HH
Hanlie H
1 reviews | Active since May 2019
13 May 2019, 08:55
Shame on Platinum Life
This morning I received a sms telling me that my policy has lapsed on 10/01/2013!!! I phoned them this morning and lapse of my policy was confirmed. Upon enquiry, it was my responsibility to phone them to get the latest premium and I am now over R3000 in arrears on this policy. I have been paying R110 for more than 2 years and we are in 2019 now. According to them it lapsed on 10/01/2013!!! I wanted to cancel policy immediately on which instruction I was told that it has lapsed so they will just leave it like that. In the mean time I have lost a lot of money paying every month for a policy that does not exist.
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Platinum Life's replyOfficial
13 May 2019, 15:00 Dear Hanlie, I have been unable to reach you telephonically and would like to provide some information regarding your Hello Peter complaint. As stated in your policy documents there is an annual 10% inflation increase on your policy, this increases your premium as well as your benefits, as well as any upgrades on your policy that may cause an increase in premium. Cash policies are difficult to monitor, as we don’t receive feedback if a premium is not paid or amount is outstanding. We have recently been able to do a full recon on the system and have picked up that there are arrears on these policies. As stated in the policy contract, “Should the insurer be unable to collect three consecutive premiums or should the policy at any stage be overdue more than three premiums, the insurer is entitled to put the policy out of force and the accident lump sum and cancer lump sum shall not be payable from the date the policy goes out of force.” Due to the arrears on your policy, the policy was lapsed and the sms was sent through to advise. As a premium was being paid monthly, you did have cover but did not enjoy the full benefits due to the arrears. This means that at claim stage, this would have influenced the amount being paid out. We can arrange to reinstate the policy and write off any arrears, but we would require for the policy to be placed back on a effect debit order to ensure that you are completely covered. I have sent you email correspondence regarding this matter, so please advise If you have any further queries please feel free to contact me directly on ***. Kind regards, Simoné Venter Client Relationship Specialist & Client Care Supervisor
Platinum Life's reply13 May 2019, 15:00
Official
Dear Hanlie, I have been unable to reach you telephonically and would like to provide some information regarding your Hello Peter complaint. As stated in your policy documents there is an annual 10% inflation increase on your policy, this increases your premium as well as your benefits, as well as any upgrades on your policy that may cause an increase in premium. Cash policies are difficult to monitor, as we don’t receive feedback if a premium is not paid or amount is outstanding. We have recently been able to do a full recon on the system and have picked up that there are arrears on these policies. As stated in the policy contract, “Should the insurer be unable to collect three consecutive premiums or should the policy at any stage be overdue more than three premiums, the insurer is entitled to put the policy out of force and the accident lump sum and cancer lump sum shall not be payable from the date the policy goes out of force.” Due to the arrears on your policy, the policy was lapsed and the sms was sent through to advise. As a premium was being paid monthly, you did have cover but did not enjoy the full benefits due to the arrears. This means that at claim stage, this would have influenced the amount being paid out. We can arrange to reinstate the policy and write off any arrears, but we would require for the policy to be placed back on a effect debit order to ensure that you are completely covered. I have sent you email correspondence regarding this matter, so please advise If you have any further queries please feel free to contact me directly on ***. Kind regards, Simoné Venter Client Relationship Specialist & Client Care Supervisor