TM
Thobela M

1 reviews | Active since Jun 2014

13 Jun 2019, 10:20

False Information given by the staff.

I made an investment in 2004. I had my withdrawals and loans as normal. The policy missed premiums and it was made paid up. I enquired about starting the premiums again at Parow Metropolitan offices, they said it was too late and my payout will be R20 000. I was not happy with that amount they said I must go to Bellvile. I went to Bellville also last year, I was also told the samething that my maturity amount will be R20 000. I eventually came to terms with that. Now few weeks before maturity I go to hand in my bank statement and I ma told the money that will be paid out will be R7700. The shock of my life that the money has gone down. There is no interests in Metropolitan. This is the reason why I stopped my retirement as you do not fullfil promises made. Imagine after 30 years I findout that there is no money like what happenned to me 15 years later. I am so disappointed shame. I will never deal with Metropolitan for the rest of my life. Same thing happened to my mother. And I will never recommend Metropolitan to anyone. There is no transparency. Noone contacts you. And when you phone or go to the branch you are told false information. You have given me false hope.

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Replies (1)
Metropolitan Life
Metropolitan Life's reply14 Jun 2019, 09:32
Official
Dear Thobela

We acknowledge receipt of your complaint.

Did you know you could log your complaint directly with us?

  • Contact Centre ***
  • Website:  www.metropolitan.co.za
  • email;  ***

Please be advise that though one may do loans and surrenders on an endowment policy, they are not compulsory and do affect the maturity value of your policy (withdrawals affect it directly and immediately and loans affect maturity value if not repaid).

Premium debts also affect one's maturity value, as a maturity value indicated to you would be projected, based on a certain set of assumptions, one of which will be assuming that all expected premiums and increases were received at the time they were payable.

At maturity, debt settlements are done in terms of the contract and any outstanding loan debt and premium debt is settled from the claim proceeds, before the claim is paid.

This being said, one of our Client Care Assessors will investigate and revert back to you directly.

Regards

Client Care Team