Hdfc life insurance
Excess deduction of policy surrender charges

Hi

I've surrendered my HDFC Insurance ULIP policy (Policy No. 13662163) on 29th Feb'12.

As per email received from HDFC -service helpdesk (PP- Mr. Aditya) the fund value on that day was

Fund Value as on 29/02 Rs.62179.38/-

The service desk also told me that I will be receiving Rs. 19314.47/- after deducting

(Surrender Charges Service tax Educational cess) Rs.42864.91/-

But as per policy agreement I should be charged only 50% of fund value because I surrendered the policy during my second year of policy tenure.

Upon asking further clarification, the servicedesk has provided me with the below break-up.

Surrender charges Rs.38862.11/-

Service Tax Rs. 3886.21/-

Educational Cess Rs. 116.59/-

As per insurance agreement, HDFC should deduct only Rs.62179.38/-(fund value)@50%(surrender charge)=Rs.31089.69/- (not Rs.38862.11/-) as surrender charges service taxes (if applicable). Hence I should be receiving Rs 27086.89/- plus () (not 19314.47/-).

I can see an additional deduction of Rs 7772.42 /- plus() amount as per HDFC's final settlement calculation.

When I asked for their clarification, servicedesk is responding to me with the same details but not clarifying why they are deducting this additional Rs 7772.42 /- plus() amount towards my surrender charges.

It has been 3-months that I 'm following up with all the options (going to their branch office, calling helpdesk) but nobody is willing to provide me with clear details. Kindly help me out.

Thanks

Angshuman

cell# 91-8605004023

Company: Hdfc life insurance
Country: India
State: Maharashtra
City: Pune

  <     >