I have purchased HDFC Yangstar Mutual fund policy #12188333 in 2008. In beginning HDCF representative had promised very good return & assured at least 10% growth in fund even if market in not doing well. I started paying 2500.00 INR every month as agreed premium. When we started monitoring the fund it showed continues reduction in my fund amount. Finally after 3 years of continues payment when I did not see any growth in my fund then I decided to suspend my policy & requested for withdrawal of my heard earn money. I have given all required documents whatever had been informed to me. But I got request for few more documents which were completed on 09-Dec-11 & it was assured by HDFC representative that no more documents required, I even call the HDFC representative on 11-Dec-11 to conform if any other document is required but I got assurance by them that all documents have been received & no more are pending.
I received one SMS on 14-Dec-2011 requesting for payment, I thought it may be by error & then again I received one more SMS on 21-Dec-2011. I contacted HDCF on given number & came to know that policy have still not been suspended.
I called up HDFC representative & came to know that my id proof is pending & this document was not requested before. When I checked the statues of my fund, there was significant decrees of 4000/INR.
By all these I feel that I have been cheated & just because careless nature of the HDFC employee I am losing my hard earn money. I believe if the organization cannot give profit to any one, so at least they should not cheat any one.
By all these organization like these will keep on growing were as consumer will keep to lose their money.
I hope some strict action should be taken against them & I should get the compensation of my loss.