To,
Shri. T.V.Rao
Insurance Regulatory and Development Authority
Parishrama Bhawanam, 5-9-58/B,
Basheerbagh, Hyderabad – 500004.
Dear Sir,
Sub : HDFC Standard Life cannot reduce my premium policy
Policy No – 11811497
With respect to the above policy which was taken on April 2008 where the Insurance Premium was Rs.100,000/- per Annum. I was also told and assured that the premium can be decreased or increased whenever required as I had highlighted to them that every year it would not be possible for me to pay a premium of this amount. This is also highlighted in the policy document page 7
Based on this I had taken the policy in April 2008. However in the Year 2009, I had requested HDFC Standard Life Company Ltd to reduce the premium to Rs.10,000/- which was not acceptable by them and although they kept the cheque with them, they did not use it. However during the end of the year in October 2009, they said they will receive the policy and told me to pay at least 50% (Rs.50,000/-) which I did. However I had to run from pillar to pillar to get this done and also asked them several questions on the NAV (due to market conditions) but did not get a satisfactory response.
Now in April 2009, I wanted to further reduce the premium to Rs.25,000/- from the prevailing Rs.5000/- I am again being denied saying that In the year 2007, they changed the policy conditions that the premium cannot be changed. However my policy document clearly says that the premium can be changed. Moreover they have also encashed my cheque and have also given me the policy receipt (copy attached)
All these factors clearly highlight that I have been misled by them and I cannot be cheated time and again as they are denying this as well as neither reducing the policy premium.
Hence I am forced to seek your kind intervention in this case and resolve the dispute. I have also send a mail to lifecomplaints@irda.gov.in along with all the proofs and also the complaint as per the IRDA required formats and the documents are duly signed.
Thanking you,
Yours Sincerely,
Ram