Please be careful with insurance consultants

Deal All,

This is to inform you about a Corporate fruad by HDFC as stated below.......Here the consultant cheated by saying all the good things about the Policy and when he joined the scheme by paying INR 150,000.00 / year premium, came to know after getting the first statement that INR 60,000.00 was taken as just administrative fee and rest 90,000.00 only paid as premium amount!!!!...please find below related communications to understand the real situation....Hence please be carefull with such greedy corporates and consultants who can cheat any of you!!!!

BRG/ Shanavas

----- Forwarded Message ----
From: "[email protected]"
To: >
Sent: Tuesday, August 4, 2009 12:43:36 PM
Subject: RE:'HDFCSL=017-115' Policy No.

Dear Mr........,

Greetings from HDFC Standard Life Insurance Co. Ltd!

We would again request you to refer to the below chart wherein you can view the Premium Allocation Rate (PAR) of the above mentioned policy:

The remaining 40% of the premium charged in the first year, 15% in the second year and 2% for the rest of the term is levied towards defraying administrative cost and commission. The details of these charges have been mentioned in the Schedule of Charges and also in the standard policy provision Section 14.

Please also find the details of other charges applicable on your policy:

Policy Administration Charge: Rs. 60 per month.
Fund Management Charge: 1.25% of the fund per annum charged on daily basis.
Service Tax & Education Cess on all charges as per current rate (10.30%)

We hope to have addressed your query.

We assure you the best of our services always.

Warm Regards,

Rajesh Kumar
Customer Service Officer.
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For any further queries or clarifications, please contact us through any of the following modes:
Call us toll free on 1800-228-228 or 1800-209-7777 (Any phone)
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-----Original Message-----
From:
Date: Saturday, August 01, 2009 01:23 PM
To: [email protected] ([email protected])
Cc: [email protected] ([email protected])
Subject: Re: HDFC Standard Life Insurance Co. Ltd. Policy No. 12993815

Mr. Rajesh,

I hope this is a professional company.....as after nearly 2 weeks am not getting any response from you!!!!!!!!!!!!....

This is not acceptable any means....

BRG/ ......................

--------------------------------------------------------------------------------
From:
To: [email protected]
Sent: Thursday, July 23, 2009 4:23:50 PM
Subject: Fw: 'HDFCSL=017-115' HDFC Standard Life Insurance Co. Ltd. Policy No.

Dear Mr. Rajesh Kumar,

Can you please clarify a bit more in a simple term...as whatever you have written is a bit complicating for me....my queries is are as below...

1. i have been told by the consultant that, i just have to make the premium for 3 yrs and i can withdraw / reinvest after the 5th or can opt for pension scheme...now its a bit confusing now.....will there be any liability / or demerits for me if i withdraw my total amounts after the 5th year...?

2. please advice specifically what happned to my rest of the amount which i mentioned below....

"now having seen the fund transaction, came to know that, my current value of the funds is 79.112.96...though i joined the scheme only on 30th June...can you please advice if this is the only fund left - as i paid 150,000.00 as the 1st premium!!!...since am not much familiar with this transaction...can you please advice the details"

this is not at all justifiable to take 60,000.00 INR as administrative cost from a piad up some of 150,000.00........please explain....

BRG/ ..........................

----- Forwarded Message ----
From: "[email protected]"
To:
Sent: Wednesday, July 22, 2009 3:12:03 PM
Subject: RE:'HDFCSL=017-115' HDFC Standard Life Insurance Co. Ltd. Policy No.

Dear Mr.

Greetings from HDFC Standard Life Insurance Co. Ltd!

With regard to your e-mail, we would like to inform you that the total term of the above mentioned policy is 21 years. However, if you make the premium payment only for 3 years then the policy will be made 'Paid Up'.

Please note the other conditions for a policy to be in paid up stage and its effects:

1) The policy should accumulated sufficient policy value.
2) Minimum 3 years premium have been paid
3) Policy continues with all benefits.
2) Charges are collected by cancellation of units.

If paid up policy is not revived within 5 years from