In Adequate Customer support/service in HDFC Standard Life Insurance- *Complaint launched on 19/2/2009 to Indian Consumer Complaints *
I have two policies of HDFC Unit linked young star plan started on Dec2005 vide Policy Nos: 10426893 & 10426897 for my Son's Education future.
I joined this policy at Kochi, MG Road Branch in Dec2005 and their representative, Mr.M.S.Sankara Iyer (His code:00033424) has clearly mentioned that it is compulsory to pay 3-years premium only and you can withdraw your amount on the maturity period with good benefits.
I have paid promptly my premiums of Rs.10000/- for every year for each policy up to end of Dec07 for 3-years.(As total my investment of both the policy together is Rs.60000/-.(Rupees Sixty thousand) as per the giudance given by their HDFC representative.
But after 3-years premium paid, I have received letter from HDFC on 23/1/09.The letter mentioned that word as your policy will be cancelled and all the benefits under the same will discontinue. due to fund value reduced. I get shocked after received this letter. Then I met their representative at Teynampet Branch- Chennai on 29/1/09, understand that due to market fund value reduced against my policy fund value of Rs.15000/- ., at present fund value is policy no.10426839 for Rs.14397.28 & 10426897 for Rs.13988.62. This is the cause my policies are cancelled like that they are given explanation. Also I asked HDFC -not send any advice to maintain my fund value to live the policies. If they send an advice I can able to maintain fund value always.But their representative made me to join in this policy; he did not mentioned such word of fund value. He projected that to pay for 3-years only & get maturity amount on due date of 10th year.
If their representative might have informed me regarding this at time of joining this policy, we might not have taken this policy and I am sure that no one will join in this policy. I have taken these policy for my sons education, but like corporates bank of HDFC acting as a local finance company. HDFC- not have system to alert customers to maintain fund value & no support to customers, simply they cancelled policy and sent this type of letter is like cheating us. I request your guidence to get refund my paid amount of total Rs.60000/-. Now HDFC send a mail to me they will pay for my Policy No.10426893, amount of Rs.13547.09/- and for the Policy No.10426897 amount of Rs.13162.56/-, only against my total premium amount of Rs.60000/-.
Awaiting for your favorable reply.
Thanks & Regards,
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