Hollard Insurance
Misrepresentation of an investment product

In July 2013, I approached my local Std Bank in Mafikeng to seek investment. 2 investment options were explained 1. A 5 year investment with a growth on the initial figure after 5 years, 2. A R700 000.00 and get a monthly income of R3673 and after 5 years I get the original amount I invested back. I then opted for the 2nd option. The banker then told me to nominate some beneficiaries. This was the explanation regarding the policy I got from him and I am only realising how vague and incomprehensive it was. I was under the impression I was investing with Standard Bank but was surprised to receive a contract from Hollard. He never mentioned anything about Hollard to me and the terms and conditions were not explained in their entirety. I was not made aware of the fact that the policy had two portions, which is temporary annuity and endowment. This vital piece of information came to my knowledge as I was just going through the paperwork on my own. I now need to cancel the investment as I am in dire need of funds and was informed that out the R300000 remaining in my investment I can only get R184000 which is a ridiculous amount. I need my money and can pay a penalty but not R120K!!!

Company: Hollard Insurance
Country: South Africa
City: Gauteng

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