I bought HDFC SLIC in Dec 2008. Biggest mistake of my life. The agent told me everything but nothing about the policy. I was new to corporate world so didn’t know anything about this. All I knew is that I have to save tax and I can only save using life insurances.
I got trapped in their web. The agent told me following things
There is a lock in period is of 3 Years however policy is of 10 years.
My yearly premium will be 20K.
I will 100% get minimum 75K - 80K after three years.
I can close the policy after 3 years if I want.
If I wish to continue then I can do that and also withdraw my money.
Since I took this policy on my credit card. Agent told me that my premium of Rs 20000 will be auto debited from my card and the amount will be converted in easy EMI for 12 months with 0% processing fee as both the products are of HDFC.
The things he forgot or didn’t tell were.
There is a lock in period of three years but the company will make me run like a rat when I’ll apply to close the policy.
There is no way you will get 75K - 80K after 3 years. This is just to trap the fools like me.
HDFC will never allow to close your policy easily
He did not tell me that 1st year they will process conversion of premium into easy EMI at 0% interest to attract the customtakeouters and later on next year the customtakeouter will be charged to get the amount converted into EMI. This process is not automated. You will have to call customtakeouter care. customtakeouter care will not convert this amount into EMI as this is not a purchase and request has to come from HDFC SLIC department. Then you will land into making tens of calls to the SLIC departments. All give give reference to another person. Finally after some days of mental frustration the amount will be converted into EMI and you will be charged for doing that.
I got to know this SCANDAL of theirs only when they debited my second premium. HDFC will debit your premium on exact date & time but will not bother to convert that premium into EMI so that HDFC credit card department make money over the amount HDFC has already taken from you. What the hell.
Till date I’ve invested 60K and even after 3 years my total fund value is 48K. That means I am 12K in loss. My 3 years will complete in Dec 2011 but I can not close it till the time I get at least the amount I’ve invested. They will make a lot of money from the money we invest but doesn’t even return the amount we invest.
Guyz don’t be fools like me. Use your brains and go for LIC not SLIC. HDFC will SLICe you like a mango and suck your blood.
All their promises are FAKE. One of my friend was working with HDFC and when I told him that I’ve taken SLIC he shouted at me like anything. He told me all the lies about this policy. He himself have LIC policy.
Guys I am not an enemy of HDFC bank. Infact I have a salary a/c and 2 saving bank a/cs with HDFC bank. They are good @ banking but not in insurance.
Your money is yours. Invest it wisely. Not in SLIC.