Complaint Details

Status	:	Closed
Complaint No	:	0020365/2014
Category	:	Banking
Date	:	07-04-2014
Subject Line	:	NOT PERMITTING TO SURRENDER MY POLICY FOR FULL NOTION VALUE
Complainant	:	G.T. BADARINARAYANA
Address	:	No.408 / A, 6th Main, Vijaya Bank Layout, Mulki Sundar Ram Shetty Nagar, Bilekahally, B.G.Road,
Complainee	:	HDFC LIFE
Address	:

Complaint Details
From :
G.T.Badarinarayana
No.408 / A, 6th Main,
Vijaya Bank Layout,
Mulki Sundar Ram Shetty Nagar,
Bilekahally, B.G.Road,
Bangalore 560 076

Dear Sir/madam,

My Policy No. 003332680

This has reference to your letter dated March 15, 2014.

On November 21, 2013 I received a letter from your office stating the captioned policy will be maturing on 08-Mar-2014 with an vesting proceeds amount of Rs.139438.00. A snap shot of which is furnished for your reference.



Please check the next page for the screen shot.











On 27/12/2013, I contacted your representative at branch office, Jayanagar, Bangalore. As I am having financial commitments, I requested for surrendering of the captioned policy, and I gave letter to the effect, which was acknowledged by your branch office. I was asked to contact them after 10 days to know the Surrender Value of the captioned policy as on that day. A snap shot of which is furnished below.








On January 8, 2014, I surrendered the captioned Original Policy, a copy of my ID card, and address proof to your representative at the branch office, Jayanagar, Bangalore, along with your office documents duly signed by me. A snap shot of all the documents is furnished below for your reference. I was told by your representative that the surrender value of the captioned policy as on that day was Rs.133557.00, and I was asked to go to the Cash Counter.
.
a) Discharge Form :



b) Neft Mandatory Letter :


c) A Blank Cheque duly cancelled by me




Cashier at the Cash Counter, by verifying the above documents, suggested me to surrender the captioned policy on or after the due date, i.e., on March 8, 2014 to withdraw the complete notional cash value i.e., Rs.139438.00, and further he has also convinced me by telling that, by surrendering the policy on Jan 8, 2014, i.e., before the actual maturity date of the policy, I will be losing Rs.5881.00 (i.e., vesting notional cash value of Rs.139438.00 less surrender value of the policy as on 08/01/2014 of Rs. 133557.00) and gave back the above original policy along with all the other documents sighted above and requested me to come after the maturity date of the policy.

As suggested by the cashier at the counter, on 10/03/2014, I surrendered the original policy with all other documents, for the notional value of Rs.139438.00. They started to play a different tune, by informing me that the captioned policy had been converted to annuity and I will not be getting the notional value of Rs.139438.00.

I was very much annoyed at the staff at the cash counter, who had misguided me, and I am also not satisfied with the decision taken at your end, for my request letter for surrendering the policy for the notional value. Since, I am not at fault, I will be highly greatful, if my request for the surrendering of the policy for the notional value is reconsidered.

I once again request you to reconsider your decision which will be of great helpful to me as a retired official who do not have any other source for my personal problems.

I will be expecting your positive reply at the earliest.

Thanking you,


Yours faithfully

(G.T.BADARINARAYANA)

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