Apr 24, 2016 02:49 PM
37381 Views
Do not take annuity plan with HDFC. I paid Rs.10006 per annum for 14 years. They promised a return of 7% to 8% PA at the time of taking the policy. The total premium paid between 2002 and 2015 comes to Rs.1.40 Lac. If we assume interest at 1% PA compounded on annual basis, we should get Rs.1.10 Lac(around) in 2016. The total amount receivable at an interest rate of 1% PA hence comes to Rs.2.50 Lac(1.40+1.10). Initially they refused to pay the fund value of Rs.2.24 Lac, agreed to pay annuity of Rs.15000 per annum till my life. When I told them that this amount will earn an annual interest of Rs.22400 even if I place as FDR with reputed corporate, they tried to convince me as if they are giving a great charity.
When I threatened them to take up the matter with IRDA in case they refuse to pay my amount, they agreed to pay Rs.2.19 Lac after deducting Rs.0.05 Lac. When I asked as to how they arrive at a sum of Rs.2.24 Lac, they simply said that as per the terms of pension policy, the amount payable at the time of maturity will be on the basis of amount of premium paid+ bonus declared from time to time. It is interesting to note that the company allowed a bonus of 0.75% PA on the amount they receive from you. If you forget to pay the premium in time, they charge you over due interest of 12% PA.
I would request you not to invest your hard earned money on HDFC Life insurance as they are totally a bunch of cheaters and arrogant.
