My case is also exactly the same way as stated in the first review. When I went to the Matunga E Branch of HDFC, I was talking about investing in some mutaul fund and the Relationship Manager(PAYAL JAIN) told me there is a better investment with very low risk yielding 14 to 18% p.a.+ 20 to 30% bonus on investment assured. Since I am a HDFC customtakeouter for the past 10+ years I thought the relationship Manager won’t lie and believed the banks will properly advise their good clients. My trust is gone since the employee told all lies to make a huge commission. I took a$500000.00 p.a investment and got the policy documents after six months. then I understood it is a insurance policy which I am not at all interested.
I always told the Manager, don’t put me into any insurance policy since I have enough of it to cover me & my family, I am assured that it is not a insurance policy and this is a secured investment with huge returns. She and her bose also stated that 90% of the money is invested very seecured and the remainiing 10% is invested in the stock market with potential for high returns. finally, when I knew I was cheated, I either wanted to reduce my premium to keep the policy going and recover whatever is possible or HDFCL to refud the money to me. After a prolonged correspondence, one client service girl contacted and told me I can reduce the premium to Rs. 5000.00. I was asked to send all the original document and a original letter to the HDFCL office. when they received everthing, I got another email from the client service stating they can’t reduce the premium and I have to pay Rs.513000.00 to reinstate thepolicy.
I have all the correspondence from the employyes from the beginning till they agreed to reduce then not agreeeing and apologizing for wrong communciation etc. It looks like the HDFCL doesn’t know what are their policies.
I am interested in taking this cheating of public by HDFC with all the authorities. I am also ready to lead any compalints. could somebody send me the details of authorities where we can represent such types of chetaing by these srupulous employees for the banks. Please send all the infomration to madhurajp@gmail.com.
Looking forward to take up the matter for the benefit of everybody.
Thanks,
Madhuraj