1 reviews | Active since Nov 2020
I have PPS life insurance policy which commenced in 2014. I have previously (in 2015) and successfully ceded the life policy in favor of a bond but recently the policy was not accepted by the bank when i tried to finalize the new bond agreement with the bank. It seems that the PPS life cover does not comply Credit Life Insurance regulations (2017 amendments). Upon checking my PPS life cover policy the bank has rejected the policy deeming it insufficient to provide the 12 months cover in the event of unemployment as required by the amended Life Insurance regulations. Effectively the policy is unusable (unacceptable to the bank) as it does not meet requirements of the bank following amended regulations. I since raised a query regarding the misalignment of my life policy to the amended regulations on friday 29/01/2021 and after few telephonic follow ups (3 february and 9 february) and promises of timely response I only received a reference number (***) with no useful feedback (only that the matter has been referred to experts). This has halted the bond registration on my side because of the policy not complying to the regulations and lack of response from PPS to assist regarding the policy insufficiency. Disappointed with the customer service.
Best regards,
Best regards,
Best regards,
Best regards,
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