1 reviews | Active since Aug 2021
DISAPPOINTED WITH METROPOLITAN
Dear Sir/Madam RE: COMPLAINT REGARDING RESTRICTIONS ON MY METROPOLITAN INVESTMENT NO. *** To whom it may concern: Metropolitan Consumer commission Insurance Ombudsman Kindly assist in the above matter. I Nontsikelelo G. R Nogwam with Identity no. *** would like to bring to your attention the merits and the dissatisfaction with regards to the above mentioned investment and my encounter with the staff at Metropolitan Springs Branch. I had an Educational policy for my daughter with Metropolitan that matured in 2019 when she was still in Grade 11. I then spoke to an official named Getrude Ratswana from the Springs branch to reinvest the funds with Metropolitan so that they could be accessed when my daughter had matriculated in 2021. I further instructed that there be a debit order from me to top up on that investment. I must put on record that I explicitly explained when I would be needing the funds and for what reason they were going to be used. In the very same year I withdrew from the policy effectively. In 2020 I tried accessing the funds but was told I couldn’t because I accessed funds from the same policy the previous year 2019, which was understandable. Now my daughter has to register at tertiary, and I need these funds I am told of restrictions that were never explained to me on the inception of the investment. I consulted the same official from December 2021 to establish the merits of this policy preparing for this year 2022 in vain. She never gave me feedback even once. On consulting the Metropolitan office in January 2022, I was told I could only get a loan from my investment and couldn’t withdraw. I could not understand this at all since I explained to the official why I was investing and when I’d need the funds. The official in question was then summoned to explain this to me and she insisted that she indicated these restrictions. Can a normal person agree to such restrictions knowing the child will need funds before 2024? All this complication was never explained to me, therefore: 1. I WANT MY MONEY TO PAY FOR MY DAUGHTER’S FEES 2. I DO NOT WANT A LOAN FROM METROPOLITAN 3. I WANT MY CONTRIBUTIONS TO BE STOPPED WITH IMMEDIATE EFFECT & THIS POLICY STOPPED N.B I want to put in record that this is not my fault and I cannot be made to pay for someone else’s fault who only had her intentions in mind and not of the client.
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of your unhappiness with the policy you have taken.
Please note that a restriction is not a Metropolitan term and condition that restricts access to funds on your policy, but legislation:
- 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.
Therefore, if you have already accessed the partial surrender option on your policy, within the restriction period, we are not able to grant you the full surrender of your policy, as we are bound by the same legislation that you are.
One of our Client Care assessors will investigate the complaint and revert back to you directly.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of your unhappiness with the policy you have taken.
Please note that a restriction is not a Metropolitan term and condition that restricts access to funds on your policy, but legislation:
- 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.
Therefore, if you have already accessed the partial surrender option on your policy, within the restriction period, we are not able to grant you the full surrender of your policy, as we are bound by the same legislation that you are.
One of our Client Care assessors will investigate the complaint and revert back to you directly.
Regards
Client Care Team