Subject: misguiding by hdfclife insurance agent acting as relationship manager
My Name: Mohammed asif
My City: mumbai
My Complaint Against: HDFCLIFE
Complaint Category: Insurance Companies
Claim Amount (Approx.): 450000
My Complaint Description:
this with reference to my insurance policy (originally sold as FD to me), below is the detailed case and now they asked me to approach you regarding the same, i need your help to look into the issue as these people just cant get away with people money with some lame excuses as well as the standard procedures.
my name is mohammed asif, I approach mira road branch of HDFC BANK near to station to have a safe locker as my wife also stays with me abroad, instead the guy named ritesh jain told me that in order to have a locker i must have a FD with the bank and since i did not had that much cash i told him i cant open an FD, he to deposit 15,000 Rs every month in a scheme with a guarantee return of 8% i thought this to be a recurring FD and even i told him i cant pay such huge money 15,000 Rs / month (yearly:180,000) he told me that its a saving scheme and even if i dont want to continue i cant stop and get refunded all the money with 8% guaranteed returns, (since i stay abroad i did not get the policy documents on time to cancel it before the free lock) i paid the premium for 6 months and could not paid the rest and hence ask for refund as promised by him, he never answered my calls and replied to my mails and finally when i went to india in december 2015 i went to the branch and met the branch manager and explained to him the whole case and told him about claiming my money who introduced me to one lady her name was lina vidani she told me that i have to clear all the premium which are in arrears and than i can get all the money back, i thought instead of losing 90,000 Rs why cant i pay the balance amount and get all the money refunded and paid 334,000 as the o/s premiums along with the revival fee and now when i am asking for the refund they are not replying to my calls and even emails and even there team is sending them mails which was sent in November-15 to me without knowing the facts that i already clear all the arrears in order to get all my money back.
secondly the sum assured mentioned on the documents is 831,840 where as the total premiums which the company will take from me is 12,60,000 after the term how is it possible that i will pay 12.6 lakhs and get 831,840 after 10 years, there are no guidelines that has been set by IRDA how can these insurance companies cheat people like this.