MW
Margie W
1 reviews | Active since Sept 2011
29 Mar 2019, 11:22
Refund Upon Cancellation?
After careful consideration, I decided to cancel my policy due to financial constraints. I was contacted on 19 March and I agreed to a reduced policy amount. I received the new policy details at 5:43pm 22/03/2019 but, only read it 25/03/2019 and rep**** saying I do need to cancel the policy. Today I was called back regarding the cancellation, and even a greater reduction offered, to which I declined. On 19 March it was mentioned that because I have been with Platinum Life for 7 years I am entitled to a pay out upon cancellation. Now today, I was told unfortunately not. Is there, or is there not a pay-out upon cancellation?
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Platinum Life's replyOfficial
03 Apr 2019, 09:14 Dear Margie, Thank you so much for taking my call. I have followed up in the call that was made to you on the 19th of march 2019 regarding the cancellation of your policy. In the call, the consultant did advise that the policy has been in force for 7 years and that you have been contributing towards your Money back Benefit in this time. I do apologize if there was any misunderstanding due to the way this was phrased. Kindly note that this is a pure risk policy and as such does not acquire any surrender, loan, paid-up or cash value during its term. Please refer to the General terms and conditions in your policy contract which states that “The policy does not: accrue a surrender value.” There is no cumulative effect of premiums paid over the duration of a policy. Previous premiums have no bearing on the cover available for a current month and do not accumulate a value. Please do not hesitate to contact me directly on *** if there is anything else I can assist with Have a great day Kind regards, Simoné Venter Client Relationship Specialist & Client Care Supervisor
Platinum Life's reply03 Apr 2019, 09:14
Official
Dear Margie, Thank you so much for taking my call. I have followed up in the call that was made to you on the 19th of march 2019 regarding the cancellation of your policy. In the call, the consultant did advise that the policy has been in force for 7 years and that you have been contributing towards your Money back Benefit in this time. I do apologize if there was any misunderstanding due to the way this was phrased. Kindly note that this is a pure risk policy and as such does not acquire any surrender, loan, paid-up or cash value during its term. Please refer to the General terms and conditions in your policy contract which states that “The policy does not: accrue a surrender value.” There is no cumulative effect of premiums paid over the duration of a policy. Previous premiums have no bearing on the cover available for a current month and do not accumulate a value. Please do not hesitate to contact me directly on *** if there is anything else I can assist with Have a great day Kind regards, Simoné Venter Client Relationship Specialist & Client Care Supervisor