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HDFC fined for harassing consumer

Central Mumbai's district consumer dispute redressal forum on Wednesday pulled up HDFC Standard Life Insurance for failing to hand over the invested amount of a Mumbai-based consumer, even after the amount had reached its maturity in July 2013. The forum thus directed the insurance firm to hand over the entire amount of Rs1,35,188 along with 9% interest rate on the amount from June 2013. The forum also directed the insurance firm to pay an amount of Rs10,000 towards the harassment caused to the complainant, along with an additional amount of Rs3,000 towards the complainant's litigation cost.

The complainant, Kalpana Sathe on July 1, 2003, had purchased a policy from the firm by paying a premium amount of Rs9,617. According to Sathe, the policy was Rs1 lakh and its maturity amount was Rs1,35,188. After the policy was matured in July 2013, she approached the firm, however instead of handing over the maturity amount, the firm insisted that she invest the amount in the firm's other scheme.

Sathe kept on requesting the firm to pay her back the matured amount, but the firm failed to abide vby its word. In 2014, she approached the forum and filed a complaint against the firm. The forum then asked the firm to file its reply, but the latter failed to do so.

Since the firm did not respond to the allegations leveled by the complainant, the forum on Wednesday passed its orders. In its orders, the forum stated, "If an investor doesn't wish to invest its amount in any scheme, then the company cannot force them to do so. The firm has unnecessarily harassed its consumer, who is a senior citizen, and therefore, the complainant is entitled to a compensation for harassment."

Article referred: http://www.dnaindia.com/mumbai/report-hdfc-fined-for-harassing-consumer-2016016

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