[Resolved]  HDFC Bank — Process to withdraw money from discontinuation fund


I had taken a policy from hdfc life but the same had to be discontinued for some reason. Now the same is in discontinuation fund, the term of which is getting over this year. So i am expecting the payout in a couple of months.

I wanted to know from the customer care what are the documents required to be shown at the time of collecting my money. I called up the customer care and they informed me that i will have to produce a valid address proof apart from other documents. Since i needed to update the same as they had the older one i was asked to send in a mail at [protected] with the address proof. I dropped in a mail to them and they said since the policy is discontinued it cant be updated. So i asked how will i get my money if you wont update my address as the same is required, in reply they are only sending me tailored mails which has nothing to do with my questions. This happened more than 3 to 4 times and they are just taking me for a ride.

After this went on for a while i asked them 3 specific questions as mentioned below:

Why are we unnecessarily just going round and round the same thing.. How will i produce a valid address proof if you dont update it at the time of collecting my money.
Cant you let me know in one go what is to be done?

Please answer me :
1. Do i need an adddress proof at the time of collecting my money.
2. If yes then how do i update the same as the place where i used to stay at the time of taking the policy has been vacated by me long back.
Please answer correctly so that we can close this chapter

And this is the reply i got:

On 19 jul 2016 11:32 p. M., "[protected]" wrote:
Dear mr. Tripathi,

This is with reference to your e-mail dated july 19, 2016 as per our records the present status of the aforesaid policy is discontinue expired due to non payment the premium which is from september 29, 2012 and as per the below mentioned details:

As per the product features the grace period for the aforesaid policy is 30days if the premium is not paid within the grace period then the policy will acquire temporary lapse status. During the temporary lapse status if the premium is not paid within 35days from the date the policy is made temporary lapsed then the policy will be automatically discontinued and the amount will be held in discontinued policy fund and fund value less discontinuance charge and will earn a minimum guarantee return of as specified by irda. The interest rate applicable will be the interest rate given on sbi savings bank accounts per annum. A fund management charge of 0.50% p. A. Will be levied on the discontinued policy fund. Fund value held in the discontinued policy fund will be payable at the end of 5th policy year.

In order to make the status of the policy in force the outstanding premium can be paid within 2 years form the date the policy is discontinued or 5 years from the date of inception whichever is earlier. Else the policy will be terminated and the discontinuation fund will be paid to you.

Hence, we wish to inform you that as per the above mentioned details the aforesaid policy became discontinue expired and the amount which is lying in the discontinuance fund will not be refunded to you now and the same will be payable to you at the end of 5th policy year

We hope to have addressed your concern.

We assure you the best of our services always.

Warm regards,

Customer service officer

Look at this reply. No meaning whatsoever. Just wasting their and the clients time. So basically when i had to buy the policy they were at my doorstep to collect the documents and the cheque. Now when its there chance to give me my own money that cant even reply back properly. Such is the sorry state of customer service at hdfc life.

I mean i myself feel pity that i have to lodge an online complaint for such a trivial matter but people should know what they should expect once they buy anything from hdfc life.
Was this information helpful?
No (0)
Yes (0)
Aug 6, 2021
Complaint marked as Resolved 
Jul 22, 2016

Complaint Status

HDFC Life customer support has been notified about the posted complaint.
Complaint comments  6 CommentsShareTweet


Hi, regret the inconvenience caused to you. Please share your policy no. for us to check out the details related to your concern and to get the same addressed.
My policy number is 14630451.
Name as per policy - Utkarsh Rajesh Tripathi

Also please check the email conversation that has happened between me and your customer care executive Lokesh. Look at the replies that he has sent to me for the questions i have asked. I mean for such a trivial matter the way he has taken me for a ride is simply unacceptable. Kindly look into the matter.
Hi Utkarsh, thank you for sharing the policy details. I am checking out the details and would be reverting you with an update on the same shortly.-- Manish.
Hi Utkarsh, I wish to inform you that the required correction for the address has been done from our end in the system. Further, the confirmation letter will be emailed to you stating the new address updated in our system.-- Manish.
Thank you for the help. But the point of the matter being making your customer service ppl like Mr Lokesh more sensitive to their customers needs and requirements. Why could he not give me a simple answer instead of sending the same replies to my questions again and again. Anyways its up to you how you handle your team. Thank you again for updating the address.
Hi Utkarsh, I express my sincere gratitude for your feedback on our services. We will utilise this opportunity to improve our service levels and provide you with a better service experience to all our customers. Further, the strong feedback has been shared with the team for taking the appropriate action to avoid this kind of lapse and missouts while serving the customers.-- Manish.

Post your Comment

    I want to submit Complaint Positive Review Neutral Comment
    HDFC Bank
    Customer Care Service
    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
    HDFC Bank Phone
    +91 22 6160 6161
    +91 22 2498 8484
    HDFC Bank Address
    Branch 542, Trade World, A Wing, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India - 400013
    View Full Information