TDS on HDFC Life SL ProGrowth Super II Policy , TDS on Fund Value received after 5 yrs U/s 194DA

Signed 2/3000
Online Signatures: 2
To
Insurance Ombudsman
SL ProGrowth Super II Policy issued to Customer like me by HDFC Life in February 2013, and was covered Insurance for 7 time the Annual Premium, with hefty Policy adminstration Charges, Mortality Charges for Sr Citizen like me. After completing the 5 yrs minimum Lockin period after paying 5 full annual premium and when surrendered the Fund Value was paid with TDS deduction under 194DA, as per IT act which was ammended in sometime in 2012. When repeatedly takeup with their Support/Escalation officer have gave a standard reply that it is as per IT act and HDFC Life is not responsible for such change in law, while they could have made 10 times Premium as Sum assured instead 7 imes as sold in the Policy by their Officials.
Now, after waiting 5 full years and self retired wanted money for meeting post retirement expenses, facing the issue including how to file the ITR as hardly gained 12% on the hard earned tax paid money used for this investment.
The Petition was also marked to:
Finance Secretary
Governmebt of India
 - 
Therefore LIC is best becoz in every LIC policy both gain tax benefit, premium (u/s 80 ) customer paying and the final maturity amount (u/s 10 b). So always trust LIC and buy LIC. So invest in LIC ..... more  
Aug 03
This is a serious matter matter must be taken up with regulator IRDA and even than if solution does not come we must initiate legal action in the consumer court. These company make all type of commitments before their policy is taken and after that they don't care. more  
Jul 23
Taken yup with IRDA with details in their form, they are sking to take up with HDFC Life and wait
How to file Consumer Court. HDFC Life maintains Policy document was clear and had lookup period of 15/30 days return of Policy. Income tax issue they maintain that Customer has to takeup with Min, Finance. more  
Jul 26
HDFC life is not interested in customer service. more  
Jul 23
HDFC Life continued to maintain their stand and return is lower than even bank savings account. Insurance premium continued high and annual maintenance charges by and large eats away all gains from the market trend. Not able to decide when to surrender second policy within 6th year as no further investment affordable. more  
Jul 11

Related Petitions

    • Enhancement tax limit to 8 Lacs

      I appeal to Prime Minister and Finance Minister of our country that there will be no income Tax up to Rs. 8 Lakhs because Union cabinet & Lok Sabha (highest representative body of country) itse...

      By Venkatesh Prasad
      /
    • senior citizens concerns

      Some senior citizens are getting Pension and medical facility but majority do not get. Senior citizen scheme of PM must distintinguish and keep a different rate for such citizens. An interest rate ...

      By Raghuveer Sahore
      /
    • TDS default on Salary

      Employees of loss making companies are deprived not only of salary despite working but laden with Income-tax demands due to default by employers as they either don't disburse salary or do not depos...

      By Jaychandra Mistry
      /
    • Pension income

      Pension is only Honorarium for the long service rendered in Govt Depts. Pension should not be considered as an income for the sake of income tax. pension amount itself is megre , again taxing that ...

      By Venkatesh Cs
      /
    • Exempt Interest Income Rs.50000/- for all Institutional Deposits.

      Senior citizens deposited in Other Financial Institutions also, Not only in the Nationalised/Scheduled Banks/ Co-op Banks. So extend the exemption to other Financial Institutions also.

      By Kv Venkata Chalam
      /
Share To
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)