Return of hdfc policy

You may submit your complaint addressed to Chairman of the company  by letter thru redg. post, and mention that:

--You received a phone call on dated.............from phone number.......................by Mr/Ms..............The calling person stated the features and facts of the policy as..................................whereas the statement s issued to you by Mr/Ms.........address...........broker............were..............I appraised the calling person about the  features of the policy explained by broker and mentioned mis selling has been done with you and that the policy documents was not received by you ( if it a fact as many of the companies record the calls) and that no complaint number was issued to you by the calling person.

Such calls are made by either third party or by company staff and they are expected to report the matters of mis selling/fraud immediately, and assign a unique docket number to the matter.

--You approached Mr/Ms..............designation/dept...............address on dated...............and informed that policy document is not received by you till date and also about the discussion with calling person. No dispatch detail or POD was supplied to you and you were assured these and resolution of your complaint shall be supplied to you within dated...............

--On dated................Mr/Ms.....designation/dept...............address, stated to you during phone call ( mention details and numbers)/in person that free look period is ..........days from date of issuance of policy, and  free look period is already over and now even if the policy is not supplied policy can not be cancelled.

No policy document or POD was ever supplied to you, and you are wondering why the company is defending the mis selling/fraud, and deficiencies.

If you closely look into the policies and features you may not probably buy any product from this group i.e. HDFC.

You may record the transactions (audio/visual).

You may structure your representation according to the facts which are known to you.

Regulation of Protection of Policy Holders Interest

Life Insurance Coucil has also updated FAQ's on its website

https://www.lifeinscouncil.org/faqs/faqs-on-life-insurance#_5

5. Can I get full refund of premium if I cancel my policy within the free look period?
Yes, under the free look period, you can cancel your life insurance policy within 15 days by returning the policy to the life insurance company after you have received the policy document.

HDFC has also posted Protection of Policy holders on its website.

The attachments are useful. You can quote from the attachments.

Attached:Life Insurance Coucil

You may show all record , give inputs in person,get the merits evaluated from your lawyer. Based on the merits you may evaluate the option of reporting to IRDA.

IRDA directs the insurer ICICI Prudential Life Insurance to remit the penalty of Rs 118 Lakhs within

a period of 15 days from the date of receipt of this Order through a cross demand draft

drawn in favour of Insurance Regulatory and Development Authority and payable at

Hyderabad.

"

Issue 21 - Inspection Observation 37: The Insurer is canceling policies under 'free look'

option even after few years of issue of the policies, major reason cited as erroneous

accounting.

Issue 23 - Inspection Observation 41: Decision :

The insurer is strongly warned to desist from such practices which are against the

interest of the policyholders.

Issue 23 - Inspection Observation 41:

A lot of delay is observed between the proposal date, remittance date and the completion

date. The insurer has violated Regulation 4(6) of IRDA (Protection of Policyholders' Interests)

Regulations 2002

Issue 23 - Inspection Observation 41:

However, recognizing that

the interest of the policyholders should be protected especially on disclosures , coverage of

risk and settlement of benefits , the insurer is advised to take all measures so as to ensure

that regulatory provisions are not deviated.

Issue 24 - Inspection Observation 42:

b)

Even in cases where the communications are stated to have been sent, it is not 2 months in

advance of the closure of a branch. c) The e-mail and/or SMS are only used to communicate

thus not covering all the policyholders. These are in Violation of Circular dated 28/12/2006

"on offices.

Due to some technical glich the file could not be attached.