jN
jaysen N
1 reviews | Active since Mar 2015
04 Dec 2018, 09:42
Momentum Endowment poor payout
To all potential Momentum endowment investors, be very weary. I had taken a 30year endowment with Momentum with a projected value of R800 000 . With a current contribution of R3200, when my policy end in June 2019, my policy payout is only R380 000. After contributing for 30 years, this policy is not even yielding half of the projected value. I would have made more money investing monthing in a banking instution.
Rather than investing in a Momentum endowment plan put ur money in a banking instution Very unhappy with Momentum because at no stage did they contact me to inform me that my projected value is not going to be my payout value
Helpful (0)
Replies (4)0
Replies (4)
Momentum (SA)'s replyOfficial
04 Dec 2018, 10:18Thank you for taking the time to inform us of your concerns. We are busy investigating and will provide feedback shortly.
Kind regards
CK
Kind regards
CK
Momentum (SA)'s reply04 Dec 2018, 10:18
Official
Thank you for taking the time to inform us of your concerns. We are busy investigating and will provide feedback shortly.
Kind regards
CK
Kind regards
CK
Momentum (SA)'s replyOfficial
04 Dec 2018, 10:43 Thank you for taking the time to inform us of your concerns.
We wish to inform you that the noted policy which commenced in 1998 was not a pure endowment policy. Part of the premiums you paid, was utilised to provide you with the various types of risk cover you app**** for in 1998.
Furthermore, the maturity values projected at inception were illustrated at 12% and 15%, as per the industry standard at the time (1998). The document issued at inception noted "The projected values set out above cannot be guaranteed, being merely illustrations devised using an industry standard. The actual benefits payable will depend on the actual deductions made for expenses and the actual bonus rates declared." Over the years the industry standard for illustrations were adjusted and currently estimated maturity values are illustrate at 4% and 10%. On an annual basis, Momentum provides you with policy statements that confirm the current fund value, current death claim value and illustrative maturity values. Hence, taking into consideration all the annual policy statements we provided to you, your assumption that you would receive the maturity value illustrated at inception, is unfounded.
Please refer to your latest annual statement provided.
We wish to inform you that the noted policy which commenced in 1998 was not a pure endowment policy. Part of the premiums you paid, was utilised to provide you with the various types of risk cover you app**** for in 1998.
Furthermore, the maturity values projected at inception were illustrated at 12% and 15%, as per the industry standard at the time (1998). The document issued at inception noted "The projected values set out above cannot be guaranteed, being merely illustrations devised using an industry standard. The actual benefits payable will depend on the actual deductions made for expenses and the actual bonus rates declared." Over the years the industry standard for illustrations were adjusted and currently estimated maturity values are illustrate at 4% and 10%. On an annual basis, Momentum provides you with policy statements that confirm the current fund value, current death claim value and illustrative maturity values. Hence, taking into consideration all the annual policy statements we provided to you, your assumption that you would receive the maturity value illustrated at inception, is unfounded.
Please refer to your latest annual statement provided.
Momentum (SA)'s reply04 Dec 2018, 10:43
Official
Thank you for taking the time to inform us of your concerns.
We wish to inform you that the noted policy which commenced in 1998 was not a pure endowment policy. Part of the premiums you paid, was utilised to provide you with the various types of risk cover you app**** for in 1998.
Furthermore, the maturity values projected at inception were illustrated at 12% and 15%, as per the industry standard at the time (1998). The document issued at inception noted "The projected values set out above cannot be guaranteed, being merely illustrations devised using an industry standard. The actual benefits payable will depend on the actual deductions made for expenses and the actual bonus rates declared." Over the years the industry standard for illustrations were adjusted and currently estimated maturity values are illustrate at 4% and 10%. On an annual basis, Momentum provides you with policy statements that confirm the current fund value, current death claim value and illustrative maturity values. Hence, taking into consideration all the annual policy statements we provided to you, your assumption that you would receive the maturity value illustrated at inception, is unfounded.
Please refer to your latest annual statement provided.
We wish to inform you that the noted policy which commenced in 1998 was not a pure endowment policy. Part of the premiums you paid, was utilised to provide you with the various types of risk cover you app**** for in 1998.
Furthermore, the maturity values projected at inception were illustrated at 12% and 15%, as per the industry standard at the time (1998). The document issued at inception noted "The projected values set out above cannot be guaranteed, being merely illustrations devised using an industry standard. The actual benefits payable will depend on the actual deductions made for expenses and the actual bonus rates declared." Over the years the industry standard for illustrations were adjusted and currently estimated maturity values are illustrate at 4% and 10%. On an annual basis, Momentum provides you with policy statements that confirm the current fund value, current death claim value and illustrative maturity values. Hence, taking into consideration all the annual policy statements we provided to you, your assumption that you would receive the maturity value illustrated at inception, is unfounded.
Please refer to your latest annual statement provided.
jN
jaysen N's updateReviewer Update
04 Dec 2018, 10:53Please not the only correspondance that i have received from Momentum is date 2013. I have never received an annual statement. Looking at my statement dated 26/06/2013, my IMV at 4% was R336000 and at 10% was R434000. This still does not tie up with a paid up value of R380000
jN
jaysen N's update04 Dec 2018, 10:53
Reviewer Update
Please not the only correspondance that i have received from Momentum is date 2013. I have never received an annual statement. Looking at my statement dated 26/06/2013, my IMV at 4% was R336000 and at 10% was R434000. This still does not tie up with a paid up value of R380000
Momentum (SA)'s replyOfficial
04 Dec 2018, 11:03Your preferred method of communication is currently noted as post and hence all correspondence were provided via post in the past.
If you prefer, I will load your e-mail address as the preferred method of communication for future reference. I will also e-mail a current statement to you, displaying the current values and illustrative maturity values. Kindly note that we will not disclose values pertaining to your policy on this forum, to safeguard you.
If you prefer, I will load your e-mail address as the preferred method of communication for future reference. I will also e-mail a current statement to you, displaying the current values and illustrative maturity values. Kindly note that we will not disclose values pertaining to your policy on this forum, to safeguard you.
Momentum (SA)'s reply04 Dec 2018, 11:03
Official
Your preferred method of communication is currently noted as post and hence all correspondence were provided via post in the past.
If you prefer, I will load your e-mail address as the preferred method of communication for future reference. I will also e-mail a current statement to you, displaying the current values and illustrative maturity values. Kindly note that we will not disclose values pertaining to your policy on this forum, to safeguard you.
If you prefer, I will load your e-mail address as the preferred method of communication for future reference. I will also e-mail a current statement to you, displaying the current values and illustrative maturity values. Kindly note that we will not disclose values pertaining to your policy on this forum, to safeguard you.