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HDFC Sanchay Plus: Investor Seeks to Retrieve Invested Amount After Disappointing Returns

Milind Vadjikar |1232 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 17, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Asked by Anonymous - Sep 17, 2024Hindi

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Sir, I had invested in HDFC Sanchay Plus in Long-Term Income Plan. It was a insurance and regular income plan for a period of 30 years. I paid up for five years as mandated by the policy. The pay out would commence from 7th year annually upto 30 years. The principal amount would be paid on completion of 30th year of enrollment. I appears the return of investment was less than 5% and diminishes further with time. I decided to withdraw from the scheme however the HDFC Life is deducting a huge sum from the invested amount. I requested to atleast return the principal amount invested without any add-on. But HDFC Life is referring to the policy clause and declining to return the invested amount. How can I retrieve the invested amount in this scenario. Thanking you in anticipation.

Ans: Most of the people make this mistake of considering insurance coupled with investment as good combination. The fact that insurance regulator allows insurance companies to use words such as "Guaranteed", "Assured" which entice gullible investors, makes things more difficult.

Endowment or money back policies never yield return over 5 to 6%.

Even ULIP policy returns above a threshold will now be subject to long term capital gain tax apart from fund management, policy administration and other heavy charges during first 5 years.

Insurance is for pure protection hence term insurance with appropriate riders is best option.

Unfortunately there is no way you can seek higher surrender value payment because you are contractually obligated by the terms and conditions of the policy agreement.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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2. I want your advice on HDFC Life Sanchay Plus Pension Plan for long term or life-long guaranteed income. It is claimed that total premium paid will be returned after the payout period and income earned will be tax free. shall i buy this policy? will it be feasible? shall i use funds from my mutual funds?

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I have invested in HDFC Long Term Advantage Fund for 18 months in 2007-08, but could not continue due to domestic problems. How shall i get back whatever i have invested. I have sent query to hdfcfund.com in 2017 but did not get reply.

Ans: Hello and thanks for writing to me. As you have invested in the scheme, you will be able to redeem the units at their current market value.

You can reach out to HDFC Mutual Fund on their helpline 1800-3010-6767 and also send an email to their registrar and transfer agent, CAMS with your PAN issued by the income tax department.

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Dear Vivek I have a policy from hdfc life. Its value is higher than my sum insured. If I withdraw say 2.5 lacs than it comes below my sum insured. In case of some mishap company will compensate based on the then current value or they will total up withdrawn amount too? Gandhi

Ans: Hello, this is a ULIP investment as I understand
In case of ULIP , if the investment value goes above the sum assured, the company stops charging you a cost of mortality and as soon as it goes below the sum assured you will be charged a mortality cost. In case of death, the company will pay the amount whichever is higher i.e either sum assured or the investment value

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Asked by Anonymous - Nov 26, 2024Hindi

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I took home loan from HDFC of 10 years duration in May 2023. I told them that i will be able repay the loan in few months as i was planning to sell one plot of mine. Bank employee offered insurance on home loan with return of premium scheme telling me that as soon as you repay the loan all of the premium will be returned. I was old customer so i trusted her and took insurance. Later i came to know that no refund on that policy if you surrender in one year and 60 percent deduction after 02 years. My mistake that i overlooked freelook peroid and rate of return of premium in the documents. I have repaid my whole loan and woll be completing my policy tenure of 02 years in Apr 2025. What should i do to get maximum return of the premium and should i appeal to the higher authorities about the lie told by the employee or i accept the return and sit and regret my decision? Need your valuable advice

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You may register a grievance with ombudsman of the lender stating the facts of the matter clearly.

It is upto the discretion of lender's grievance management leadership to take appropriate view of this matter and decide suitably.

Because legally it will always boil down to, you have signed up for the policy after going through all the terms and conditions and also didn't reckon that anything is wrong during the free look up period so no discussion unless you manage to get a video clip of your conversation with the bank employee, which I believe is almost impossible.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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