In 2010 I went to my HDFC banch brnch at Matunga, Mumabai to find some sound investment for future. The client Manager ther Mrs. Payal Jain told me that there is a good investment with a assured return of between 16 to 18 percent per annuam + upto 30% bonus. Since I am a NRI, Id din’t have time to read the booklet, I told I will take a look later and then enroll. Since I am a long term customer with HDFC Bank, I thought the client Manager will value my business and advise me properly I asked her to send all the information in email. Payal and her Manager send me all the infomration and I felt it is a insurance policy they are selling. She said it is not a insurance policy and it is a assured liquid investment. I invested 5.00 lakh rupees in it and then I got a letter for renwal of the policy. Since I didn’t have that much money I asked Payal to help me to reduce it to the minimum. HDFCL wrote to me stating I can pay Rs.5000.00 and keep the policy alive. Then HDFC asked me to send the original policy and and a original letter in writing reducing the policy. Id did everything and the manager (Payal) acknowledged receipt of it. After two months of protracted correspondence, now they are telling the policy is lapsed and I cannpt reduce the premium amount and in order to keep the policy going I have to pay a hefty premium.
Forst of all, I wanted a liquid investment with good return and not a insurance policy. The greedy client manager sold my trust for some good commission, it looks like.
I want my original investment back or HDC should allow me to continue with lower premium they agreed so that I can keep the polcy live and get my money back when it matures.
Where should I go to this sorted out. I have all correspondence with the manager stating it is not a insurance policy. but it is a insurance linked policy and down’t have that type of return what she wrote in the correspondence. what ae my options here.
thanks for your help.

In: General Insurance Companies Filed By: Madhurajp [2 ]