MS
Mathee S
1 reviews | Active since Sept 2023
18 Nov 2023, 08:26
Metropolitan refuses to pay our investments!!!!!!
I have been requesting a cancelation on my 2 investments since August and I've emailed, called , your offices and i get the same excuse about my matter being with the technical team or the system has a problem processing it. 4 Months. I can no longer afford to pay the investment yet you debit my account despite me having canceled!!!!I want my refund or i will go further than Hello Peter. 4 Months for my own money that i was saving????? Im not asking for a loan. Release my funds!!!!!! Your service is appalling and you wonder why i canceled my services!!!!
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Metropolitan Life's replyOfficial
20 Nov 2023, 15:06Dear Mathee
We acknowledge receipt of your complaint on HelloPeter.
We always strive to serve all our clients well and regret reading that you have been struggling to cancel/cash in your policy.
Please be advised that Endowment policies fall under the Long Term Insurance Act.
In terms of Regulation 4.2 of this legislation, a policy is restricted for a period of 5 years from its start date to allow only one policy loan and one surrender (be it a full or a partial surrender). The same applies when one increases the policy premium by more than 20 % of the average of the previous two years' premiums.
Therefore, if you have done a partial surrender in the first 5 years of the policy term, you cannot surrender the policy until the restriction period has expired.
If one wants to stop paying premiums during this restriction period, one needs to make the policy Paid-up and revert back to us once the restriction period has ended to claim your full surrender.
We do refund premiums received after a policy is made Paid-up.
One of our Escalation Specialists will revert back to you directly via email with more information regarding your policies, transactions, and subsequent refunds as well as when you may revert back to us for the surrender of your policy.
Regards
Metropolitan Client Care Team
We always strive to serve all our clients well and regret reading that you have been struggling to cancel/cash in your policy.
Please be advised that Endowment policies fall under the Long Term Insurance Act.
In terms of Regulation 4.2 of this legislation, a policy is restricted for a period of 5 years from its start date to allow only one policy loan and one surrender (be it a full or a partial surrender). The same applies when one increases the policy premium by more than 20 % of the average of the previous two years' premiums.
Therefore, if you have done a partial surrender in the first 5 years of the policy term, you cannot surrender the policy until the restriction period has expired.
If one wants to stop paying premiums during this restriction period, one needs to make the policy Paid-up and revert back to us once the restriction period has ended to claim your full surrender.
We do refund premiums received after a policy is made Paid-up.
One of our Escalation Specialists will revert back to you directly via email with more information regarding your policies, transactions, and subsequent refunds as well as when you may revert back to us for the surrender of your policy.
Regards
Metropolitan Client Care Team
Metropolitan Life's reply20 Nov 2023, 15:06
Official
Dear Mathee
We acknowledge receipt of your complaint on HelloPeter.
We always strive to serve all our clients well and regret reading that you have been struggling to cancel/cash in your policy.
Please be advised that Endowment policies fall under the Long Term Insurance Act.
In terms of Regulation 4.2 of this legislation, a policy is restricted for a period of 5 years from its start date to allow only one policy loan and one surrender (be it a full or a partial surrender). The same applies when one increases the policy premium by more than 20 % of the average of the previous two years' premiums.
Therefore, if you have done a partial surrender in the first 5 years of the policy term, you cannot surrender the policy until the restriction period has expired.
If one wants to stop paying premiums during this restriction period, one needs to make the policy Paid-up and revert back to us once the restriction period has ended to claim your full surrender.
We do refund premiums received after a policy is made Paid-up.
One of our Escalation Specialists will revert back to you directly via email with more information regarding your policies, transactions, and subsequent refunds as well as when you may revert back to us for the surrender of your policy.
Regards
Metropolitan Client Care Team
We always strive to serve all our clients well and regret reading that you have been struggling to cancel/cash in your policy.
Please be advised that Endowment policies fall under the Long Term Insurance Act.
In terms of Regulation 4.2 of this legislation, a policy is restricted for a period of 5 years from its start date to allow only one policy loan and one surrender (be it a full or a partial surrender). The same applies when one increases the policy premium by more than 20 % of the average of the previous two years' premiums.
Therefore, if you have done a partial surrender in the first 5 years of the policy term, you cannot surrender the policy until the restriction period has expired.
If one wants to stop paying premiums during this restriction period, one needs to make the policy Paid-up and revert back to us once the restriction period has ended to claim your full surrender.
We do refund premiums received after a policy is made Paid-up.
One of our Escalation Specialists will revert back to you directly via email with more information regarding your policies, transactions, and subsequent refunds as well as when you may revert back to us for the surrender of your policy.
Regards
Metropolitan Client Care Team