[Resolved]  HDFC Bank Life Insurance — Policy issued giving wrong information and offer

Address: Pune, Maharashtra

Team, This is reference to the Insurance Policy Issued to me and my wife providing wrong offer regarding HomeLoan Policy number is mentioned for reference: Vishal Dev Kumar[protected] Jyotsna Vishal Dev Kumar[protected] Case History: I got a call from lady introducing herself as HDFC Bank representative named Deepika and explained offer for home loan. Later new lady came in picture Shweta, she use to talk to me from no: +91 [protected]. Since lady introduced herself as HDFC Bank executive so there was no question of any doubt. Details of offer offered: I will have to buy a policy from HDFC Life Insurance and HDFC Bank will give me loan against that policy. I was told to pay 1 lakh premium for 50 lakh loan which i can use as Home Loan and will get all the benefits of Home Loan. I wanted loan in name of both me and my wife, lady from HDFC bank told me that i can pay 2 cheque of 50 k each and loan will be divided in 25 lakh each, 16670 was the EMI was told to me. It was confirmed that my loan is sanctioned. Person from HDFC LIFE FC Road Branch came and collected documents and we received policy documents on My and my wife's name. Mentioned is the no which was given to me for loan status check [protected]. In the mean time I tried reaching Shweta regarding Home Loan Document. For initial few days lady did not received my calls, finally after few days I was told that loan is cleared and will get paper's delivered in few days. They made sure 30 days are passed from date of receipt of my policy document so that possibility of policy cancellation is over. After few days I get call from [protected] and told that my loan was rejected, and reason given to me was security amount for both the application is insufficient. I tried to talk to Shweta and after almost half a month i was told that incorrect premium was told to me. If approval was taken then how come my loan was rejected? Lady again applied for the loan and again it was rejected. Reason of rejection was very stupid “Request for early approval" since i told them to get my loan processed on urgent request. I tried calling Shweta and again almost after a month on 31st of May she told me that i will get policy cancellation documents in 4 days and invested money in my account. I went to HDFC Life's office to inquire about such case and came to know this is a fraud and branch has received similar complaints. I logged official complaint in HDFC Life’s office Grievances Dept. and also logged online complaint on HDFC Bank’s complaint dept. Mentioned is the complaint no – [protected] and received complaint acknowledgement around June 10th 2013. My main concern is how are my policy details shared with these people (Shweta and gang). After few days I was told by Shweta if i submit more 50 k Cheque my loan will be approved. I was told to submit details in HDFC LIFE PUNE FC Road branch. There are only two beneficiaries HDFC Life and second is agent (SMC Insurance Brokers PVT LTD) Agent Code mentioned in Policy is 00446466 and License no 286 Another shocking thing happened, i was surprised when Shweta called me and said why have i logged complaint on HDFC Bank portal. From this incident it was very clear that Lady is either from HDFC Bank or somebody from Bank is helping them Later I went to HDFC Life for status of my complaint and executive told me that my complaint was rejected by Grievances Dept. I only wish to cancel my policy and my investment back as it was taken for Loan's purpose. I am still receiving calls from HDFC Life regarding premium payment pending. When i ask about my complainst they say HDFC Life has taken action against people involved. They also confirmed that they are aware that these type of frauds are happening and even then they are not cancelling my policy and returning my investment. Their executive is telling me to pay premium till three years and then i can withdraw my money with some % deduction.