Disgrace of service from Standard Bank

Good morning M Willem

The cover amount was affected by the unpaid premiums. There were four missed premiums within the last six months before date of death (November to February). These missed premiums reduced the payout to 33.33%. The cover amount was R 15 000 and we paid R4 999.50.

We refer to clause 5.2 which reads as follows:

5.2 What happens if a premium is not paid? • Your policy will not immediately lapse if you are unable to pay a premium. • If you reverse or cancel your debit order, it may negatively impact any subsequent claims and if 6 consecutive premiums are missed this will result in your policy being cancelled. • When you miss a premium (for example your debit order came back as unpaid because of insufficient funds) we will notify you of such missed premium and you will have 15 days to pay this premium before we reduce the benefit amount as stated below. • If you miss a premium, the value of the policy benefit will be reduced proportionately. Your benefit amount will be reduced by the percentage of total premiums missed to premiums due in the past six months. • Should you catch up all missed premiums your benefit amount will revert to the original benefit amount you contracted for. • If you have not paid any premiums at all for 6 months, the value of your policy benefit amount will be zero, and no claim will be payable. Your policy will lapse. If you want cover again, you will have to apply for a new policy. New waiting periods may apply.

Based on this the cover amount paid is correct.

We will proceed to close the matter however should you require more information please do not hesitate to contact me.

Kind Regards

After 14 days this is what Sytandard bank is coming up with : I will be going to the ombudsman :

Good day

It took youll almost 3 week to comes back and give me this answer which still does not make sense to me , how did you get to a 33.33% proportionately. Nowhere in the above clause youll are quoting does it state the proportion of p[ercentage that will be deducted so this sound to me that this is discretional .

How did you work this out , how long did the deceased have the policy and why did you not just deduct the 4 mounth premiums . Can I have a record of the above? I am going to the future with poor service of yours and will assist my aunt Alida Martin to cancel the policies you'll force her to continue with .

Regards Willem Mansfield