ID
Ishwar D
1 reviews | Active since Jun 2016
26 Jun 2019, 14:30
Momentum
I have a insurance policy with Momentum for my wife. I asked Momentum to cancel the inflation linked premiums on this policy. They cancelled the inflation linked premimums but reduced the insured amount by R125000.00 and left the premiums as before Does this make sense at all. I am paying the same premium as before with far reduced insured amount
Helpful (0)
Replies (6)0
Replies (6)
Momentum (SA)'s replyOfficial
26 Jun 2019, 14:34Dear Mr Deolall,
I appreciate you raising your concerns with us. We will investigate and I can assure you that a manager will contact you.
Kind regards,
N D'Arch
I appreciate you raising your concerns with us. We will investigate and I can assure you that a manager will contact you.
Kind regards,
N D'Arch
Momentum (SA)'s reply26 Jun 2019, 14:34
Official
Dear Mr Deolall,
I appreciate you raising your concerns with us. We will investigate and I can assure you that a manager will contact you.
Kind regards,
N D'Arch
I appreciate you raising your concerns with us. We will investigate and I can assure you that a manager will contact you.
Kind regards,
N D'Arch
ID
Ishwar D's updateReviewer Update
26 Jun 2019, 14:47my wife's id no *** and policy no DE*** - Client MRS B DEOLALL
ID
Ishwar D's update26 Jun 2019, 14:47
Reviewer Update
my wife's id no *** and policy no DE*** - Client MRS B DEOLALL
ID
Ishwar D's updateReviewer Update
01 Apr 2020, 16:58I have received a letter confirming that there is going to be an increase on my premiums. According to the policy the inflation linked increase will terminate on 1/06/2020 so why are you going to increase my premiums.
ID
Ishwar D's update01 Apr 2020, 16:58
Reviewer Update
I have received a letter confirming that there is going to be an increase on my premiums. According to the policy the inflation linked increase will terminate on 1/06/2020 so why are you going to increase my premiums.
ID
Ishwar D's updateReviewer Update
02 Apr 2020, 12:01The reverse of the premium increase was supposed to be for 2019 only and not for the entire premiums onward for the policy. According to the policy documents the growth of the policy was supposed to end as of 01/06/2020 and the premiums and the insured amounts to remain as is. I did not request for the growth portions to continue.
ID
Ishwar D's update02 Apr 2020, 12:01
Reviewer Update
The reverse of the premium increase was supposed to be for 2019 only and not for the entire premiums onward for the policy. According to the policy documents the growth of the policy was supposed to end as of 01/06/2020 and the premiums and the insured amounts to remain as is. I did not request for the growth portions to continue.
ID
Ishwar D's updateReviewer Update
02 Apr 2020, 12:30I thought that you cannot alter a policy document which is binding till the end. U can make a temporary adjustment. Momentum was instrumental on this issue in the beginning when they decided to alter my policy with out explaining the repercussions if I cancel the premium growth. I could not afford the extra premiums so I inquired about cancelling the premium growth. They wanted a letter from me about this which I have sent not knowing problems that will occur after that. I have sent numerous email to your call center(Stanley Kumalo). I am still waiting for the responses.
ID
Ishwar D's update02 Apr 2020, 12:30
Reviewer Update
I thought that you cannot alter a policy document which is binding till the end. U can make a temporary adjustment. Momentum was instrumental on this issue in the beginning when they decided to alter my policy with out explaining the repercussions if I cancel the premium growth. I could not afford the extra premiums so I inquired about cancelling the premium growth. They wanted a letter from me about this which I have sent not knowing problems that will occur after that. I have sent numerous email to your call center(Stanley Kumalo). I am still waiting for the responses.
ID
Ishwar D's updateReviewer Update
03 Apr 2020, 10:40before any changes are made momentum should have informed the client before and after when the changes can be made and send with the new policy documents for approval. Momentum did not do explain the whole process first but just wanted a signed letter for the cancellations of the premium growth and then sent us the decreased sum insured with the same premiums. They should have left everything the same as it was. After some deliberation they reverted to the initial letter that was sent to me about the premium growth increase. I had to send them a letter to get this done. I now intend to get hold of Insurance ombudsmen and explain to them with all the documents I have sent and received from Momentum. I urge Momentum to sort this problem out ASAP.Up till now nobody from Momentum has contacted me besides N D'Arch on Hello peter
ID
Ishwar D's update03 Apr 2020, 10:40
Reviewer Update
before any changes are made momentum should have informed the client before and after when the changes can be made and send with the new policy documents for approval. Momentum did not do explain the whole process first but just wanted a signed letter for the cancellations of the premium growth and then sent us the decreased sum insured with the same premiums. They should have left everything the same as it was. After some deliberation they reverted to the initial letter that was sent to me about the premium growth increase. I had to send them a letter to get this done. I now intend to get hold of Insurance ombudsmen and explain to them with all the documents I have sent and received from Momentum. I urge Momentum to sort this problem out ASAP.Up till now nobody from Momentum has contacted me besides N D'Arch on Hello peter