Complaint Details

Status	:	Closed
Complaint No	:	0052197/2015
Category	:	Insurance
Date	:	04-07-2015
Subject Line	:	misselling practice of HDFC life
Complainant	:	Rakesh Kumar Pandey
Address	:	H.No 944 Gali No 03 Rajiv naga
Complainee	:	HDFC LIfe Insurance Ltd
Address	:	sector 15 gurgaon

Complaint Details
Dear Sir/Madam,

This bears reference to honorable ombudsman’s award no IO/CHD/A/LI/1391/2014-2015 given against HDFC Standard Life Insurance Co Ltd dated 20th March 2015.

In the above mentioned award, the honorable ombudsman directed HDFC Life to cancel the policy and adjust the premiums collected into a single premium policy with 5 years lock in period (Copy of award attached).

Although there is no mention of specific plan in the award, I believe that the honorable ombudsman expect the insurer to offer most suitable plan at the choice of insured. However the plan offered by HDFC Life provides for a sum assured of Rs. 78, 379 for a premium of Rs. 62, 703 with a benefit term of 5 years, which is not acceptable to me (Copy of proposal attached). You will appreciate that I have already suffered losses on account of mis-selling by the Insurer and now the plan offered by HDFC Life, only compounds my losses on this. Needless to say, I have incurred losses rather than investment returns from 30th September 2010 (almost 5 years).

I have already conveyed my above request to HDFC Life but they are not responding upon it, pursuant to which I am again approaching your good office.

With this background, I request your honourable selves to direct HDFC Life; (1) to offer single premium HDFC’s Click to Protect Plan or (2) return the premium amount along with interest/return accrued on the plan.

I request the honorable authority to expedite my case and please help me in this instance. I also request the Authority to issue a warning and/or penalty to HDFC Life to ensure that no other customer suffers the same.

Thanks & Regards
Rakesh Pandey

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