ANNUAL INCREASE ON CAPITEC FUNERAL COVER UNDERWRITTEN BY CENTRIC LIFE

Hi

I took the new Capitec bank funeral cover underwritten by Centric life effective last year. Before i took the cover i asked all the relevant question with regards to claims and premium increases. i then asked at the bank what is the percentage that they will use to review my cover. i was told there is no increase at all UNLESS IF I CHANGE MY COVER AMOUNT OR ADD ANOTHER PERSON. That is the only thing that will increase my premium. I also went to Capitec bank Facebook page to confirm if this is true, still i was told that no annual increase unless i change the cover amount or add another person to my cover. i was happy with this condition i then took out the cover. Okay fine then my cover was activee then i received a policy schedule. I was shocked to see that there is a clause with regards to premiums, that premium will increase annually. i was shocked where i even went to Capitec bank so that they can clarify this for me. The consultant at the bank DIDN'T KNOW that the policy has annual increase even if i didn't change anything. so i still want clarity with this matter, does your cover INCREASE ANNUALLY EVEN IF I DIDN'T MAKE ANY CHANGES. Below is the policy wording on premium increase which is polint number 6 on your policy schedule with the heading PREMIUM. "We will review the premium, terms and benefits of the policy annually and should the monthly premium not be sufficient to maintain the policy benefits, Your premium will be increased on Your policy’s review date, subject to Us giving You at least 30 days written notice of such increase"