YL
Yeolebder L
1 reviews | Active since Mar 2023
26 Mar 2023, 15:44
Metroplitan withholding my money
I am so dissapinted and frustrated with metroplitan.i have an investment with them which i wanted to surrender and get my money because i am leaving the country. only to get shock of my life that my investment is restricted for 5 years because since 2014 that i started the investment i have withdrawn money twice so its now restricted i cant access my cash that i need to travel.sad part is the information was not made clear to me i just found out when i wanted to cancel the investment so i can travel
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Replies (4)0
Replies (4)
Metropolitan Life's replyOfficial
27 Mar 2023, 09:02Dear Yeolender
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 Escalation Specialists 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 Escalation Specialists will explain how this may apply to your policy.
Regards
Client Care team
Metropolitan Life's reply27 Mar 2023, 09:02
Official
Dear Yeolender
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 Escalation Specialists 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 Escalation Specialists will explain how this may apply to your policy.
Regards
Client Care team
YL
Yeolebder L's updateReviewer Update
27 Mar 2023, 13:34I will be waiting for the call because seriously i am highly dissapinted with the lack of transperency
YL
Yeolebder L's update27 Mar 2023, 13:34
Reviewer Update
I will be waiting for the call because seriously i am highly dissapinted with the lack of transperency
Metropolitan Life's replyOfficial
27 Mar 2023, 14:41Dear Yeolender
Thank you for your additional comments.
The matter is already receiving our attention.
Regards
Client Care Team
Thank you for your additional comments.
The matter is already receiving our attention.
Regards
Client Care Team
Metropolitan Life's reply27 Mar 2023, 14:41
Official
Dear Yeolender
Thank you for your additional comments.
The matter is already receiving our attention.
Regards
Client Care Team
Thank you for your additional comments.
The matter is already receiving our attention.
Regards
Client Care Team
YL
Yeolebder L's updateReviewer Update
01 Apr 2023, 07:48Its been a week still i have not received the call from metroplitan to assist me in resolving my problem
YL
Yeolebder L's update01 Apr 2023, 07:48
Reviewer Update
Its been a week still i have not received the call from metroplitan to assist me in resolving my problem