Sep 16, 2017 01:38 PM
19404 Views
I purchased a pension policy with HDFC Insurance in 2002 which reached maturity in March 2017. The company has refunded 1/3rd of the amount but is refusing to refund the balance amount without giving valid reasons. They are verbally telling me that a goverment order is preventing them from refunding the balance amount but do not provide any goverment order or its reference to support their claim.
They are forcing me to buy an annuity policy for the balance amount( approx 2.3 lacs) where they are only committing less than 6 percent per annum interest( bonus) for the first year. No committmen is given for the period beyond Ist year.
Besides they tell me that annuity amount( 2.3 lacs) will be paid only upon to my death of nominee.
I fail to understand why they are paying only less than 6% when I can earn much higher interest with NSC, FD's, PPF etc where besides higher returns I can always claim back my principal amount. The annuity policy has no other benefits other than the interest( bonus) .
My repeated communciation with the company has failed to get any proper response from the company in this regard and they are simply repeating that they can not refund my balance amount without giving any reason for the same and they do not explain why they are paying much less and that too when they are keeping my money for life.
Futher, they are not providing any account statment of bonus paid during the time policy was in force. They are also not willing to share the draft policy document for the proposed annuity policy which they are forcing me to buy.
In the meantime, they are simply keeping my balance amount with them .
Please be carefuly with this company . They are not transparent and their modus operandi is full of deceit. Do not get taken in by their slogan" Sar utha ke Joo". they are a rip off.
I have taken up the issue with IRDA . Hope they will resolve this case and also ensure that HDFC insruance behaves in a more transparent manner