One year back, I had home loan protection policy from HDFC Std. Life to cover my 11.8 Lac loan of HDFC Ltd. While availing this loan I was told that one time premium for this policy is~ Rs. 30, 000. I was neither in position to pay this much amount nor to include it in my loan amount. So I chose initial protection for 5 years tenure instead of 20 years loan tenure. Premium was~ 8000 which was affordable to me.
After availing policy I was in impressing that for five years I am under insurance protection and amount is equal to my outstanding every year as mentioned in information of HDFC Std. life.
However when I received copy of policy from HDFC(original policy is with HDFC Ltd. and I got a copy of it after 1 month that too upon my reported requests.) I was surprised to see that company had calculated insurance amount based on 5 years repayment tenure instead of actual 20 years tenure, which is obviously very less than my actual outstanding for first five years, out of 20 years loan refund tenure. **It is a sort of cheating/misguiding customers**.
HDFC std. life has not given me any document like proposal form of insurance and even original policy. I gave a cheque of premium to HDFC person and I got premium receipt after some days. Original policy was sent directly to HDFC Ltd.
HDFC Std. life has not replied to any of my complaint written/telephonic or by e-mail**
So readers, ** **Beware of those thieves and think twice before you deal with this company**
Prasad Ranade
09324251435
Ref.: - Policy No.10342097(By HDFC Std. Life, Home loan protection plan) Home loan account No. 1723016 HDFC Ltd., Nerul, Navi Mumbai Branch