NM
Nonhlanhla M
1 reviews | Active since Nov 2019
14 Nov 2019, 11:33
Surrender value
I have been avbob's client for 7 years, and in that period I have never missed my monthly premiums nor claimed for the service. Due to my personal reasons I am surrendering the policy. I was offered surrendering value. I am not happy with the value amount, and Avbob is refusing to show me in writing the method they used to calculate the amount. The amount is nothing to my insured amount. And I agree that when I signed up for the policy I agreed that I will never receive all my premiums back, but I feel that the surrender value is a *******. It is not even half of my insured amount. My request to them is to show and put in writing the calculations as they did when I signed for the policy.
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Replies (2)
AVBOB Mutual Assurance Society's replyOfficial
14 Nov 2019, 15:01Dear Nonhlanhla M,
We thank you for making us aware of your request and we will contact you to assist with your request.
Kind Regards,
AVBOB Complaints Department
We thank you for making us aware of your request and we will contact you to assist with your request.
Kind Regards,
AVBOB Complaints Department
AVBOB Mutual Assurance Society's reply14 Nov 2019, 15:01
Official
Dear Nonhlanhla M,
We thank you for making us aware of your request and we will contact you to assist with your request.
Kind Regards,
AVBOB Complaints Department
We thank you for making us aware of your request and we will contact you to assist with your request.
Kind Regards,
AVBOB Complaints Department
NM
Nonhlanhla M's updateReviewer Update
15 Nov 2019, 07:44Avbob service levels
The reply from Avbob was that I will be contacted to be assisted with my request, but none of that happened yesterday, no time frame mentioned.
The good service with Avbob is that when you walk in to their office you are assisted within an hour to sign the policy contract and your documents taken and uploaded to the system, policy number given to you same day. Terms and conditions read to you, premium and insured amount calculated and mentioned to you on the spot, they will even mention the p.a interest percentage. When they want to benefit from the client they will tell and send sms in advance the percentage of the increase in your premium.
The sad part of their service is that when the loyal client of more than 7 years that has never claimed before nor missed a monthly payment enquire about the surrender policy, it takes 5-7 working days to process the request.
The robbing part of their service is when they literally refuse to give detailed information regarding the method and percentage they use to calculate the surrendering value to their client, while they mention to their existing and new clients that: "Avbob does not have private shareholders, the existing main policy holder is the shareholder."
Again Avbob I only want the percentage used to calculate the surrendering value that you are giving me, as you did when I signed up for the policy and the SMS's that I received every year regarding the premium increase.
It really doesn't make sense, because when I phone to ask about adding a new member depending at the age of the individual, you are able to calculate the premium and the insured amount immediately, and it takes days to give me the calculations of the surrender value.
I'm truly disappointed.
The reply from Avbob was that I will be contacted to be assisted with my request, but none of that happened yesterday, no time frame mentioned.
The good service with Avbob is that when you walk in to their office you are assisted within an hour to sign the policy contract and your documents taken and uploaded to the system, policy number given to you same day. Terms and conditions read to you, premium and insured amount calculated and mentioned to you on the spot, they will even mention the p.a interest percentage. When they want to benefit from the client they will tell and send sms in advance the percentage of the increase in your premium.
The sad part of their service is that when the loyal client of more than 7 years that has never claimed before nor missed a monthly payment enquire about the surrender policy, it takes 5-7 working days to process the request.
The robbing part of their service is when they literally refuse to give detailed information regarding the method and percentage they use to calculate the surrendering value to their client, while they mention to their existing and new clients that: "Avbob does not have private shareholders, the existing main policy holder is the shareholder."
Again Avbob I only want the percentage used to calculate the surrendering value that you are giving me, as you did when I signed up for the policy and the SMS's that I received every year regarding the premium increase.
It really doesn't make sense, because when I phone to ask about adding a new member depending at the age of the individual, you are able to calculate the premium and the insured amount immediately, and it takes days to give me the calculations of the surrender value.
I'm truly disappointed.
NM
Nonhlanhla M's update15 Nov 2019, 07:44
Reviewer Update
Avbob service levels
The reply from Avbob was that I will be contacted to be assisted with my request, but none of that happened yesterday, no time frame mentioned.
The good service with Avbob is that when you walk in to their office you are assisted within an hour to sign the policy contract and your documents taken and uploaded to the system, policy number given to you same day. Terms and conditions read to you, premium and insured amount calculated and mentioned to you on the spot, they will even mention the p.a interest percentage. When they want to benefit from the client they will tell and send sms in advance the percentage of the increase in your premium.
The sad part of their service is that when the loyal client of more than 7 years that has never claimed before nor missed a monthly payment enquire about the surrender policy, it takes 5-7 working days to process the request.
The robbing part of their service is when they literally refuse to give detailed information regarding the method and percentage they use to calculate the surrendering value to their client, while they mention to their existing and new clients that: "Avbob does not have private shareholders, the existing main policy holder is the shareholder."
Again Avbob I only want the percentage used to calculate the surrendering value that you are giving me, as you did when I signed up for the policy and the SMS's that I received every year regarding the premium increase.
It really doesn't make sense, because when I phone to ask about adding a new member depending at the age of the individual, you are able to calculate the premium and the insured amount immediately, and it takes days to give me the calculations of the surrender value.
I'm truly disappointed.
The reply from Avbob was that I will be contacted to be assisted with my request, but none of that happened yesterday, no time frame mentioned.
The good service with Avbob is that when you walk in to their office you are assisted within an hour to sign the policy contract and your documents taken and uploaded to the system, policy number given to you same day. Terms and conditions read to you, premium and insured amount calculated and mentioned to you on the spot, they will even mention the p.a interest percentage. When they want to benefit from the client they will tell and send sms in advance the percentage of the increase in your premium.
The sad part of their service is that when the loyal client of more than 7 years that has never claimed before nor missed a monthly payment enquire about the surrender policy, it takes 5-7 working days to process the request.
The robbing part of their service is when they literally refuse to give detailed information regarding the method and percentage they use to calculate the surrendering value to their client, while they mention to their existing and new clients that: "Avbob does not have private shareholders, the existing main policy holder is the shareholder."
Again Avbob I only want the percentage used to calculate the surrendering value that you are giving me, as you did when I signed up for the policy and the SMS's that I received every year regarding the premium increase.
It really doesn't make sense, because when I phone to ask about adding a new member depending at the age of the individual, you are able to calculate the premium and the insured amount immediately, and it takes days to give me the calculations of the surrender value.
I'm truly disappointed.