
complaint and then ultimately combining them all for an overall score.
Read more
Read more
58%
Complaints
32724
Pending
0
Resolved
18404
View all 32724 HDFC Bank reviews & complaints
+91 22 6160 6161
+91 22 2498 8484
Branch 542, Trade World, A Wing, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India - 400013
View all HDFC Bank contact information