I have a set of policies with HDFC Life insurance. I have paid premiums for past two years upon reminders and there was no problem of auto debit or ECS. Last year I bought a property and my financial situation at present is tight, due to which I have opted for not paying premiums. I never knew they have enabled auto debit all of a sudden and debited the premium from my account. I called up the customer care to request refund, they say the money cannot be refunded. And they have refused even to take my complaint. Personally, I don’t recommend HDFC life insurance to anyone, as the funds are not performing any good.
I have all my money tied up with them, on top of that they enabled ECS without my consent. When asked, they said you signed the proposal yourself, but the insurance agent never told me that ECS will be enabled.
I have the same problem with Max Life Insurance. I am not sure if I can even win a case if I put a case against HDFC Life Insurance in Consumer court. My money is gone for next five years. I would like to withdraw all my policies with HDFC Life, I would like to recommend the same to others. Even if you convey orally that you don’t want ECS enabled, there is no guarantee they will accept the request. They have a closed system, no transparency.
Finally, we are the people who feed these unethical people without knowing what we got into. But again, its us, who can avoid ending up into such problems by not opting insurance from Such companies. Now I had my bad time, in future they will. I am going to spread this message across all internet forums. As per me, HDFC Life Insurance and Max Life Insurance have lost their credibility, and never will they have long term association with their clients. They are going to go down the gutter if they choose to trick and fool their customers, instead of winning trust with honesty.
My recommendation to all the readers: Please avoid taking policies from these two companies. I am sure there are other companies, for now. And yes, never take high premium policies - please find other ways for tax saving. Dont feed these worthless people.