In the announcement, Manulife provided information about Manulife Vietnam's complaint settlement process for customers participating in the "Investment Security" insurance product through Saigon Commercial Joint Stock Bank (SCB).
Regarding the question of whether Manulife will consider canceling contracts for all customers or only for customers who signed contracts through SCB and have filed complaints, Manulife said that this only applies to customers who participate in the "Investment Security" insurance product through SCB and have filed complaints before April 30, and does not apply to any other cases.
Manulife emphasized: This is an unprecedented decision made by Manulife at this time with deep understanding and sympathy for SCB customers after the bank's crisis that occurred in October last year.
Customer complaints Manulife
As for why it only considers early contract cancellation for customers who have complaints before April 30, Manulife explains: Most of the complaints from SCB customers participating in the "Investment Security" product were sent in October and November 2022, right after the SCB crisis occurred. Therefore, Manulife decided that April 30, 2023 is the appropriate deadline and customers have had enough time to contact Manulife to acknowledge the concerns they have encountered in the past.
Another question is, does Manulife Vietnam refund 100% to all customers who are eligible to cancel their contracts early?
Manulife's response: Not all customers who request to cancel their contracts early will receive a 100% refund from Manulife. Manulife is obliged to strictly comply with all relevant legal requirements and regulations. Therefore, the outcome of the customer's complaint will be determined based on Manulife's assessment, including factors such as the completeness and legality of the insurance contract documents, the results of interviews and confrontations with relevant consultants and bank staff, the information provided by the customer in the complaint and during direct communication, and evidence or relevant factors that need to be considered.
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