Self explanatory letter written on this matter is reproduced below for perusal and for helping me out:

No. MG/Personal/HDFC Std Life/2008 Dated: 10 November 2008

To,

The Chief Manager,
HDFC Standard Life Insurance Co. Ltd.,
Ramon House, H T Parekh Marg,
169, Backbay Reclamation, Churchgate,
MUMBAI – 400020

Subject: Intimation of Lapse of Policies – Reg.
Your Ref.: Letters bearing nos. 57571 & 57572 both dated 04 October 2008.
Our Ref.: 1. Policy no. 11214406 in favor of Mrs. Alka Gupta
2. Policy no. 11223043 in favor of Mukesh Gupta

Dear Sir/Madam,

I am in receipt of above referred letters (copies attached) conveying “Intimation of Policy Lapse” in respect of the policies mentioned above, one being in my name and the other one in my wife Alka Gupta’s name.

I’m indeed astonished and distressed on receipt of such letters, presumably sent without verifying the facts at your end, as; I have already deposited the premiums in time and have got the original receipts (bearing # AYB01671 dated 30.7.2008 for Rs. 1.00 Lac against Alka Gupta’s policy and # AYB01672 dated 30.7.2008 for Rs. 2.00 Lac against Mukesh Gupta’s policy), copies of which are attached herewith for ready reference. I had made online payments thru “Billjunction.com” and the same were debited from my SB accounts on 28.7.2008 by HDFC Bank (Ref customer IDs 6110889 and 21658432 and corresponding A/c nos. 00691000097403 and 00691050178261 respectively) as per account statements received from the Bank. Hence, in accordance with the sentence appearing at the bottom of the referred letters from you “Kindly ignore this correspondence, if you have already deposited the amount towards the revival of your policy”, there was no reason for me to bother about your letter.

However, a few days back, when I was just taking stock of all such papers on savings, it came to my mind as to why not talk on toll free numbers mentioned in your said letters and confirm the position. It was then it came to me as a big blow when your customer care executive Mr. Sudhir, after checking in the system, informed me that my online transactions were cancelled based on the instructions received from HDFC Bank on 29.9.08 i.e. after a period of about two months since my accounts were debited and receipts issued! He was kind enough to let me know the details of cancellation receipts on my request and the same are bearing nos. AYB03604 and AYB03605 both dated 30.7.08. He, however, expressed his inability to send me the copies of the cancellation receipts. I fail to understand the logic behind taking such an arbitrary step by the HDFC Bank/ HDFC SLI, without bothering to give me prior intimation or even informing me later or sending me the cancellation receipts, for NO fault of mine!

This being a very serious and sensitive matter, I hereby request you to please get the whole matter investigated, as to the reasons for cancellation and where my hard earned money (Rs 3 Lac) was kept during all this period, as no reverse entry or credits have been made to my said accounts till date, and whether this money has been mis-utilized by someone? Since this has caused a lot of mental agony, apart from defamation of clients like us enjoying the status of ‘preferred customers’, I hereby demand the following:

1. The lowest NAV (between the time of deposition of the premiums and as of date) be taken into consideration for allocating Units to us.
2. Penal interest, from the time our accounts were debited until the date of resolution of this issue, be paid to us.
3. A compensation amount of minimum Rs. 3.00 Lac be paid to us, over and above the penal interest, towards causing mental agony, stress, defame, wastage of our valuable time, etc.


Kindly initiate actions as requested above and make payment without any delay, failing which we may take recourse to any action as deemed fit by us, including but not limited to approaching Consumer Court, for getting due justice.


Encl.: As above


Sincerely Yours,



(MUKESH GUPTA)
10, Shiti Ratna Bungalows Part-2,
Off New CG Road, Chandkheda, Ahmedabad-380 005;
Cell: +91-9998223931 E-Mail: maks62@yahoo.com

Copy along with all enclosures (By Speed Post) to:

1. Branch Manager, HDFC BANK Ltd., Shilp-II, Next to Vikram Chambers, Ashram Road, Ahmedabad- 380009, for information and with the request for similar action please.