Job loss cover
I would like to share my problem regarding RAKBANK. I believe Gulf News can help me out.
I have been using a RAKBANK credit card since almost two years. They are charging me Dh143 every month for credit shield. Credit shield covers critical illness, death, permanent or partial disability and also the involuntary loss of job.
I used to work with an organisation for two and a half years before I lost my job due to restructuring in our department in August 2015. I am still looking for a job and have been paying my minimum payments regularly.
I tried to avail the credit shield cover based on the involuntary loss of job, and expected the insurance company to pay off my dues. I contacted the call centre and sent across all my required documents. I fulfilled all the required terms and conditions as mentioned in their welcome kit and online.
RAKBANK rejected my claim for the reason that I informed them late, as I was supposed to inform the bank within one month of losing my job. This condition is not there at all. I paid them more than Dh2,000 for this credit shield and am still paying.
I request Gulf News to please send my request to the bank officials and settle my claim.
From Mr Hasham Ali Shah
The management of RAKBANK responds:
Thank you for the correspondence regarding issues raised by Mr Shah.
As part of the Credit Shield cover on our Credit Card, customers are offered complementary protection against Involuntary Job Loss provided a written notice is submitted to Insurance Provider within 30 days from the date of loss of employment.
We have informed Mr Shah that his insurance claim was not approved by the insurance provider since the notification/claim was submitted by him after four months.
(Process initiation: March 8. Response from organisation: March 9. Process completion: March 28.)
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