PS
Pateng S
1 reviews | Active since Apr 2022
27 Apr 2022, 11:50
Investment Policy Cancellation and Refund of my Savings.
I wanted to cancel my investment and get my savings back but they are telling me to wait for 16 months before getting my savings. I am disgusted, disappointed and confused.
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Metropolitan Life's replyOfficial
28 Apr 2022, 09:30Dear Pateng
We acknowledge receipt of your complaint on HelloPeter.
Kindly note 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.
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
Kindly note 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.
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care Team
Metropolitan Life's reply28 Apr 2022, 09:30
Official
Dear Pateng
We acknowledge receipt of your complaint on HelloPeter.
Kindly note 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.
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
Kindly note 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.
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care Team