- This topic has 3 replies, 2 voices, and was last updated 1 year, 3 months ago by
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EHi, Past 2 years ago I and my family member both purchased HDFC Life Sanchay Par Advantage policy with a PPT of 6 years out of which 2 have been paid. Here the premium is **1Lakh + 2.5K GST** PY and we receive an annual cash bonus of Rs.24,500 however we were mis-sold this policy.
**The catch here is that whenever you will surrender it apart from 20 years then the total cash bonus (24500*N Years) that has been paid to you till now will be deducted.** [**Refer**](https://imgur.com/a/e5tFLfP) which is totally a loss making deal.
**This is the fact that agent didn’t told us and convinced us that we will get good returns.** I have also attached the illustration below. Currently the surrender value is Rs. 45,000 as I have already got 1 cash bonus (24,500), so If I surrender now it will be at a loss of Rs. 1,40,000 approx.
***Now here the crazy part:***
1. *[BANK EMPLOYEE MISTAKE]* I don’t have any past proof, but I have all the call records with agent of recent where she is begging that she didn’t knew about this and she will loose her job if I raise a complaint in bank and she is trying to get ways by finding contacts which can help me get the policy cancelled however none has worked till now. Probably she doesn’t have good contacts. But we are having calls where we are discussing on weekly basis to find out more and more ways.
2. *[HDFC LIFE COMPANY MISTAKE]* HDFC Life has made some huge mistakes, For example on official communication support i.e Whatsapp from Company number several agents have shared different/wrong information regarding policy surrender and all which they also have confronted. **Even HDFC Service mail they mistakenly sent me a cancellation mail that they will accept my cancellation but later disregarded it saying it was sent mistakenly,** but they are not ready to accept their mistake in writing or directly except call.I have been trying on Bima Bharosa portal but there again same HDFC Life agent comes up and rejects with same template message that everything was accepted by me during initial purchase time. Now the thing is, I haven’t shared any proof of agent recordings yet (*Part 1 – As requested by Agent*). I have prepared a complete doc of all the recordings which 100% guarantee’s that agent has mis-sold. However, because I might try to settle with agent offline (I HAVEN’T ASKED HER YET or don’t know if even she is capable of settling this much amount) but I don’t want to loose chance, she has earlier asked me several times that I shouldn’t get her name as she would loose her job and all.
So the thing is, I am playing my game cleverly just from point number 2 and blaming HDFC Life for their poor post sales service. However, If things don’t go well I might expose agent as well (at the last resort) But there is a huge risk, if I expose her then she would never agree to settle offline and if I even give her a hint that I might want to settle offline with her which I haven’t she will definitely stop trying to help me. Also, as the time passes I am worried if agent doesn’t switch job or run away somewhere else.
Also, one of her contacts told me about [“Insurance Samadhan”](https://www.insurancesamadhan.com/about) company but the thing is they will register case under mis-selling and that would definitely come up on agent. I am yet to discuss this with agent and in progress. But this is for sure, If I go with insurance samadhan then would charge 15% + GST around 24K per policy (x2). And then agent won’t even give a F even if she remains on safe side else if caught then definitely not a chance.
**Now, as I only have 3-4 months remaining until 2 years of policy are completed. What my options are:**
1. Discuss with agent for offline settlement (I doubt she will be able to afford, but will try in the end if no solution comes up from her end and blackmail her that I will expose her recordings.)
2. Go with Insurance Samadhan and pay them what they asked for if I win the case and share all proofs with them.
3. **Worst Case:** loosing on both ends – No settlement from agent & case lost by Insurance Samadhan and I will need to keep the policy.
4. Keep the policy in Paid Up State from now on or cancel it now to get Rs.45,000 back.These are the options available with me, I have tried escalating with HDFC as much as I could but nothing is working out on their end. I have heard that **even if I myself try in Bima Lok with Insurance Ombudsman then if I loose then Insurance Samadhan won’t accept the case as it can be only taken to court once (Unable to Confirm)**. Please help advice here, It’s much of my mother’s hard earned money, we trying so much initially but agent was successfull in mocking us, until we realised everything after 1.5y of policy.
I am just quite confident that the proofs recording I have against the agent might work in Bima Lok / Ombudsman but worried that if I loose then strong company like Insurance Samadhan claiming to solve 90% cases won’t accept my case. I am seeking to just get full amount back.
Image of Policy Illustration: [https://imgur.com/a/e5tFLfP](https://imgur.com/a/e5tFLfP)
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ENAL. Hire a good lawyer. Pay the lawyer good money so he wont skimp the case. Complaint to Insurance Ombudsman
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EIt’s because most of common people don’t know much about law and specifically liabilities and insurance related matters. This will take multiple visits and hearings in ombudsman and courts. Money will be expended, and even if you win at ombudsman, the case can be challenged in civil courts. Hence, it’s good to have an actual lawyer.
Additionally, you are at fault as well. Never trust agent or middleman especially when known persons as they don’t share full details. You don’t read the TnC and sign on the dotted line without any thought.
You can blame the agent/middlemen but they are not liable. They advertised the product. The insurer sold you the product and you bought it without understanding it. You didn’t read the TnC and hence the insurer will blame it on you as it is a valid product as per IRDAI norms.
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