FORCED POLICY
HDFC LIFE INSURANCE POLICY NO.12100157
BEWARE OF THE ORAL INFORMATION THAT IS INCOMPLETE, MISLEADING AND AIMED AT PAINTING AN ATTRACTIVE PICTURE OF THE POLICY.
My need to have a locker landed me into forcibly taking HDFC Standard Life Insurance policy
I approached the HDFC bank Greater Kailash-1 branch New Delhi on 8-Aug I was promised a locker for one year on the condition if I deposited money in a fixed deposit account for one year. They demanded 5 lakhs I agreed for two lakhs and paid by cheque.
They made me sign on the dotted lines on a bunch of papers which I did in good faith.
I learnt much later that that it was not a fixed deposit for a year but a policy for 10 years and I had to deposit the same amount every year for the next 10 years.
I vehemently told them that I was not interested in the said policy and offered to surrender the locker and withdraw from the so called scheme/policy.
The HDFC Standard Life Insurance will never give you any written communication initially. They want you to make a buying decision on the basis of oral information.
The SLIC are engaged in unethical and deceptive trade practice by not disclosing the two very important piece of information which is vital to the policy :
1. The tenure of 10 years.
2. The Option to Return' within 15 days from the date of receipt
of the policy document.
I would have wasted not a single moment had I been informed of the Option to Return' policy and avoided being afflicted with misery and disgust.
Upon complaining to them I got a reply stating that that the features of the policy were clearly explained to me.
If you wish to withdraw from the policy not only your deposited amount gets forfeited but goes into deficit.
Regards
Suresh ****
Pujarva
New Delhi
India
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