Hereby positing a mail-trail detailing fraud played by HDFC LIFE employee and on informing the company, the company backs the employees and instead claims the insurer to be false and wrong:-
Dated: 29/06/2012
HDFC Standard Life Insurance Company,
Sub.: Policy Nos. 10491915 and 14429801 – Rashi Singhal
Dear Sir,
I had been maintaining a HDFC Unit Linked Endowment Policy No. 10491915 commenced on 30/01/2006 with annual premium of Rs.40000/- and I had paid five premiums for the minimum lock-in period.
In the month of June 2011, I was approached by one Mr. Manish from the team of financial consultant Mrs. Bindu Lwani from your office. Thereupon, I was proposed by Mr. Manish to reallocate my sum invested in the HDFC Unit Linked Endowment Policy to a new & better performing fund HDFC SL Crest Policy, since the existing fund was not giving good returns. It was further proposed that out of Rs.2, 00, 000/- premium paid by me till date, I may reallocate Rs.1, 50, 000/- to the new HDFC SL Crest Policy, which will be a one time payment only.
On the proposal & assurance of your agent, I agreed to reallocate Rs.1, 50, 000/- to the new HDFC SL Crest Policy numbered as 14429801, since it was a better performing fund and the agent himself volunteered to get the said sum withdrawn from the old policy and get it deposited in my account, and accordingly got a fresh cheque of Rs.1, 50, 000/- issued in your favour, under the garb & pretention of simply reallocating this amount to the new fund.
All was well until the month of May 2012, when I started getting SMS & calls as reminder for payment of Rs.1, 50, 000/- premium this year also. On finally speaking through a couple of people I got the clarity that the agent had sold a policy to me that required an investment every year till a lock in period. I was shocked to realize so. Further I was told by your office that the said agent was no longer in your organization and yes he could have done the misrepresentation to fulfill his own targets.
Although, new policy documents were received by me in the month of June 2011 last year, but the same went unnoticeable and got filed in my records, since I never expected a misrepresentation & fraud by an employee of a global & reputed company like yours.
Please be informed very clearly that I never indented to buy a new policy with fresh annual premium of Rs.1, 50, 000/-. As a normal investor, I was simply lured to reallocate part amount of my already paid premium to a newer & better performing fund, for better returns.
In view of the same, you are requested to kindly look into the said matter, take necessary action against the above said employee/agent for misrepresentation & misleading a client of your company for personal benefits and advise me the further course of action to safe-guard & get good returns for my amount invested with HDFC Standard Life Insurance Company.
Thanking you,
Yours truly,
[ Rashi Singhal ]
9811533066 / 9837055678
P.S.: A written complaint has also been made to your Dehra Dun branch office on 28/06/2012
Dear Mrs. Singhal,
We refer to your e-mail dated 29/6/2012. wherein you have raised apprehension regarding the policy no. 14429801.
On conducting an internal assessment of your complaint, we have concluded that all the features and details of this plan were explained to you at the time of taking the policy. Hence, we are unable to treat it as a missale.
We would like to inform you that the policy document provided to you contains a copy of all the documents signed by the policy holder giving us the consent to issue the policy. The features of the policy are also explained in detail in the policy document.
Policy related communications such as Premium Notices have been sent to you at your correspondence address.
Based on the above facts and findings, we are unable to treat this as missale.
As we have not received your cancellation request within the 30 days free-look period, we wish to inform you that we are unable to process a refund of premium paid towards this policy. Further, the above stated provision is also mentioned under ‘Option to Return/withdraw’/’Cancellation in the Free Look Period’ section of your policy document.
We assure you that the above resolution has been provided after due consideration of all facts and findings.
However, insurance is a long-term contract and it is mutually advisable to continue the policy till the end of term to reap the full benefits of the plan.
We wish to inform you that the renewal premium due on 10/06/2012 has not been received by us.
To revive your policy, kindly pay the outstanding amount of Rs. 150000/-.
We hope to have addressed your apprehension and assure you the best of services always.
Warm Regards,
Kalpana
Customer Service Officer
A parawise reply has been given to your mail marked in red and underlined. please go through and revert ASAP.
please tell the basis of conclusion to adjudge that all the features and details of this plan were explained to me at the time of taking the policy, this means you are directly mistrusting and alleging me to be telling a lie. please note that I am a Assistant Vice President with one of the leading NBFC’s in India and this is not what I expect to listen from an employee of another reputed banking institution’s insurance department. If thats so, you should give me a proof of a voice call or written confirmation that details of this plan were explained to me.
We would like to inform you that the policy document provided to you contains a copy of all the documents signed by the policy holder giving us the consent to issue the policy. The features of the policy are also explained in detail in the policy document. As already intimated, the policy documents on being received by me, simply got filed with my other insurance documents as regular practice, as it was out of question for me to be suspecting anything that I would have been befooled & mislead by an employee of such a reputed insurance company. please note that I have various other policies being maintained by me and I dont need a policy being thrusted or bestowed upopn me forcefully. I was simply informed that my money is being re-allocated to another better performing fund, which I was most glad to do as any common investor would have.
Instead of understanding the jist of the matter and getting into the route problems of misrepresentations & frauds being made by insurance policy sellers to fulfill their targets, you are yet again putting in a generalised reply, which I am neither interested, and nor would any such policy holders would be, who face such hassles and would desired to get transparency.
Rashi Singhal
AND NOW THE COMPANY IS SITTING SILENT. ITS NOT THEIR HARD MONEY and ALL THE MORE THAT THEY HAVE GONE DOWN TO THE EXTENT OF CLAIMING THE INSURER TO BE FALSE AND ARE BACKING THEIR COMPANY EMPLOYEE WHO NO LONGER EVEN WORKS WITH THEM TO BE TRUE AND CORRECT.
NONE OF THE TOP OFFICIALS OF THE COMPANY HAVE EVEN BOTHERED TO RESPOND IN THE MATTER
So I would advice people to beware of such fraud company employees trying to sell you something in pretext of another and also to avoid such Insuring companies who do not take it seriously and instead of taking action against their erring employees, they choose to claim the insurer false & wrong. what an irony.