1 reviews | Active since Mar 2019
Investment payout ***)
I had an investment with Metropolitan life for a period of 15 years. My premiums were increasing by 10 % every years which is the highest. During my 15 years I did withdrawals on my investment of which I need receive any corresponded from them for the past 15 years. Last year I received a call from one of their sales lady she wanted me to take another investment as she saw that my investment was going to mature in April 2019. I asked the lady how much am I going to receive when she check from the system she told me R19 000 I knew maybe because of the withdrawals I did. Early December 2018 I received another call from sales lady, because I was assuming that maybe my maturity amount has been increased by then he advise me that my Maturity amount was now R14 000 when I asked her how because I was told that its R19 000 and I was expecting her to tell me maybe is now more.
She told that they are not yet finished calculating, before they pay me they will call me to explain everything and I will receive a correspondence. January this year I called them because I've notice that they didn't deduct premium for December and January I was told that its not a mistake they don't deduct 3 months before the payment month. Again I was told its R14000 when I asked the lady she could not answer me, she said I must ask for breakdown. 1 April 2019 I received a shock of my life when Metropolitan life deposited R11 257.25 to my bank, which is even less than premiums I've paid for 12 months. There were no correspondence or explanation. I called them to enquire they could not tell me what was the impact only gave me an email to ask for breakdown. I sent an email same day I got a response saying they will call me within 48 hours of which they did not. After a week I called them they told me that breakdown will be available on the 15th of April as they are still busy calculating. My question was how come they are still calculating although they already pay my money. How did they pay me without calculation? On 15 April 2019 at 3:37 pm I received an email from Nasruddin Khalfey with the breakdown of which I saw that for the past 15 years I only received I had investment with them I only received an interest of R2,384.47. Again there is a premium debt of R3,417.75 that I don't understand because according to my knowledge this was not loan repayment was my money that I've invested to them in order to accumulate interests. I responded to her/his email for a clarity she never come back to me.
All I want to know why they gave me two different amounts, and received less than those two? where is that R19 000 they told me about. From their breakdown there is nothing about R19 000 and they are saying their call has been recorded I could not lie about that.
My many worry I am still their client I how am I going to trust them again.
We acknowledge receipt of your complaint and regret to learn that you are unhappy with the maturity claim payment received.
Did you know you can log your complaint directly with us? Our contact details are:
- Client Services Contact Centre: ***
- Web: www.metropolitan.co.za
- Email: ***
Please note that we cannot accurately predict exactly what your maturity value would be ahead of time, as the maturity value of a policy depends on the actual value accumulated in the investment fund of your policy.
We do however, project or estimate the expected maturity value ahead of time, but this estimated value will always be projected forward given a certain set of assumptions. You can view the assumptions in your contract, but the most important ones are:
- Assuming all premiums are received up to date of maturity
- All scheduled increases are met
- No withdrawals are done
- Bonuses declared remain the same as percentages that were declared historically
Please note that when a policy is paid via debit order, we stop debiting three months prior to the maturity date of the policy. This is because:
- We have an arrangement with all the banks (referred to as the Bankserv rule), whereby they may inform us up to 45 days (6 weeks) after a debit was presented to a client's account, that that specific debit has been returned as unpaid.
- Also, bear in mind that we send out maturity claim forms 6 weeks prior to maturity date, to ensure you have enough time to complete and return the documents to us, before the policy is due to mature.
- This ensures the maturity value quoted on this claim form is accurate and that unnecessary refunds are prevented.
For your policy this all means that :
- Yes, your understanding is correct that the partial surrender you did un 2019 definitely affected the amount of money left in your policy's investment fund and thus the maturity value of your ;policy
- The latest estimated maturity value quoted to you (after the last withdrawal) was correct - assuming all premiums would be received right up to the maturity date of the policy
- Since your policy was paid by debit order, we stopped debiting three months prior to Maturity date.
- Therefore the actual (net) maturity value of your policy would be the estimated (gross) maturity value when the claim was registered, less the last three premiums that we did not bill from your bank account.
Regards
Client Care Team
We acknowledge receipt of your complaint and regret to learn that you are unhappy with the maturity claim payment received.
Did you know you can log your complaint directly with us? Our contact details are:
- Client Services Contact Centre: ***
- Web: www.metropolitan.co.za
- Email: ***
Please note that we cannot accurately predict exactly what your maturity value would be ahead of time, as the maturity value of a policy depends on the actual value accumulated in the investment fund of your policy.
We do however, project or estimate the expected maturity value ahead of time, but this estimated value will always be projected forward given a certain set of assumptions. You can view the assumptions in your contract, but the most important ones are:
- Assuming all premiums are received up to date of maturity
- All scheduled increases are met
- No withdrawals are done
- Bonuses declared remain the same as percentages that were declared historically
Please note that when a policy is paid via debit order, we stop debiting three months prior to the maturity date of the policy. This is because:
- We have an arrangement with all the banks (referred to as the Bankserv rule), whereby they may inform us up to 45 days (6 weeks) after a debit was presented to a client's account, that that specific debit has been returned as unpaid.
- Also, bear in mind that we send out maturity claim forms 6 weeks prior to maturity date, to ensure you have enough time to complete and return the documents to us, before the policy is due to mature.
- This ensures the maturity value quoted on this claim form is accurate and that unnecessary refunds are prevented.
For your policy this all means that :
- Yes, your understanding is correct that the partial surrender you did un 2019 definitely affected the amount of money left in your policy's investment fund and thus the maturity value of your ;policy
- The latest estimated maturity value quoted to you (after the last withdrawal) was correct - assuming all premiums would be received right up to the maturity date of the policy
- Since your policy was paid by debit order, we stopped debiting three months prior to Maturity date.
- Therefore the actual (net) maturity value of your policy would be the estimated (gross) maturity value when the claim was registered, less the last three premiums that we did not bill from your bank account.
Regards
Client Care Team