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

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Online Signatures: 3
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

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