I would like to bring to peoples notice the bad service that I have got being an NRI. I am from Mumbai and bank with HDFC. I took their Life Endowment Policy in 2007 which required a payment of three instalments; Jan 2007, Jan 2008 and Jan 2009. Each payment was IRS 50,000 per instalment.
I paid the first two instalments and asked for a premium reduction for the third instalment, for which I sent them a letter plus a chq. for the reduced premium. All this was with the consent of the person concerned at the Pali Hill Branch, Mumbai. After having my cheque for almost three months, they sent me an email saying the policy is lapsed due to non payment of premium. When I went back and checked, I found out that they had lost the cheque at the branch. I pleaded and again gave an other cheque which was unfortunately left at the branch for another three months and lost its validity. I Kept chasing them regularly with finally getting a letter in March saying that send a new cheque and we will renew your policy. When I went to Mumbai in April, I spoke to them again and they said we await approval for premium reduction.
After all this they sent me a mail in July saying the approval is in and now I can make the payment. I visited Mumbai again in August 2010 and finally paid the amount.
They took nearly 1 year and 7 months to resolve this issue, why because I wanted to pay a lesser premium. Infuriated, I asked them to surrender my policy and pay me my dues. The have now sent me a draft which is only 40% of the premiums that I paid, deducting for late payments and surrender charges. Though the policy is unit linked and the markets grew by almost 50% in this period, I got only 40% of what I invested for no fault of mine. Such inefficiencies must be reported and a common consumer protected. Being NRIs' we are always taken for a ride and not looked after once you are in it.
CAclubindia
