From:

Albert Lourdsamy
Old No.2/30-A, New No.358,
Arputha Matha Nagar
Kilnathur Colony 7th Street,
Thiruvannamalai
Tamil Nadu 606 601.
Mobile: +243821133621, Email:albertlourd@gmail.com, albert@grouperawji.com

To:
The Manager – Customer Service Cell
HDFC Life
West Tambaram, Chennai

Sir,

Sub: Complaint regarding the miscommunication of cost of Insurance Policy.
Ref: Endowment Supreme Suvidha – Policy nos. 13850476, 13850478 (in my name) & 13860783 (in the name of my wife Ms. Maria Vasanthi)
——————-
With reference to the captioned subject matter, I would like to inform you that I have availed the aforesaid polices on my & my wife’s name from HDFC Standard Life effective 14-August-2010 for a consolidated amount of INR 5 Lakhs. This decision of my investment is purely under the guidance (which I now realize as misguidance) and suggested by one of the HDFC Bank representative of Chitlapakkam branch, Ms. Radhika (mobileno.+9198414-07833). Sometime during August 2010, when I had come down to India for vacation (as I am an NRI) I had decided to close my home loan account with HDFC Limited, which has been availed from HDFC Tambaram branch. During the process of my home loan account closure, Ms. Radhika had tried to convince me not to close the home loan, but to invest the entire amount that I had with me (nearly about INR 25 Lakhs) on HDFC Standard Life Insurance Products.

While I was not convinced with the Idea suggested by Ms. Radhika, and was very keen to close down my home loan outstanding, I went ahead with my original decision to close my home loan account. She realized that there was still an amount of INR 5 Lakhs that was available with me post closure of my home loan account, she realized that I am a potential investor and have suggested to avail the above policies of HDFC SLI by spitting the investment options for 2L+2L+1L (1L on my wife’s name with a policy no.13860783).

When I had visited the HDFC-SLI branch in August 2011, to enquire about the policy progress & performance as of date and for further policy renewal process, I was given to a surprise (rather shock) that my investment value has been underutilized. I was informed that 30% of my investment value was used and considered as the cost of policy includes various heads like fund manager charges, etc. This according to me is atrocious and an unjustifiable action by the Insurance company.

Cont. Page….2

// 2 //

Such a charge of 30% of my investment value (roughly INR 1.5 Lakhs) is a huge money that was not explained to me in the beginning, at the time of investment. Had this been explained to me at the initial stages, my investment options would have differed as per the cost. This has been completely hidden from the communication perspective by Ms. Radhika. Since this has gone under covers, I am unable to accept and digest the ruthless action made by the Insurance company without the knowledge of the Investor.

I have therefore taken a decision not to renew my polices for further period and have decided to withdraw all my investment money in full (without any deductions towards the policy cost, fund manager fees, etc) with immediate effect. If my plea is not treated with justice, I have no option but to take the case up to SEBI, RBI & Consumer court.

At any cost, it is unbearable to notice a 30% depreciation of my investment money at the end of year 1.

I would like somebody at the senior level at the respective department, who could take decisions, to investigate my case and send a logical respond back to me at the earliest to my email ID: albertlourd@gmail.com. As I am an NRI, I do not station in India.

Look forward to a logical response from your end at the earliest.

Regards,

ALBERT LOURDSAMY MARIA VASANTHI
+243821133621 +243818705924