ST
Sebenzile T
1 reviews | Active since Jul 2015
11 Feb 2019, 14:35
Complain
Hi i canceled one of my education policy with Metropolitan life since is not working for me and to my surprise they telling me i won't receive any reimbur*****t /money contributed they alleged i must wait until year 2023 and to make matters worse by then it will be same money without any interest whereas they had my money.
Helpful (0)
Replies (4)0
Replies (4)
Metropolitan Life's replyOfficial
11 Feb 2019, 15:30Dear Sebenzile
We acknowledge receipt of your complaint.
Did you know you can log a complaint directly with us? Our contact details are as follows:
Tel: *** or 21 *** (switchboard)
Email: ***
We regret to learn that you feel we are disappointing you in terms of access to funds on your policy.
Please note that the restriction on your policy is due to insurance legislation and not a policy term or condition Metropolitan imposes on your policy and therefore we don't have the authority to waive it.
In terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its existence to allow only one loan and one surrender, be it full or partial surrender. The same restriction rules apply when one increases one's policy premiums by more than 20 % of the average of the previous two years premiums.
As such, a policy is automatically restricted for a period of 5 years from inception date to allow only one loan and one surrender transaction, whether it is a full or a partial surrender. The same restriction applies when one increases the policy premium with more than 20 % of the average of the previous two years' policy premiums.
We cannot divulge policy specific information on this public platform.
Therefore one of our Client Care Assessors will send you this explanation via email, along with the details of your policy and how these legislative restrictions impact your policy.
Regards
Client Care Team
We acknowledge receipt of your complaint.
Did you know you can log a complaint directly with us? Our contact details are as follows:
Tel: *** or 21 *** (switchboard)
Email: ***
We regret to learn that you feel we are disappointing you in terms of access to funds on your policy.
Please note that the restriction on your policy is due to insurance legislation and not a policy term or condition Metropolitan imposes on your policy and therefore we don't have the authority to waive it.
In terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its existence to allow only one loan and one surrender, be it full or partial surrender. The same restriction rules apply when one increases one's policy premiums by more than 20 % of the average of the previous two years premiums.
As such, a policy is automatically restricted for a period of 5 years from inception date to allow only one loan and one surrender transaction, whether it is a full or a partial surrender. The same restriction applies when one increases the policy premium with more than 20 % of the average of the previous two years' policy premiums.
We cannot divulge policy specific information on this public platform.
Therefore one of our Client Care Assessors will send you this explanation via email, along with the details of your policy and how these legislative restrictions impact your policy.
Regards
Client Care Team
Best regards,
Metropolitan Life's reply11 Feb 2019, 15:30
Official
Dear Sebenzile
We acknowledge receipt of your complaint.
Did you know you can log a complaint directly with us? Our contact details are as follows:
Tel: *** or 21 *** (switchboard)
Email: ***
We regret to learn that you feel we are disappointing you in terms of access to funds on your policy.
Please note that the restriction on your policy is due to insurance legislation and not a policy term or condition Metropolitan imposes on your policy and therefore we don't have the authority to waive it.
In terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its existence to allow only one loan and one surrender, be it full or partial surrender. The same restriction rules apply when one increases one's policy premiums by more than 20 % of the average of the previous two years premiums.
As such, a policy is automatically restricted for a period of 5 years from inception date to allow only one loan and one surrender transaction, whether it is a full or a partial surrender. The same restriction applies when one increases the policy premium with more than 20 % of the average of the previous two years' policy premiums.
We cannot divulge policy specific information on this public platform.
Therefore one of our Client Care Assessors will send you this explanation via email, along with the details of your policy and how these legislative restrictions impact your policy.
Regards
Client Care Team
We acknowledge receipt of your complaint.
Did you know you can log a complaint directly with us? Our contact details are as follows:
Tel: *** or 21 *** (switchboard)
Email: ***
We regret to learn that you feel we are disappointing you in terms of access to funds on your policy.
Please note that the restriction on your policy is due to insurance legislation and not a policy term or condition Metropolitan imposes on your policy and therefore we don't have the authority to waive it.
In terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its existence to allow only one loan and one surrender, be it full or partial surrender. The same restriction rules apply when one increases one's policy premiums by more than 20 % of the average of the previous two years premiums.
As such, a policy is automatically restricted for a period of 5 years from inception date to allow only one loan and one surrender transaction, whether it is a full or a partial surrender. The same restriction applies when one increases the policy premium with more than 20 % of the average of the previous two years' policy premiums.
We cannot divulge policy specific information on this public platform.
Therefore one of our Client Care Assessors will send you this explanation via email, along with the details of your policy and how these legislative restrictions impact your policy.
Regards
Client Care Team
Best regards,
ST
Sebenzile T's updateReviewer Update
12 Feb 2019, 11:35So which means if you holding to my monies for the period till 2023 the money will be able to get some interest monthly. And my worry is you consultants/"representatives always they don't explain to us those terms when we join your company /business as they just want us to join for them to get paid and it is not fair towards us clients.
ST
Sebenzile T's update12 Feb 2019, 11:35
Reviewer Update
So which means if you holding to my monies for the period till 2023 the money will be able to get some interest monthly. And my worry is you consultants/"representatives always they don't explain to us those terms when we join your company /business as they just want us to join for them to get paid and it is not fair towards us clients.
Metropolitan Life's replyOfficial
12 Feb 2019, 14:39Dear Sebenzile
Thank you for the additional comments.
Yes, your policy's investment fund will continue to share in the profits of the company in the form of bonuses annually declared by the company.
The purpose of an endowment policy is to save up over a period of time - till maturity date of the policy. The fact that the policy has values available before maturity for the client to access, should they want or need to is a plus. However, the client is not compelled to apply for funds from the policy just because it is available. Many clients never withdraw funds from their policies at all and only claim their proceeds at death or maturity.
It is therefore impossible for a financial adviser to anticipate all the scenarios that will occur during the lifetime of a specific policy. This is why restrictions are mentioned in the policy documentation, so that if the client is unhappy about any of the terms and conditions, they can cancel the policy in the cooling off period of the policy.
We again inform the client of restrictions when they increase their policy premiums and when they transact on the policy to ensure the client bears cognizance of the possibility that their policy could be restricted in terms of the regulations.
We are sorry if this is disappointing to you but would like to assure you that your policy will continue to attract bonuses while it is in a paid-up status and restricted and once the restriction period has expired, you will be able to access the remaining funds in your policy.
Regards
Client Care Team
Thank you for the additional comments.
Yes, your policy's investment fund will continue to share in the profits of the company in the form of bonuses annually declared by the company.
The purpose of an endowment policy is to save up over a period of time - till maturity date of the policy. The fact that the policy has values available before maturity for the client to access, should they want or need to is a plus. However, the client is not compelled to apply for funds from the policy just because it is available. Many clients never withdraw funds from their policies at all and only claim their proceeds at death or maturity.
It is therefore impossible for a financial adviser to anticipate all the scenarios that will occur during the lifetime of a specific policy. This is why restrictions are mentioned in the policy documentation, so that if the client is unhappy about any of the terms and conditions, they can cancel the policy in the cooling off period of the policy.
We again inform the client of restrictions when they increase their policy premiums and when they transact on the policy to ensure the client bears cognizance of the possibility that their policy could be restricted in terms of the regulations.
We are sorry if this is disappointing to you but would like to assure you that your policy will continue to attract bonuses while it is in a paid-up status and restricted and once the restriction period has expired, you will be able to access the remaining funds in your policy.
Regards
Client Care Team
Best regards,
Metropolitan Life's reply12 Feb 2019, 14:39
Official
Dear Sebenzile
Thank you for the additional comments.
Yes, your policy's investment fund will continue to share in the profits of the company in the form of bonuses annually declared by the company.
The purpose of an endowment policy is to save up over a period of time - till maturity date of the policy. The fact that the policy has values available before maturity for the client to access, should they want or need to is a plus. However, the client is not compelled to apply for funds from the policy just because it is available. Many clients never withdraw funds from their policies at all and only claim their proceeds at death or maturity.
It is therefore impossible for a financial adviser to anticipate all the scenarios that will occur during the lifetime of a specific policy. This is why restrictions are mentioned in the policy documentation, so that if the client is unhappy about any of the terms and conditions, they can cancel the policy in the cooling off period of the policy.
We again inform the client of restrictions when they increase their policy premiums and when they transact on the policy to ensure the client bears cognizance of the possibility that their policy could be restricted in terms of the regulations.
We are sorry if this is disappointing to you but would like to assure you that your policy will continue to attract bonuses while it is in a paid-up status and restricted and once the restriction period has expired, you will be able to access the remaining funds in your policy.
Regards
Client Care Team
Thank you for the additional comments.
Yes, your policy's investment fund will continue to share in the profits of the company in the form of bonuses annually declared by the company.
The purpose of an endowment policy is to save up over a period of time - till maturity date of the policy. The fact that the policy has values available before maturity for the client to access, should they want or need to is a plus. However, the client is not compelled to apply for funds from the policy just because it is available. Many clients never withdraw funds from their policies at all and only claim their proceeds at death or maturity.
It is therefore impossible for a financial adviser to anticipate all the scenarios that will occur during the lifetime of a specific policy. This is why restrictions are mentioned in the policy documentation, so that if the client is unhappy about any of the terms and conditions, they can cancel the policy in the cooling off period of the policy.
We again inform the client of restrictions when they increase their policy premiums and when they transact on the policy to ensure the client bears cognizance of the possibility that their policy could be restricted in terms of the regulations.
We are sorry if this is disappointing to you but would like to assure you that your policy will continue to attract bonuses while it is in a paid-up status and restricted and once the restriction period has expired, you will be able to access the remaining funds in your policy.
Regards
Client Care Team
Best regards,
ST
Sebenzile T's updateReviewer Update
04 Jun 2019, 16:20Hi after sitting down and thinking about the policy i realised Metropolitan didn't explain to me the clause and they hide it when i joined the policy
ST
Sebenzile T's update04 Jun 2019, 16:20
Reviewer Update
Hi after sitting down and thinking about the policy i realised Metropolitan didn't explain to me the clause and they hide it when i joined the policy