Complaint / Review
AXA Insurance
Trusted the company and took up a health plan but they did not honour their word world wide

In 1994, I took up a 10 year Red Shield Total Refund Plan (now under AXA Insurance) that was supposed to provide medical cover for me until 2004. I.E. A 10 yr plan.in the plan I will be getting a full refund of the premiums paid (principal only) at the end of the 10-year period i.E. 2004. (Presumably the company will use my premiums to generate other income for them. The deal is they cover me but I don't get interest paid for the ten years that I pay them the premium)

In Nov AXA pulled the rug from under me by sending me a letter terminating the policy after 9 plus years!

Reason: AXA is discontinuing the policy as it is not in line with AXA's current strategy and new corporate guidelines to propose long term insurance cover! When they sold me the policy they did not indicate to me that it was subjected to their strategy.

I have not made any claims all this while, i.E. 9 plus years, and has paid my premiums dutifully. One would think that AXA would continue to honour a product once sold till the end of the refund period, which is in Aug. They may not want to promote new long term insurance cover products but they could and should honour those that they have sold to people who believe in them.

I wrote in to AXA and all I got was that they have the right to terminate the policy by giving me 7 days notice!

To add insult to injury, they send me a cheque that bounced when I tried to deposit it.

I am highlighting this for those who may have similar or other AXA products to look carefully into the way such products are presented.in my case, the 10 year Total Refund Plan means nothing if the organization can just terminate the policy without having to honour it. All they indicated was that they have a right to do it as they are giving me 7 days notice for the termination. There were only a few more months to go before they can honourably fulfilled their obligation but they chose not to.

It has certainly taught me not to buy any more AXA products. I do not wish to have anything to do with an organization that does not honour its products. I do want to have the chair being pulled out from under me again.

Perhaps the Singapore office is blaming Corporate without AXA knowing it. If the CEO is reading this, I hope he/she can take some action to salvage its organisation reputation

Henry
Singapore
Singapore