Apr 12, 2017 04:17 PM
18003 Views
Hi All, I just thought of sharing my experience of dealing with HDFC Life insurance with other people. The intention is to ensure people are aware of what they are getting into. I will try to keep adding more info as and when I get some more myself. I am very much tempted to include the policy number as well here but holding back as I am not sure if there any legal issues if I do so.
Here goes:-
I was sold HDFC Sampporna Samruddhi policy by an agent and I innocently believed that agent when they said it is great for investment purposes.
The income tax benefit that I get out of this is extremely minimal/negligent. The agent quoted a lot about section 80DD etc under which additional tax benefit can be claimed etc etc. Eventually I found that you can only claim under section 80 C. I am emphasizing this point specifically so that people can understand that most insurance policies to the best of my understanding is only covered under 80C. So please please cross check this thoroughly. Besides your EPF is also part of 80C.
I have received an sms stating that I need to provide documents for withdrawal of maturity or if I choose I can continue for another period(I dont even want to know how long and didnt ask for duration of extension).
The maturity amount after investing 2 lakhs is 1lakh 81 thousand assured+ Bonus.
The bonus amount as of last year was approx 10,000(ten thousand). Effectively I have paid 2 lakhs and I might be getting ten thousand lesser than what I have invested for almost 4 years.
The customer care representative was sympathetic(though helpless to do anything). From monetary perspective to my understanding this is perhaps one of the worst options out there.
Please perform the following when you are approached with an insurance policy(Anybody wants to add more to it are welcome).
Benefits -> Most companies where you work in provide health insurance already. This additional benefit may or may not be really needed. Please ensure that you are aware of their claims policy and exceptions if any.
Maturity benefit -> If you intend to go in for pure investments with a little bit more security kindly ensure what is the fixed amount and bonus. The fixed amount will definitely be less than what you will be paying. The bonus in my case has been quite negligible( I am trying my level best to keep my comments DIPLOMATIC & not use harsh words though God knows how much I would love to at this point in time).
DO NOT and I repeat DO NOT blindly believe the agent. They will keep pressurizing you, please take your own sweet time because they will stick with you until you purchase a product and later on will perhaps move to a different planet or Galaxy altogether.
Best,
Vishwa
