One year back, I had home loan protection policy from HDFC Std. Life to cover my 11.8 Lac loan of HDFC Ltd. While availing this loan I was told that one time premium for this policy is ~ Rs. 30,000.

I was neither in position to pay this much amount nor to include it in my loan amount. So I chose initial protection for 5 years tenure instead of 20 years loan tenure. Premium was ~ 8000 which was affordable to me.

After availing policy I was in impressing that for five years I am under insurance protection and amount is equal to my outstanding every year as mentioned in information of HDFC Std. life.

However when I received copy of policy from HDFC (original policy is with HDFC Ltd. and I got a copy of it after 1 month that too upon my reported requests.) I was surprised to see that company had calculated insurance amount based on 5 years repayment tenure instead of actual 20 years tenure, which is obviously very less than my actual outstanding for first five years, out of 20 years loan refund tenure. It is a sort of cheating/misguiding customers.

HDFC std. life has not given me any document like proposal form of insurance and even original policy. I gave a cheque of premium to HDFC person and I got premium receipt after some days. Original policy was sent directly to HDFC Ltd.

HDFC Std. life has not replied to any of my complaint written/telephonic or by e-mail

So readers,  Beware of those thieves and think twice before you deal with this company

Prasad Ranade
09324251435
Ref.: - Policy No.10342097 (By HDFC Std. Life, Home loan protection plan) Home loan account No. 1723016 HDFC Ltd., Nerul, Navi Mumbai Branch