Beware of HDFC LIFE Insurance policies. For Companies like HDFC Life , Insurance Money is an easy money .They deduct so much amount from our hard earned annual premiums in the form of various charges like Premium Allocation Charges, Fund Management Charges, Policy Administration charges , Switching charges etc etc . If you are surviving your policy period ,you are under total loss . You only earn, when you die incase of HDFC life. That also you have to die early .Common people unknowingly fell prey to HDFC LIFE as Branch Managers are involved in promoting new policies because of very high % of commission. I had taken an insurance policy from HDFC Life last year by the name “HDFC SL ENDOWMENT CHAMPION SUVIDHA” with an annual Premium of One Lakh.Normaly I don't take such policies ,but in case I took the policy because of the Hdfc Bank Manger .
Pls see how they cheated /looted me by charging various charges
1. Straight away HDFC LIFE deducted Rs 10000/- from my premium as Premium Allocation Charges. According to me this money they use to pay commissions to the agents. HDFC LIFE uses your own money to pay the commission to the agents for canvassing you to take the policy
After this deduction of Rs 10000/- my corpus available for investment stands reduced to Rs 90000/-
2. Now they started charging me Rs 950/- Per month as Monthly Policy charges. Due to this my corpus further reduced by Rs 11400/- to Rs 78600/-
3. Another deduction is the Fund Management Charges of 1.25 % of Fund Value which is coming to Rs1125 /- with this reduction ,my corpus stands at 77475 /-
Ie a total deduction of Rs 22525/- HDFC Life looted me Rs 22525/- for my Life cover in a single year .This Cheating is exclusive of the money I lost due to the unprofessional way of investment in the share market . My total corpus of one lakh has been reduced to Rs 63,248/- with the addition of above loss. Because of HDFC LIFE I lost Rs 36752 /- by various means in one year. If this is not Looting what else is Looting.
This looting is very significant as HDFC charges all these amounts by reducing the no. of units allotted to you. In a very bad year your entire corpus can vanish into thin air.
I hereby recommend my readers to never invest in Private Insurance Companies like HDFC LIFE unless you are sure about your death.
I am forwarding this blog to hdfc Chairman and to the officials of HDFC LIFE for their comment. If my working is wrong I will publish an unconditional apology in my blog.
