-
-
-
Services
-
-
-
More
-
POSTED BY ON October 24, 2012 12:37 pm COMMENTS (18)
I have paid online premium of HDFC CLICK 2 PROTECT with Rs 50 lakhs sum insured.
Also i have mailed them all the required documents.
now i got a mail requiring following.
1)Provide copies of investments done by you like NSC, fixed deposits, shares, mutual funds etc. if any duly signed by you and attested by FC / BDM.
Whant to know what is FC/BDM?
Thanks in advance to all.
Happy Dusshera!!!!
2021 © Jagoinvestor.com All Right Reserved
My annual income is 200000. So plz tell am i eligible to apply 4000000 /-term plan
Yes
Dear Bhavana, congratulations for getting your policy in time.
Thanks
Ashal
Hai Bhavana
your income is 3 lakh per year as of now , a company will be comfortable in giving almost 10 to 15 times of insurance for an individual salary,so you are eligible for 45 lakhs of insurance based on your salary.In which you already have 13 lakh of insurance , So based on your salary you wil be eligible (45-13)for 32 lakhs only.If you apply for 25 -30 lakhs i hope they will be statisfied with your salary.But to give you 50 lakhs they will ask your other asset details.If you want Insurance you have to furnish your asset details.
Hi
Provided HDFC LIFE the investment documents.
will inform Jagoinvestor the reply i will receive from hdfclife.
thanx to all for the help.
Hi
Received my HDFC Click 2 Protect policy yesterday for sum assured of Rs 50Lakhs !!!!!!
No Medical Test done!
Thanks 2 all!!!!!!
If you have multiple 50L policies, then probably they are finding it difficult to justify your total term insurance amount on the basis of your 6 monthly bank statement and IT return. And hence, want to analyse your total worth, etc.
I would think, that is ok and you do not really need to look for fraud or other money making things from them, at this point of time.
Thanks Ramesh for your reply.
Idont have multiple 50L policies.
Right now i have total insurance of 1375000(10 lakhs term plan + 375000 endowment both LIC).
Annual income is 2.5 to 3 lakhs/year which is going to increase per year.
I don’t have any type of loan.
I have replied HDFC LIFE to reply me giving reason behind asking my invstment details.
According to my present income how much is my Human life value?
Kindly reply
It actually doesn’t matter how much you or me calculate the HLV. in this particular case, the company wants to ascertain whether you are really worth 50 lakhs or not. Don’t take it personally. In better terms, does your income and assets justify a replacement of 50L (actually 60L), that is the basic question the company wants to know. And if it finds that you are probably worth only 30 L for eg, then it will think that it is taking more risk in giving you a term policy of 50L, and may increase charge.
I would say it would be better, since then the company has taken due diligence and then cannot backout because of any flimsy reason. You should provide all details which say that you are worth 60 L.
You don’t have to worry about they then calling up for ulips or anything else.
Received following email today.
Greetings from HDFC Life!
This is with reference to your e-mail communication, we understand your concern and we would like to inform you that once the proposal is logged,we may require some documents which are different for different cases/individuals and the same depends on the decision of our investigation departments.
We would also like to inform you that the upon receiving the further requirements raised on the aforesaid proposal, the case can be processed further.
Request you to send the copies of investments done by you like NSC, fixed deposits, shares, mutual funds etc. if any duly signed by you to proceed further.You can e-mail us the documents at Onlinedocuments@hdfclife.com or courier them to the following address:
Now what should i do.
Kindly Help-
I got a call from HDFC LIFE today,he said that they need the documents for the underwriting process.
I told him that I had given my 6 months bank account statement as per your request & if you need i can also give my IT return documents but i will not give my investment details to you.If you are not ready for that then cancel my application & give back my amount.
I also told him to email me the reason for which HDFC LIFE requires my investment details & not satisfied with Account statement & IT return.
Waiting for HDFC LIFE email.
Thanks Manish & Dinesh for your reply.
I will first try asking Manish’s question to them.
Lets see what reply i receive.
Dear Friends
I am surprised to hear such comments ;
1.IRDA regulations makes it necessary to ask Income proof/Source of fund/Asset (All the three or any one among the three-Depends on individual case and it allow the company to decide it ).
2.Term plans are plan which is giving Sum assured based on the Human life value( it mainly depends on your current income ) with low premium , So as a company, the company has the right to ask your financial document to make sure about your Human life value , so the company assure that it has not given a over insurance which may lead to fraud claims.
3.when the company is not satisfied with your income , it may ask for your asset and make sure that your a financially worth to get the insurance.
4.Bhavana – FC-Financial counsellor ,B.D.M-Business development manager(They are the employees of the company asked to verify the detail you are giving and they should attest it stating that the verified the original documents )
5.If before giving a term plan any company ask you such details ,it means they are very strict with their underwriting process , very good for the policy holder.
6.These details are asked depends on individual case , especially in women cases, so it is not necessary that if some body get an insurance without furnishing , it does not same in all cases,
If they are asking also its utter unnecessary and totally silly. Think what kind of issues they might create incase if you have to claim.
Thanks Prakash & Deepak for quick reply.
I Thought it is mandatory to give such details.
Kindly reply what exactly should i reply to HDFC & also email id of IRDA.
Also will like to get help from Manish & other experts.
Investment documents are generally never asked, I have also heard it first time . Maximum they should ask for income proof .
Ask them few questions
1. Why are these documents required ?
2. How does these documents help in underwriting process ?
3. Also , I have applied with 2 other online term plan companies, but they have not asked me such documents, Why are you asking , I am kind of taken aback with your approach , Kindly explain so that I can make my decision.
I think this should be enough for them .
Also It might happen that some strange reason is there , which might be valid reason for asking those documents, but nothing comes to my mind, lets see their reply !
Manish
Tell them you will not provide those documents and if they are not interested then you will buy a term plan from another company, nowhere I repeat no company can ask questions like these. Mail them back the email to the higher ups and also a copy to IRDA, they will come back begging.
Happy Dussera to all !
Not sure why do they want investment details.I have 2 term policies (none from HDFC) of 50L each and I did not give such details. This could be one of the “Relationship Manager’s” work so that he can market few more products.