Hello,
My father took out HDFC life policy (HDFC Uday) which is a non-linked participating plan 4 months ago. I was not consulted. He took it believing the agent who told that he would get 10% cashback, 2 gram gold coin every year upon premium payment. My dad believed and took the insurance. Now that the agent is not paying, my dad informed to cancel it.
I tried mailing the HDFC Life, but they are saying that lookout period is over and it can't be surrendered now.
Their response:
"We would like to inform you that your policy is eligible for surrender after it acquires the Guaranteed Surrender Value. The policy shall acquire Guaranteed Surrender Value (cash value) upon the payment of at least first 02 years of premiums."
Is this true? How can I go about canceling this. I am ok with losing some money. But the premium is 1.5 Lakh per annum. I don't want to lose the entire amount
We have the screenshot of whatsapp saying we will get the cashback & gold coin
My father took out HDFC life policy (HDFC Uday) which is a non-linked participating plan 4 months ago. I was not consulted. He took it believing the agent who told that he would get 10% cashback, 2 gram gold coin every year upon premium payment. My dad believed and took the insurance. Now that the agent is not paying, my dad informed to cancel it.
I tried mailing the HDFC Life, but they are saying that lookout period is over and it can't be surrendered now.
Their response:
"We would like to inform you that your policy is eligible for surrender after it acquires the Guaranteed Surrender Value. The policy shall acquire Guaranteed Surrender Value (cash value) upon the payment of at least first 02 years of premiums."
Is this true? How can I go about canceling this. I am ok with losing some money. But the premium is 1.5 Lakh per annum. I don't want to lose the entire amount
We have the screenshot of whatsapp saying we will get the cashback & gold coin
