POSTED BY May 15, 2012 1:44 pm COMMENTS (4)ON
I had taken a Home Loan Suraksha policy from HDFC ERGO General Insurance Company Ltd. bearing. This was sold to me, when I was availing of a home loan from HDFC Ltd., by
just mentioning mere facts that this policy will protect and ensure my loan repayment against 5 clauses which included loss of job. Not much details was provided, stating that I would get a call from the Insurance company explaining all details.
However no such call was received by me. Then I started following up with the insurance company for the policy documents, which I only got after almost 10 months of availing the policy( Kindly note that the free look period was over by this time…).
Now when I’m going through a difficult situation due to loss of my job and went back to the insurance company asking for claim , against the Loss of Job clause in the same policy…
They have refused to honour my claim citing all vague reasons and asking for various documents . The claim amount as stated in the policy for this particular clause is for 3 EMI’s only ( which is much lesser than the policy premium value). Also the policy document which I have received doesn’t say anything, about the various reasonings which they are now quoting so as to refuse the claim (kindly make a note of this point also)
Now, I’m in an extremely grave situation and have been running from pillar to post within HDFC ERGO General Insurance company Ltd, but haven’t got any help.
Therefore, my questions are:
1. Has anybody else faced a similar situation. If they have how was this resolved
2. Should I file a consumer court case against the company
3. Or Should I just quitely surrender the policy and take the surrender value that the company gives me…
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4 replies on this article “Cheating by HDFC ERGO”
You may directly approach the High Court or Supreme Court with a Writ of Mandamus instead of approaching your claim through mere consumer courts. Consumer act and courts are hopeless and helpless with respect to the damage caused. For further clarification mail me with questions.
Dear Sam, I seriously doubt that any surrender value ‘ll be provided to you in this policy. In case insurer is ready to offer the same & this surrender value is more than those 3 EMI thing, please surrender the policy. Collect the surrender amount & move ahead.
You did not mention your exact problems regarding your cash crunch that you are not able to pay EMIs, in this scenario, my serious advice ‘ll be to sell the house & pay back the loan from the sell proceeds & keep the surplus amount with you to invest in better instruments to earn return from your investments.
Please do not get emotional for your house & think seriously for your situation.
I will be quick and harsh
1. You over trusted the bank , you never got sold , you bought it , you decided it , hence you bought it. You are mis-sold when I put a gun on your head and say “buy it , else you are dead” . Else you bought it (MISBOUGHT)
2. You can surrender the policy within 15 days of receiving the policy.
1) Free Look up period start from the DAY YOU RECEIVED THE POLICY. Else it is so easy for Insurers to keep the policy with them for 15 days and send later. If you have just received the policy you may have a chance to surrender the same.
2) For filing a case in consumer court you must have solid proof in writing from HDFC about the plan benefits. You cannot say that HDFC ERGO promised this and that. That will simply not fly – and worse – the consumer court will fine up to Rs.10000 you for bringing up a frivolous case if you don’t have the backing. Did you not even read the product brochure before you bought the plan? It will take less than 20 minutes to read most brochures. Sorry to say but MIS SELLING DOES NOT HAPPEN WITHOUT MIS BUYING.
3) I am not sure if this policy does have a surrender value?! If it does and you are sure this policy serves no real purpose, surrender it.