[Resolved]  HDFC Bank Standard Life — Refusal to surrender policy

Address:

Sangrur, Punjab

I am Tarsem Singh resident of Dhuri, (Punjab). I went to surrender my HDFC youngstar Policy No 12595433 at Patiala office, because I had paid 6 installments of 6000/- each (i.e Rs 36000/-), but my fund value was showing just 25000/-. To avoid further loss, when I wished to surrender my policy, and visited their Patiala office last month. They told that the surrender charges will be @15% of value and I shall get only about 20000/- (even after 4-5 years of commencement of policy). However, I said that I am ready to accept, they told that this amount shall be transferred to your (my) wife's account so give them her bank account no. and proof (statement or cheque book). I objected that when I am alive, and signing to surrender policy documents, why my wife's account is being asked for? They refused to listen me and said, amount can only be transferred to my wife’s bank account. I had not any bank account in the name of my wife, so I had to make my bank account joint with my wife and then after some days I again went to HDFC Patiala office on 10.12.2013, Now they said that form should also be signed by my wife. It is ridiculous, when I had purchased under my signature the policy and have paid installments from my pocket and I am signing documents to surrender this policy and also ready to accept that amount can be transferred to my wife’s account account, why her signature are being required ? But they did not accept my surrender documents again and returned me, Now my amount is illegally retained by HDFC. Now, my amount has been illegally retained my HDFC and if fund value is decreased in future, I shall sustain loss whereas I am losing interest on this amount as well.