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HDFC Bank Mis-Selling Insurance Policies in Exchange for Infinia Credit Card
- Thread starter TechnoFino
- Start date
beast_boy
TF Premier
Muje bi Email template share karo please DM me
Request them .
It's unethical but not mis-selling. They were asking to buy ULIP / Fixed return policy for immediate preferential allotment of the locker (which was available in the branch) otherwise were saying to wait for ~3 month on the waitlist. I had to email HDFC higher-ups to get the locker without buying anything.
Centurion_wala
TF Premier
Hey @TechnoFino thanks for taking out the time to write this post but honestly I expected better from you. First of all, the bank has stopped accepting applications through these modes-
I really donāt understand the point of this post- it certainly doesnāt add any value as this topic has already been discussed to death on the forum. It just feels like a formality š§
Rather than just giving a generic advice in the end, you couldāve shared an informative solution for the people who are now stuck with crap policies. (Not everyone understands what theyāve gotten themselves into)
I really donāt understand the point of this post- it certainly doesnāt add any value as this topic has already been discussed to death on the forum. It just feels like a formality š§
Dobbiee
TF Select
Thanks for the re-assurance @TechnoFino
Though this strategy to cross-sell Infinia, will only result in more grievances and broken relationship with good customers in the long run.
Several non-eligible people would get Infinia. And eligible people would think that I was forced to buy a product which I shouldnt have.
Infinia is good in rewards on card spends, but Infinia cannot settle insurance claims or doesnt give better return of the money invested in ULIPS.
Such cross sells are short-term gains. Smart customers would also look at this for short-term - calculating on loss by buying other services and how quickly I can move out of it.
We always evaluate each product individually. Which bank to keep savings account with, which bank to trust for lockers, which bank gives better services after issuing insurance policies. Etc etc.
In the long-term only a good customer care and relationship matters, which HDFC should focus on.
Though this strategy to cross-sell Infinia, will only result in more grievances and broken relationship with good customers in the long run.
Several non-eligible people would get Infinia. And eligible people would think that I was forced to buy a product which I shouldnt have.
Infinia is good in rewards on card spends, but Infinia cannot settle insurance claims or doesnt give better return of the money invested in ULIPS.
Such cross sells are short-term gains. Smart customers would also look at this for short-term - calculating on loss by buying other services and how quickly I can move out of it.
We always evaluate each product individually. Which bank to keep savings account with, which bank to trust for lockers, which bank gives better services after issuing insurance policies. Etc etc.
In the long-term only a good customer care and relationship matters, which HDFC should focus on.
Last edited:
rajb3009
TF Neo
The HDFC bank relationship manager is there to destroy your financial health only working for their commissions thinking nothing about your current conditions. Same thing was done to me also. I wanted to complain about the misselling. I would appreciate some help from the community.
Centurion_wala
TF Premier
You wonāt get any, although you might find members claiming how great of a decision this is and would keep glorifying it do death. (Maybe you could feel good reading their posts)
sambitpatro
TF Premier
Recently I was getting LTF regalia gold upgrade from LTF millennia. Didn't take it though
Absolutely šÆ agreed with your advice!!šš
Just wanted to bring to your attention that some people are promoting ULIP here and encouraging others to take ULIP for Infinia which is completely wrong.š¤š¤
Please take action against it!!
LIC also mis-sells its products through agents and later blame agents or cancel their code sometimes but this is part of the business. Take example: No one will ever open a bank account if they read the complete details. No ine will take a CC if they are told reality of CC.
No one will buy outside food if they get to know what is in it for real. So this world is mis-selling things from the day it started. Before birth, even God mis-sell us LIFE by telling soul that you gonna enjoy there and at last we end up suffering and cursing God.. š¤£ Ee Gola Mein Hi Rehna Hai Ab.
No one will buy outside food if they get to know what is in it for real. So this world is mis-selling things from the day it started. Before birth, even God mis-sell us LIFE by telling soul that you gonna enjoy there and at last we end up suffering and cursing God.. š¤£ Ee Gola Mein Hi Rehna Hai Ab.
hellobois
TF Legend
Why? Regalia Gold is not good anymore?
sambitpatro
TF Premier
Didn't find it good enough as compared to millennia
if you ask me , definitely 1st. Rest I dont care, because Infinia users pay fees plus have to go through strict eligibility criteria to get the card.
sunit123
TF Premier
Today i spoke to my RM and she informed me that bank will take action against this practice of selling ULIP against infinia...It seems someone has complained to IRDA against HDFC bank & IRDA has initiated an inquiry regarding this....She also told that bank might cancel all the infinia credit cards issued against ULIPS to comply with IRDA guidelines.
Note: I shared what is told to me by RM and it might be not correct..HDFC bank has already cancelled my both credit cards due to swiggy fake LTF screenshot...
Note: I shared what is told to me by RM and it might be not correct..HDFC bank has already cancelled my both credit cards due to swiggy fake LTF screenshot...
beast_boy
TF Premier
That is unimaginable, How did they come to know it's fake? Can you share the ss you shared to them here?
Centurion_wala
TF Premier
HumorSimpson
TF Prestige
They should extend this to the lockers as well. Many had to take ulips for getting a locker, even in sbi.
Centurion_wala
TF Premier
First of all, I meant it as a joke. Now, if a regulatory authority (like IRDAI) was seriously looking into this issue, wouldnāt they notice that you were issued the card around the same time you bought the ULIP? Also, the deviation on your income/credit limit/spending was taken on the basis of your ULIP- donāt think that there wouldnāt be any internal record of it. (There would be an official email internally by the BBH approving your Infinia which can be questioned by the authorities- Given the fact that it has been done for a number of people, a pattern could be very well spotted)
Honestly, I donāt think anything like such would happen- HDFC might throw some bucks under the table and the investigating team would find nothing- Just like NTA denied all possibilities of NEET paper scam
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