TM
Tshifhiwa M
1 reviews | Active since Jan 2020
20 Jan 2020, 21:17
Investment
I have investment with metropolitan but now I'm told I cannot surrender my policy not before 2021 May so to my understanding you can surrender policy anytime , I need assistance here someone educate me.
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Metropolitan Life's replyOfficial
21 Jan 2020, 09:34Dear Tshifhiwa
We acknowledge receipt of your complaint.
Please take note that 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.
We acknowledge receipt of your complaint.
Please take note that 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 increase your policy, your policy may be subject to multiple overlapping restrictions
One of our Client Care Assessors will be contacting you directly with the restriction details on your specific policy.
Regards
Client Care Team
Client Care Team
Metropolitan Life's reply21 Jan 2020, 09:34
Official
Dear Tshifhiwa
We acknowledge receipt of your complaint.
Please take note that 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.
We acknowledge receipt of your complaint.
Please take note that 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 increase your policy, your policy may be subject to multiple overlapping restrictions
One of our Client Care Assessors will be contacting you directly with the restriction details on your specific policy.
Regards
Client Care Team
Client Care Team