HDFC Bank — Misleading information on Insurance to protect Home loan

When I applied for the HDFC loan they asked me whether they want to protect the loan amount with the insurance but they did not disclose any working of the insurance amount etc and when I asked whether I can stop paying the premium as and when I want they said yes .

Accordingly I decided to take insurance for some time and then anyway close it as the premium for Term insurance is less than this premium .

It was understood that there will be a insurance policy from HDFC life insurance co and I will pay premium directly to them with discontinuance anytime i need .

However now when I approched them they are saying full premium is paid by HDFC via a loan to HDFC life and now for closing I need to pay full value alongwith the interest on loan and then I would get surrender value . This working should have been shared to us while giving loan and also there is no policy paper issued to us .

I feel this is a mis representation by the HDFC home loan dept .

I just want to stop paying the premium request help .