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JH
Johan H

1 reviews | Active since May 2014

09 May 2018, 17:25

Refund of Discovery excess fund

I cancelled my short term insurance with Discovery on Monday, 30 April 2018 as received a better offer from another insurer.

I phoned Discovery Insurance on Wednesday, 2 May 2018 in order to request a refund of my Discovery insurance excess fund. The balance currently in my excess fund is R5,329.70. I therefore qualify for half of this amount (R2,664.85) as this would have been due to me as a monthly payback amount in cash had I not opted to contribute to my excess fund. The other half of the excess fund is contributed by Discovery and I therefore understand that I do not qualify for this.

I am not going to fall for a "3 year rule" that Discovery is using as an excuse. This is money that I would have received and no 3 year rule would then have app****. I am not going to let this go and will go to the short term ombudsman and/or small claims court if necessary.

My account was credited with an amount of R356.25 only on Monday, 7 May 2018. This amount is however far below the R2,664.85 I am expecting to be refunded.

My membership number is 151 53 5050

Johan Hammes **********

0
Replies (2)
Discovery Insure
Discovery Insure's reply10 May 2018, 09:57
Official

Thank you for taking my call.

As discussed, the EFA amount paid out to you is correct.

Please refer to the policy guide for the rules of the benefit.

Regards

Preveshen
Discovery Insure

JH
Johan H's update18 May 2018, 15:31
Reviewer Update
To all Discovery members - bewareDiscovery Discovery decided to implement an ********* rule as follows: 1) You can opt to receive your monthly rewards in cash which paid to you every month 2) You can opt to contribute your monthly rewards to a "Excess fund" which is used to fund or reduce your excess when you claim. Discovery dupes its members with this option though. You cannot switch back to receiving your cash monthly once you have opted for the "Excess fund" option with 3 years. And even after 3 years you are only entitled to 50% of the fund value. This is very clever because if you choose to leave Discovery within 3 years you forfeit ALL the cash available in your "Excess fund" and Discovery even pockets the 50% of the fund which you would have received if you did not opted for the "Excess fund" option. This is theft in its purest form! How can this be viewed as ethical behaviour from Discovery?