[Resolved]  HDFC Bank — cancellation of wrong policy issued by fraud hdfc life agent

Address:

Delhi, New Delhi, Delhi, 110049

I would like to raise a complaint against the fraudulent issuance of an insurance policy #: 21420585 by HDFC LIFE Company Agent. I am not satisfied with the reasoning provided and hence would like to escalate this matter to your next level or let me know your legal team contact details with whom I can meet in Delhi, HO. This incident has happened in the following manner:
1. A person name Manish Chauhan ( +91 [protected]) called me on 13th Apr'19 and presented himself as Regional Manager for HDFC Life Mumbai branch. He told me that there is one of my policy (issued in 2013) which is about to lapse due to non-payment of last 6 years premium of INR 50, 000 per year (amounting to INR 3, 00, 000/-, Three Lacs). He mentioned that this policy can be encashed if I wish to in today's time with the amount of INR 1, 50, 000/- (maturity amount due of only first premium paid in year 1) or I can pay additional INR 3, 00, 000/- (last 6 years premium in one go) and get full maturity benefits due in Mar'20. He as well aligned his sub-ordinate SHARAD SHARMA ( +[protected] to coordinate with me for all the stuff
2. He asked me to submit my documents through HDFCLIFE email address only and pay the premium directly on the HDFC LIFE website. This sounds to me as a SAFE bet to transfer my money (3Lacs) directly to HDFCLIFE account and moreover, he has all my KYC details already available with him beforehand communicating with me.
3. Post the discussion with the agent, he advise me to make the payments on 13th Apr'19 and he advised that initially there will be a dummy policy issuance (HDFC LIFE SANCHAY) which will be later converted to single premium settlement policy with a maturity of Mar'20 and all the funds will be shown (newly paid as well as previously due amount) under this policy. Post payments were made I was expected to receive the Policy documents as a hard copy as a well soft copy but I NEVER RECEIVED ANY DOCUMENT FOR THE POLICY ISSUED TO ME TILL DATE AND ONLY DETAIL AVAILABLE TO ME WAS THE ONE SHARED BY HDFCLIFE DELHI BRANCH BY SEARCHING THEIR RECORDS USING MY KYC.
4. After waiting for 2-3 days I started chasing the agent & he kept on asking me to wait for a week's time in lieu of stating that policy is under process and I'll surely receive the new policy by HDFC Life directly. In this chase approx a month got passed away and I decided to visit HDFC Life, Delhi Office (Barakhamba Road) where I met with one of the policy advisors and narrated the whole story. They looked into their records and told me that there is a NEW policy being issued on my name with policy #: 21420585 and they explained to me the details of the policy being issued. Post this discussion I raised a concern that the policy issued is not what was being agreed and they have to cancel my policy with immediate effect as I never opted for any traditional policy for 15 years with payments terms for 5 years for 3Lacs per annum. This is NOT ACCEPTABLE to me as I cannot afford to pay a premium of 3 lacs per annum and wait for 15 years of maturity period. To this, they mentioned that the free-look period within which a request for a policy can be raised is already over and I have to continue with the said policy.
5. When I never received any policy from HDFC LIFE neither hard copy nor soft copy over email, I was never able to look at the policy being issued and nor was aware of any terms & conditions for cancellations, etc. Moreover, post-policy issuance I never got any phone call to explain to me the policy being issued so that I can actually take a decision of cancellation in an appropriate manner.
6. I have reached out HDFC LIFE services team as well and they are as well not taking any action for cancellation of FRAUD POLICY being issued to me by HDFC LIFE AGENT and not even reachable over the call or physical that I can go & meet them to explain the situation. They just mention that you have not acted within 30 days of free look period and hence policy cannot be CANCELLED now. It was not even more than 45 days when I approached HDFC LIFE DELHI BRANCH and requested for CANCELLATION.
My only request to you is that this policy is NOT DESIRED OR OPTED by me or by my CHOICE and instead was being issued by a fraud agent in a fraudulent manner. Moreover, I never got any documentation for the policy being issued to me and hence was never aware of details & terms & conditions of the policy. I would like to request you to help me with the CANCELLATION of the said policy & help me get the refund. It's still not even 2 months passed by and I am hoping that your/team intervention will help me getting my hard money refunded.
Kindly acknowledge the request and let me know the way forward to save me from this FRAUD issuance of policy and help me refund the invested amount at the earliest.
Regards
Sumit Sharma
[protected]@gmail.com