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Melissa N

1 reviews | Active since Oct 2021

25 Feb 2026, 13:05

FNB Life unfairly reducing Premium Back Reward & failing to provide original policy documents

I have been a loyal FNB Life policyholder since 2017 and have banked with FNB for the same period. I am extremely disappointed by how FNB Life has handled my Premium Back Reward and subsequent complaints.

Around 2023–2024, FNB Life actively offered upgraded/new policies to existing customers which included a 6-month Premium Back Reward after 36 months, payable in cash or eBucks. This benefit was a material reason I accepted and continued with the policy.

Over the last few months, this benefit has clearly changed. I am now being told that:

The reward depends on which bank account premiums are paid from, and

If premiums are paid from a non-FNB account, the reward is reduced to 3 months, despite the policy being fully paid and up to date.

This condition was not clearly disclosed when the benefit was offered, nor was it highlighted in the policy update communication which stated that “benefits do not change.”

I formally requested the original sign-up / upgrade documentation and benefit wording:

First request: 28 January 2026

Second request (follow-up): 10 February 2026

To date, no documents have been provided. It cannot reasonably take over a month to retrieve policy wording that FNB claims forms part of the “original benefit terms.”

What is even more concerning is that my first complaint was responded to and closed by FNB on the same day, despite my document requests remaining outstanding. Closing a complaint while still “retrieving” documents is unacceptable.

I have paid my policies consistently since 2017 without interruption. Penalising a long-term customer by reducing a reward solely based on where the premium is paid from rather than the fact that premiums were paid is unfair and deeply disappointing.

My position is simple:

The benefit was offered as a 6-month Premium Back Reward

The reduction was not clearly disclosed at the time

I have requested proof twice and received none

I therefore expect my full 6-month Premium Back Reward to be honoured

FNB’s lack of transparency, slow responses, and dismissive handling of this matter have seriously damaged my trust as a long-standing customer.

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Replies (1)
MN
Melissa N's update12 Mar 2026, 13:24
Reviewer Update
I previously lodged complaints regarding my Premium Back Reward and the lack of transparency from First National Bank / FNB Life, yet there has still been no proper response or resolution.
I have been a loyal FNB customer and policyholder since 2017, and my policy has always been fully paid and up to date.
Around 2023–2024, FNB Life offered upgraded benefits to existing customers which included a Premium Back Reward of 6 months’ premiums after 36 months, payable in cash or eBucks. This benefit was a key reason I continued with the policy.
Recently, I was informed that the reward may be reduced to only 3 months if premiums are paid from a non-FNB bank account. This condition was never clearly disclosed to me when the benefit was offered.
To verify this, I requested the original sign-up / upgrade documentation and benefit wording:
  • 28 January 2026: First request sent directly to FNB Life requesting the documentation
  • 10 February 2026: First HelloPeter complaint after no satisfactory response
  • 25 February 2026: Second HelloPeter complaint again requesting the documents
Despite these repeated requests over several weeks, FNB Life has still not provided the documents they claim form part of the “original benefit terms.” It is extremely concerning that a large financial institution cannot retrieve policy documentation that supposedly supports their position. My first complaint was even responded to and closed on the same day, while my document request remained outstanding. I have been patient since January, but my reward is due after 25 March, and time is running out. I have honoured my policy obligations for nearly a decade. It is completely unfair to reduce a reward by 3 months purely because of the bank account used for payment, while the policy itself has remained fully paid and active. My position remains simple:
  • I have requested the original documentation since January, and it has still not been provided
  • The 6-month Premium Back Reward was the benefit offered when I continued with the policy
  • I therefore expect the full 6-month reward to be honoured
If this matter is not resolved urgently, I will escalate the issue to the National Financial Ombud Scheme South Africa for formal review. Please note: I do not wish to be contacted telephonically. All communication must be in writing via email. This experience has been extremely disappointing for a customer who has banked with FNB and paid policies consistently since 2017.