Complaint Details

Status	:	Closed
Complaint No	:	0002931/2013
Category	:	Insurance
Date	:	17-01-2013
Subject Line	:	The case of signature forgery, fake information and mis-guidance
Complainant	:	Saurabh Shirode
Address	:	C-1/10 Panchdeep Colony, Bibwewadi
Complainee	:	HDFC Life Insurance Company Ltd.
Address	:

Complaint Details
From: Saurabh Shirode
Date: Thu, Jan 17, 2013 at 2:25 PM
Subject: Escalation for the case of signature forgery, fake information and mis-guidance
To: complaints@irda.gov.in
Cc: md@hdfclife.com, grievance@hdfclife.com


Dear Sir/Madam,


I am writing this email on my father’s behalf, Mr. Sureshchandra Babulal Shirode. My father had lodged complaint for the case of fraud signatures, fake information and mis-guidance for the below mentioned policies with HDFC. All the policies were sold to my father through HDFC's broker channels based in Delhi/Noida (Harinder Chhabra & NetAmbit).
1) 14682098 ( In the name of Sureschandra B. Shirode) -- 30,000/- (5years)

2) 14736848 ( In the name of Sureschandra B. Shirode) -- 40,000/- (5years)

3) 15193652 ( In the name of Sureschandra B. Shirode) -- 40,000/- (10 years)

4) 15013818 ( In the name of Pratibha S. Shirode) -- 31,220/- (15years)

5) 50357944 ( Belongs to Reliance Life Insurance) -- 20,413/- (15years)



Until now whatever as a customer we have experienced from HDFC, I would like to say, it is a great example of poor customer service. It seems that customer satisfaction hardly matters to HDFC SLIC now. On the other hand for the 5th Policy which belongs to Reliance Life Insurance, I as a customer would really like to appreciate the treatment given to us. On the 14th day after lodging the complaint of signature forgery and showing the forged signature to Pune's regional manager, the money was transferred to the father’s bank account. This is called as “Customer Service”.

I would like to inform IRDA as well as MD of HDFC SLIC that that my father did not reach out to HDFC for the cancellation of these policies during free-look period. The reason for the same is that unfortunately my father is not in a position to read the policies. Due to same reason he was not aware of the policy terms and conditions. As stated by your broker/agent, he was under the impression that he would get a good amount of money after his retirement as well as for his daughter's marriage. But when in month of November, he received a call for policy premium, he was shocked and then he informed to me about this. After going through all the policy documents, I came to know that he was mis-guided during this entire process as all the policies are long term policies.


Further, I would like to mention few points below:

1) For example, about first two policies, it was never told to my father that if he pays the premium of 30,000/- and 40,000/- for the next 5 years, the maturity amount would be 1,20560/- and 1,61,018/- respectively (considering returns 10%). It is very evident that the maturity amount is less than invested amount. The same goes with all other polices. Perhaps this could be because of high mortality charges because of my father's age. If it was informed to my father earlier, he would have never taken such policy.

2) In a nutshell, logically speaking, my father(59) was about to retire from government services when he took the policies. He was looking for some (one time) short term investments so that he could get some additional income for the family maintenance. After retirement how was he suppose to pay 1,61,633/- every year for the next 5-15 years when there is no source of income, as my mother is housewife and I am still studying.

I guess, it is pretty clear that it is clear case of mis-guidance and mis-sell.

Also, rather than asking customer to file complaints 10 times, it would be nice if HDFC's legal department could catch hold of the agent who did all this blunder. Once he confesses the same, then I think there is no harm for HDFC to return the hard-earned money back to customer.


Considering the above points, I would really appreciate IRDA intervention in this case, so as to expedite the process for getting a justice to civilian.

Looking forward for your early response.

P.S. - Below is the case history and chronological events for your reference.


Regards,

Saurabh Shirode
9922434621


Chronological Events: -



1) First time Complaints were lodged on 5th November

Ø Complaint No: 01000000196873, 01000000196874, 01000000196875 ( for 1st 3 policies)

Assigned to: - Rohit Kanojia

All the complaints were denied stating we need to raise complaints again for the signature forgery, despite of the fact that complaints were lodged for signature forgery and mis-guidance.

Ø Complaint No: 01000000196878 ( for 4th Policy)

Assigned to: - Nitin Jadhav

Complaint was denied stating we need to raise complaints again for the signature forgery and wrong information, despite of the fact that complaints were lodged for signature forgery, wrong information and mis-guidance.



2) Second time again complaints were lodged on 19th November

Ø Complaint No: 01000000198141, 01000000198148, 01000000198150, 01000000198153 ( for all 4 policies)

Assigned to: - Pranali Nayak

There was no response on this complaint from HDFC.

According to standard escalation matrix, if the response is not received within 15 days customer can reach out to Chief Grievance Redressal Officer on 022-6106928. So in order understand the exact problem for not getting response for almost a month, I had to call 12 times in order to reach Grievance officer. Every time call was routed to 3-4 different individuals then some music was played for very long time adn then call was getting disconnected.

Eventually when I could establish a contact with Chief Grievance Officer, the lady officer told me that all the complaints were rejected. Upon discussing further with lady officer, her answer was “….Sir, even if I understand that it’s a clear case of signature forgery, I don’t have authority to comment on it. Our Signature forgery department sits in New Delhi, who had given us report that there is no signature forgery. So, the complaints were closed. In case if you want further help please raise the complaint again.”

So, in a nutshell, all the complaints were denied stating that there is no signature forgery. On the contrary when insurance documents were shown to (Asst. Vice President - Pune) Gopal Jha, he stated that its clear case of signature forgery. In fact, any layman can also identify that signatures on pancard/passport do not match to the signature on insurance documents. I am really not sure, on what basis, HDFC's signature forgery department is denying that there is a signature forgery.



3) Third time again complaints were lodged on 20th December
Ø Complaint No: HDFCSL=918-080 (15193652 & 15013818) & HDFCSL=918-162 (14682098 & 14736848)

Assigned to: - Silton Rodricks

Resolution was provided as HDFC did not have any recordings of customer confirmation available with them for the policies 15193652 & 15013818, so they agreed to cancel these policies. For the policies 14682098 & 14736848, as they have recordings of customer confirmation available with them so did not agree to cancel the same. On the contrary, the complaint was lodged for signature forgery, which HDFC's grievance department did not bother to look into.

4) Fourth time again complaints were lodged on 2nd January

Ø Complaint No: HDFCSL = 935-333 (14682098 & 14736848)

Assigned to: - Sheetal Waghela

This time the policy documents were shown to Police and according to their preliminary reports they found that signature were forged. So while lodging a complaint this time, all the places with the page numbers were provided to check for signature forgery. But again no luck and received a same response from HDFC that we have recordings available of customer confirmation over the telephone, so we can not consider this as mis-sell or misguide. Not sure if they had checked for signature forgery or not.



Case History:



Last year my father received a phone call in the month of October, 2011 about some HDFC policy. He was given the information about Sampoorna Samridhi Policy which was for 5 years duration and premium amount as INR 30,000.

As my father was interested in short term investment plan, he agreed to take the policy 14682098 and for which he paid INR 30,000 by HDFC bank’s cheque (#026553) to Mr. Sushil from HDFC Pune office.

In November 2011, he again received a call from HDFC agent with an offer for the same policy that if he pays the advance premium for next 4 years, his 5th year premium would be waived off. Also, if that offer was opted, the maturity amount would be paid out at the end of 1st year itself.

Considering that as an opportunity for getting good amount of money for my daughter’s marriage, he had opted for this offer. But as he couldn’t pay the entire amount, my father paid INR 40,000 by Bank of Maharashtra cheque (#540189) to Mr. Sushil from HDFC Pune office on 15/11/2011.

Further to this as a part of advance premium, my father paid again paid INR 40,000 by Bank of Maharashtra cheque (#540193) to Mr. Shrirang from HDFC Pune office on 07/03/2012.

In the month May, my father was received again received a call and he was informed that the policy amount has become more than INR 4,50,000 (including bonus) for which there was a TDS of INR 31,220. The HDFC agent asked father to pay the same so that they could release the policy amount. So, in order to get that policy amount my father paid INR 31,220 by Bank of Maharashtra cheque (#540195) to Mr. Sushil from HDFC Pune office on 15/05/2012.

Few months after that in August 2012, my father approached HDFC agent Mr. Deepak Malhotra, the person who was dealing with my father from last one year for the policy maturity amount. He told that there was some issue in the system due to which HDFC was unable to process the policy amount. The HDFC agent said that there was miscalculation earlier in TDS. So in order to make it correct, he asked my father to pay INR 12,999 and INR 7,000.

As my father was in a need of money for my sister’s marriage, he agreed to pay the money and he paid the same with the Bank of Maharashtra cheques ( # 540200 & #106601) of dates 23/08/2012 and 25/08/2012 with the above stated amounts. But this time person asked to courier the cheques to the address provided by him and in the name of Reliance Life Insurance company. According to HDFC agent, the cheques were required in the name Reliance for the TDS settlement. The name and address given by HDFC agent is as follows:

Mr. Deepak Malhotra

c/o Mr. Sameer Malhotra

1st Floor, D-288/10, Wadhwa Complex,

Laxmi Nagar, Near Metro Station,

Delhi – 110092.

(Contact No: +91-9990310873/ +91-8512066043)

The HDFC agent again called and informed my father that they have received the Cheques and his policy amount will be processed and transferred to his bank account within 3 working days. Since that day my father is waiting for his policy money.

Last month on 2nd November, 2012, my father received a call from HDFC SL Pune office that his premium is due and unpaid. After that call, my father was shocked and he spoke to me about this. So, after going through all the policy documents, I realized that HDFC agent Mr. Deepak Malhotra and other involved people during this entire tenure used fraudulent signatures, wrong information as well as all the money paid until then was used to open various new policies as mentioned above. Also, the documents provided by my mother for nominee purpose and fake information was used to open 4th policy.

As my father was misguided in this case by one of the HDFC agents and used fraudulent signatures, fake information to increase the sell, we kindly request you to cancel all those policies and repay my father’s money back.

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