I have taken Sir Utha Ke Jeyo plan policy no 11802169 marketed by such a reputed company called HDFC standard life Insurance company of renowned Industrialist and businessman Deepak Pareikh in approval with Insurance Regulatory Developement Authority. This plan HDFC UNIT LINKED PENSION PLUS PLAN has got some very interesting features for the benefit of the company at the cost of the customer which will never let any investor live ''SIR UTHA KAR''. Brief are as follows:
1. No Insurance of your life but the policy is being sold by a Life Insurance Company with approval of IRDA.
2. No Guarantee of your Principal Amount, only NAV of your units is payable in case of event.
3. Straight away 50% is deducted on account of Premium Allocation Rate which no investor understands at the time of taking policy. Only rest of 50% is invested in units at the prevailing NAV.
4. I have invested Rs.100, 000/- last year on 31/3 and the present value of my units is only Rs.30000/-. Rs.70, 000/- gone straight away.
5. Insurance consultant Sudhanshu at that time posted with Saket Branch, New Delhi is not traceable, Mr Ganesh at call centre 011-60007777 have no answer except to say that go to the branch office and lodge your complaint.
6. IRDA is not having any office in New Delhi except Mr. Bajaj who picks up the phone and advises you to write to Hydrabad office to senior officer.
My questions are:
How a Insurance company can offer Non Insurance Products?
Why the name of 50% Expense Premium Allocation Rate is not kept Premium Allocation Charges?
Why a wrong indicative application form got signed at the time of getting induced to buy a policy?
Is is the fair business practice by such a reputed company?
Why the Government of India has allowed taxation benefit u/s 80 to the taxpayers for investment in such products where there is no insurance, no social security, no national development?
Isn't it for providing indirect benefit to these companies?
Please advise can I do anything? Would anybody like to join me in this matter if he has got same grievances.
Diwakar Vaish
9811074101
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