Nedbank
Insurance - RIP OFF

I have been paying R418.01 per month alone for insurance (protection plan) against my personal loan, which in my understanding was supposed to cover me adequately in case of death or disability, I have now been declared medically boarded from work, due to loss of vision, and now that I have called the call centre to notify them, they informed me that the bank will only be paying R12 500 of this existing loan. I need management to justify how they could charge me R418.01 and this does not cover the complete loan amount I find this to be a total rip off, as I could have taken a personal insurance against unforseen circumstances like this, and I would have not have to worry about our cover. I need urgent feedback.

How can a client who gets disability (not working) and still be liable to pay a loan which you already are paying insurance to cover.
PS, I was not given a copy of my policy, only given a copy of loan agreement at the time when I took out the policy

Company: Nedbank
Country: South Africa
City: Head Office - Insurance

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