ABSA bends the rules as they please.....A MUST READ

So this is the feedback I received from ABSA. I was asked to read the Addendum to my Policy Documents (WHICH I NEVER RECEIVED). Please note how carefully they cover them selves ("Any other reference in the Policy terms and conditions that may be contrary to this Addendum is null and void"). So according to ABSA, regulations (still don't know who's regulations) have forced them to remove the "Cash Back" benefit as it is not considered as cost associated with a funeral (whatever that might mean).

In order to avoid conflict they ensure the client that their premiums would decrease (this never happened, in actual fact I got a mail informing me that my premiums would increase). At lease they ensure that the policy would remain otherwise UNALTERED and of full force and effect.

My final Cashback was supposed to be paid paid into the same account from which the premiums are deducted. If you recall in my first complaint, the ABSA consultant informed me that a payment was made into my account in July (I requested for proof and still did not receive proof that the amount was paid into my account). No where in this schedule does it mention that only one payment would be allowed. The consultant that I spoke to on Monday informed me that only one payment would be allowed and due to the fact that my policy has paid out after the first five years, this disqualifies me of any further payments.

Seriously what planet are you from. All this legal jargon yet at the same time you want the general public to make use of your services. Your clients always come first.....not in my lifetime! I would like to inform the public that make use of your products to think twice. I reiterate the fact that you "make and break" as you want.

Whatever suits YOUR needs and not that of the client.

E X T R A C T I O N OF A B S A's L E T T E R

Changes to your Absa Cash Back Funeral Plan terms and conditions from 1 July 2021.

Read this Addendum with your most recent Policy documents. Any other reference in the Policy terms and conditions that may be contrary to this Addendum is null and void. Except as provided for in this Addendum, the terms of the Policy will remain unaltered and of full force and effect.

What has happened to your Cashback Benefit?

In line with regulations, the Cashback Benefit has been removed as it is not considered as costs associated with a funeral or the rendering of a service when a death event takes place. Your monthly premium will reduce and a new policy schedule will be sent to you with the revised premium. Your final cashback amount of Rx will be paid into the same bank account from which your premium is paid on dd MM yyyy, provided that your policy is still active on the date of payment.

What Benefits are no longer available under this Policy?
• Cashback Benefit

What are the changes to the Benefits that you have under this Policy?

To calculate the total Benefit amount for each insured person, a value of zero has been assigned to the following Benefits. If regulations require that we assign a value to some or all of these Benefits, this may result in a reduction in the Sum Insured or the removal of the affected Benefits:
• Continuation Option Benefit
• Paid-up Benefit
• Premium Back Benefit
• Funeral Management Service Benefit