My policy with HDFC Ergo Home Suraksha Plus (Policy No. 2918200086076900000, policy start date 25/05/2011) has been sold to me by misrepresenting facts by HDFC bank channel sales partner. This was sold to me along with my home loan and there was gross misrepresentation of facts.

I was told that the premium attached to my loan amount (35lakhs for 20 years) is one a time payment and only on receipt of the policy document on 27th May 2011 I was aware that the premium of INR 97,320 was only for five years.

I would wish to cancel this policy immediately and claim a refund. HDFC ergo states 20% of premium retention. Isn't there a normal policy that with in 15 days there should not be any retention other than processing charges ?

I have got in touch with HDFC bank guys asking them to send a scanned copy of application form I signed for HDFC Ergo as I dont remember signing any document for HDFC Ergo. They have come up with a leaflet I signed asking HDFC Ltd to debit my loan account with the premium amount and claim that as my consent to enroll myself in a policy.

I wish to make a cancellation with in 15 days and claim a full refund minus the processing charges. Is there a possibility for me to do so considering that this was mis-sale ?

I have been a HDFC account holder for 6 years now and use HDFC as my only financial service provider. Interesting point is that my personal banker @ HDFC referred me to the home loan agent who has mis-sold the policy to me. What would be a higher authority in HDFC group to escalate this issue before I take this up legally ?