Complaint Details

Status	:	Closed
Complaint No	:	0006613/2013
Category	:	Insurance
Date	:	02-10-2013
Subject Line	:	HDFC Standard Life Insurance Cheating
Complainant	:	Lalit
Address	:	# 3767 Sector 22-d
Complainee	:	HDFC Standard Life
Address	:

Complaint Details
I have policy with HDFC Std Life Insurance (Policy No. 14774705). I got my premium rediced from rs. 1 lakh per year to Rs 10 thousand per year. Hence my sum assured value also got decreased from 9 lakh 77 thousand to 1 lakh 54 thousand. This change for effective from Dec 12 2012. I asked HDFC on what sum assured value would I get the annual bonus for FY year 2012-13. I was informed that I would be paid the Annual bonus as 2% of 9.77 lakh for (1 Apr2012 to Dec 11 ,2012) and 2% of 1.54 lakh for (Dec 12, 2012 to Mar 31, 2013). I have these details from HDFC in complaint no 'HDFCSL=836-041'. But now when the bonus has been declared for fy 2012-13 i have been given annual bonus just at the rate of 2% of 1.54 lakh for the entire year. I have been asking them to reply back on this for past two months and now they have gone back to what they have gave me in written and say that " The revisionary bonus is calculated on simple basis rather than compounded or super compounded method which is expressed as a percentage of the money back’s basic sum assured.

We would like to inform you that the reduction in premium request has been processed on November 1, 2012. Hence the bonus for Financial Year 2011-2012 is calculated based on reduced Sum Assured applicable on policy as on March 31, 2012." I am surprised that they have just gone back and do what ever they want. Its a clear case of cheating and illegitimate action

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