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.
With Great grief,agony and sorrow I am writing this mail for taking a severe legal action against HDFC Life for misleding,cheating and looting my money via their Evil(Saving assurance plan: policy12718110) policy schemes .One of their stupid agent came to my office RS Software kolkata 3 years back,advise me to up this policy12718110 for tax savings and other investment benefits.As i was only interested in short term investment plan , so he requested me to take up this policy in which I have(RS-24000 each) to pay premiums for 3 years and after that can withdraw the net amount with good returns and other benefits.He told that after making payment of 3 premiums can withdraw the money and if i wish then can continue for long term as well.
ReplyDeleteToday when i went to HDFC life office of salt lake branch Kolkata after making payment at 3 consecutive years of RS-24,000 each,it came to as surprise and shocked that even I wont be getting Principal amount as return on my investment.CSR of HDFC life told me that this policy can't be surrender as its some kind of bullshit traditional scheme in which I have to keep paying premium till 2019,else I will suffer a loss.He told that the locking period is for 3 years which i have already completed and if i want to surrender this now then I have to go Dalhousie Office and wont be getting even my net invested amount.
As these guys freely doing such crime of fraud and looting money from their investors with great confidence by taking full advantage of this lawless corrupt country.Today with great grim I felt that this country is absolutely Lawless which still allowing them to keep going with their fraud businesses to loot and provide mental sufferings to the common consumers and no one is even acting against them from law .Please help on this as I must need to take a strict leagal action against them for misleding,cheating and looting me without any reason..
Please act and help on this to fight against the HDFC Life which has given me so much mental suffering and agony with their evil policy schemes.
Hi Mr. Medhi,
DeleteI am also suffering from the same policy. I paid 100000 for 3 years and when I went there after 3 years, they said you need to pay at least 2 more premiums. They are looting people publicly. Did you get your money back? How did you fight with them?