Refusal to review Personal Loan policy premium

I have had a personal loan for R61 207.50 with Nedbank from 10/18. Nedbank insists that you take out life and retrenchment policy when you take out a loan with them. My premium is currently R275,45 over the period of the loan term. Though I have made progress in paying of my loan amount in a shorter period than set out (36 mnths) and currently sit with an outstanding balance of R28 502.09, Nedbank is still insisting that I pay the same premium for a lessor capital amount. Though I have made an attempt to use my external life cover against the debt, Nedbank has refused to use that based on the fact that it does not state retrenchment but states a salary protection instead. I have since decided against using my external life policy as cession would be an administrative nightmare once I pay off the loan and have tried to engage with Nedbank and ask them to reduce the premium of this personal loan protection plan as the outstanding liability is no longer R61 000 and is now sitting at R28 502.09. There is no reason to be paying R275 p/m to protect R28 502.09.