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This Case is now resolved and you are watching the Success Video.

Link to the complaint Video uploaded on 17th January 2023 :    • Young IT Professional Duped by HDFC B...  

Case Description:

Mr. Jain, a 26-year-old IT professional, approached HDFC Bank for a home loan, which was approved on August 30, 2022.

He was asked to purchase an insurance policy with HDFC Life on the same day the loan was sanctioned, failing which he was denied access to the sanctioned loan amount.

Mr. Jain was forced to accept the HDFC's offer to invest in an insurance policy in lieu of releasing the sanctioned loan because he had no other choice.

In the sales/investment call that Mr. Jain recorded with Mr. Dharmik (an employee of the HDFC Group), Mr. Jain can be heard telling Mr. Dharmik that he already has a term life insurance policy with TATA AIA, but Dharmik and his senior can be heard saying that he will be required to invest in an HDFC life policy in order for the loan to be granted.

However, Mr. Jain later understood that he was not required to obtain an insurance policy from HDFC Life in order to obtain a loan from HDFC Bank.

He therefore approached the bank and insurance company just one month after the policy issuance i.e. in October 2023 to cancel the policy and to have his amount refunded but no help was provided and despite his explicit queries related to confirmation of amount to be received post cancellation of his policy, he was not provided the correct information and was instead made to run from pillar to post to have the unwanted and unwarranted policy cancelled.

After deducting a hefty sum of Rs. 50,000.00 as cancellation charges for cancelling the policy within just 3 months of its existence, an amount of approximately Rs. 68000.00 was credited against the premium deposited of Rs. 1,16,000.00.

Watch the complete video to fully comprehend Mr. Jain's complaint.

Watch the video to learn how dishonest bank employees can jeopardize your financial well-being by abusing the trust we place in them.

We've tried explaining everything with the help of the documents.

We hope that Mr. Jain will receive justice as soon as possible and that the charges levied on cancellation of his policy will be returned to his loan account.

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