Hi,
My mother-in-law recently got talked into purchasing a ULIP policy by an HDFC agent. I met with the agent back in November and explicitly told them to not sell any Insurance-linked investment to her.
But when she went to the bank for opening a Tax Saver FD a couple of months back they convinced her to buy a ULIP. Her understanding of the plan was as far away from reality as possible which is a clear case of misrepresentation. They even chose a high-risk equity-heavy fund as the investment channel 🤦🏻
I only got to know about this recently, and the free look-in period is over. The policy has a 5-year lock-in period.
What is the best way to get this plan cancelled with a full refund? Directly complaining to the ombudsman or by complaining to the bank. I stay in a different city and can not do any of this in person.
My mother-in-law recently got talked into purchasing a ULIP policy by an HDFC agent. I met with the agent back in November and explicitly told them to not sell any Insurance-linked investment to her.
But when she went to the bank for opening a Tax Saver FD a couple of months back they convinced her to buy a ULIP. Her understanding of the plan was as far away from reality as possible which is a clear case of misrepresentation. They even chose a high-risk equity-heavy fund as the investment channel 🤦🏻
I only got to know about this recently, and the free look-in period is over. The policy has a 5-year lock-in period.
What is the best way to get this plan cancelled with a full refund? Directly complaining to the ombudsman or by complaining to the bank. I stay in a different city and can not do any of this in person.
