1 reviews | Active since Mar 2017
Ripping Clients off
I have canceled my mother's policy and she has had this policy from 2013 with Platinum life. They do not mention anything about refunding any of the premiums paid.
Dear Jadine,
I have received your complaint and would like to provide some feedback regarding this matter. Unfortunately, I have not been able to get a hold of you to discuss this telephonically as well.
Kindly note that all our policies are pure risk and as such, it does not acquire any surrender, loan, paid-up or cash value during its term. Please refer to the General terms and conditions in the policy contract which states that “The policy does not: accrue a surrender value.”
Keep in mind that this policy is a whole life policy. This means that in order to enjoy cover in a month, a premium must be paid on time. Each monthly premium is paid individually and separately for the specific risk that Platinum Life carries for that month. 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.
A value added benefit that is coupled onto the policy is the money back benefit (as per the policy documents). Once the specific term has expired (please see your policy schedule for this date), and the policy is in force and claim free, a lump sum of 50% of all the premiums paid, is paid back to you.
There are options available to lower the premium and cover on the policy, if you do not wish to cancel completely. The policy has been sent through to our cancellation department and they will be in touch for final confirmation.
You are more than welcome to give me a call on *** so I can assist accordingly.
Kind regards,
Simoné Venter
Client Relationship Specialist & Client Care Supervisor
Dear Jadine,
I have received your complaint and would like to provide some feedback regarding this matter. Unfortunately, I have not been able to get a hold of you to discuss this telephonically as well.
Kindly note that all our policies are pure risk and as such, it does not acquire any surrender, loan, paid-up or cash value during its term. Please refer to the General terms and conditions in the policy contract which states that “The policy does not: accrue a surrender value.”
Keep in mind that this policy is a whole life policy. This means that in order to enjoy cover in a month, a premium must be paid on time. Each monthly premium is paid individually and separately for the specific risk that Platinum Life carries for that month. 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.
A value added benefit that is coupled onto the policy is the money back benefit (as per the policy documents). Once the specific term has expired (please see your policy schedule for this date), and the policy is in force and claim free, a lump sum of 50% of all the premiums paid, is paid back to you.
There are options available to lower the premium and cover on the policy, if you do not wish to cancel completely. The policy has been sent through to our cancellation department and they will be in touch for final confirmation.
You are more than welcome to give me a call on *** so I can assist accordingly.
Kind regards,
Simoné Venter
Client Relationship Specialist & Client Care Supervisor