EI, the policy owner, request a copy of the POLICY of my daughter. I pay the policy so I am the owner. On request of the value of encashment in 2010 I was give a quote as follows:
Date of commencement:1-10-2004 Policy No:401619632
Premium: R394.31 Encashment value: R10649.98 Total Value of premiums paid: R20207.34
Person sending document: Russel Krawitz
In 2012 I made another request for a copy, I was bluntly ignored. This is what they quoted my daughter:
Date of commencement:1-10-2004 Policy No:401619632
Premium: R429.74 Encashment value: R2973.74 Total Value of premiums paid: R26043.34 PREVIOUS ENCASHMENTS: NONE
Person sending the document: Basil Reekie
Explanation: Only 5% were save in the 1st year then some other explanations. They still have not send a copy of the original policy to my daugther. According to them it can take up to 3 months.
My question is: What happens to the money I paid into the policy? How can the value drop from R10649 TO R2973.74 two years later. The policy premiums is now R520 per month.
I have all documents quoted.. Even the agent that sold me the policy would not recomment anyone.
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