HDFC Life Insurance Pension Plus
Cancelling HFDC Life Policy# 12259616 and Premium amount refund

I was misguided by an agent and took the HDFC Life Insurance policy number 12259616. I was interested in mid-term investment plan and I had no insurance requirement. I was told by the agent that I’ve to invest for three years only then I can stop payment premium and in the 6th year I’ll get double of the amount I’ve invested. But after getting the policy document and illustrated statement I understood that it will be never possible in this insurance plan because more than 65% of the premium amount was deducted as various charges. I'm feeling completely misguided by the agent, the agent never told me about very high premium allocation and fund management charges, he should have shown me sample "projected statement" which is provided with the policy document. The day I received the policy document and illustrated statement in the same day I submitted application for canceling the policy under the IRDA lookup period rule. Also I claimed a 100% refund without any kind of deduction (they should collect their charges from those agents who are misleading potential investors). Today I’ve got letter from HDFC Life insurance that they are not going to cancel the policy and refund me amount. This is the worst, street hawkers are more reliable than HDFC Life insurance.

Company: HDFC Life Insurance Pension Plus
Country: India

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