My Papa purchased a HDFC SS plan for me in March 2012 as he was approached by an agent Mr. Ajay, who showed him a brochure showing very attractive returns (over 12% compounded yearly). I went ahead as per my father’s recommendation and bought this policy, SInce we believed the brochure copy available with us, I didnt bother to check the policy sent by them in the free look-in period of 30 days, and also as I was very confident about HDFC life brand. Two frauds were committed by the agent & HDFC life - they changed my premium payment frequency to half yearly, and the returns shown in brochure will be applicable ’ONLY IF THE POLICY HOLDER DIES’ !!!
Otherwise, even the basic amount deposited by policy holders will not be returned in full. At first I thought there was some mistake in my policy documents but I have cross checked with their regional office, and they have confirmed the same. They are not accepting the brochure given by their agent, whose phone is also swithced off for the last few months. I havent paid my next premium and have accepted Rs 20, 000/ deposited as my loss. I have thought of it as my learning charges.
Please dont fall in to this scheme’s trap or any other scheme offered by HDFC life.
I have all the supporting docs for this review. And their telecallers have been trying their level best to fool & pressurise me into paying the premiums.