HDFC Life Insurance

I had taken a my first ULIP policy from HDFC Standard Life Insurance in OCT 2008, At the time of Enrolment the Representative had shown me a bundle of benefits and because of all this I agreed to take a policy for Sum assurance of Rs 10, 00, 000 with an annual premium of Rs 25, 000. But as the time passes out the real picture had opened before me.

When I saw that market is continuously coming down on the graph, I approached to my Financial Consultant which was appointed by HDFC-SLIC to help me out in such situation. He suggested me to make a switch from Growth Fund to Secured Managed fund. Since there are some free Switches (As told by Representative as well as by my Financial Consultant) I made that switch. After a month when I saw my Fund value it was reduced to a greater extent, when I investigated the scene I found that they had deducted my Fund value two time i.e. one for Switch out (from Growth Fund) and another for Switch in (to Secured Managed fund). I was shocked after seeing all this.

Since I had a little knowledge about all this, I approached to my Financial Consultant through Phone. But at this time the person had never got connected to me for a long time say about one Month. After one month when he picked phone I was again shocked that he had left the company so he can’t help me out on this topic. Now I directly approached to Services HDFC-SLIC and you can’t Imagine that F!

People told me that they can only appoint a new Financial Consultant for me and I have to contact him only for this Issue. The scenario got worse when the time came for second premium; they had Auto-debited the premium from my HDFC Bank Account. Since at that time I had planned to use my Funds for another use, because of this Auto-debit I just can’t able to use the same.

This time I thinked to raise a serious complaint over this, when I approached to the Concerned HDFC Bank branch they told me that If I want to get some Query on this issue I had to go to HDFC-SLIC main Branch. Now the most interesting and the shocking news were come when I reached and Inquired about the Auto-debit. They told me that “Sir, since you had opted for Auto-Debt, that why we had Auto-Debited your account for this premium.” Then I told the person “I had never ever gone for this option”.

Then they had just brought out my application form and showed me that I had signed over the application/Enrolment form for Auto-Debit. When I saw the signature over the form, they are not signed by me i.e. somebody else had Forged signed in place of mine. I had also asked the Signature expert for verifying the same with my Signature within same form where I had actually signed. Then the person had told me that Sir you are right the signature was not yours. They had also told me not only this signature there are several other places where I had not signed.

Then I asked them to please contact the same representative who had approached me on the very first day. But again they told me that Sir, She had also left us. So we can’t do anything regarding this but I thanks the branch people that they had told me raise an Written complained on this matter.  On the same time I wrote an detailed complained over all these issues Like ‘Deduction for Fund Switch’, ‘ Auto-Debit  which I never applied but the same is active on my number’, ‘My signatures on the illustration and on the Direct debit mandate are mismatched, i.e. my signature has been forged’.