GM
Goitsemang M

1 reviews | Active since Mar 2018

02 Feb 2021, 15:41

Not safe and not recommended to invest through Metropolitan

I have an investment with Metropolitan life since 2017 November. This company is showing me flames but this time its above the limit. I was surprised when i started investing,I told the guy by the name of Tumelo that I want to invest jst for a year. In 2018 when i wanted to take my money i was surprised to hear that my investment will mature in 10 years. So i managed to take some of it which i then invested somewhere else with no regrets. In 2020 May/June I just went to the metropolitan life office in Zeerust to check the updates on my investment and was told that I didn't pay for March and April same year so I should pay which I did as i was given the account details and reference. And to withdraw some money but they turned my request down becoz of some restrictions. In 2020 December 09,I got money more thn R3000 which was from Amedlife, didn't know its related to Metropolitan until I read the reviews about it which were scary and were all about the ****s and all that, the reason I went to the bank to confirm if indeed its related to Metropolitan Life.I then wrote an email to metropolitan Life to enquire whats going on and I GOT A POLICY WHICH WAS FOR Mr Andrews and the message underneath read like "... YOUR POLICY AS REQUESTED". In shock i wrote the email telling them I am not Mr Andrews and I am not related to that particular person in any way. I then got an email with my policy number and was told that MY POLICY IS PAID UP hence the refund. I didn't know what this means as I never requested them to stop my premiums deductions and have invested for 3 years which wouldn't be R3000 . So I went to the metropolitan office in Kempton Park in Festival Mall yesterday 01 February, to enquire about the fact that I got a policy of Mr Andrews and if that means SOMEONE SOMEWHERE ELSE IS RECEIVING MY POLICY...? I was told it could have been a mistake of some sort. I then requested that they update my home adress and print the policy for me. Apparently they have been sending my letters to the Northern Cape, as the adress they have states... I dont know NC at all. I am surprised now that on the policy still my home adress is not updated. I feel like at Metropolitan Life, investments are not safe. I wanted to withdraw all my money but then i was told i can only take loan from my own investment or wait until maturity and that I should pay for the months of March and April, so clearly the Metropolitan Life is not to be recommended to anyone.

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Replies (2)
Metropolitan Life
Metropolitan Life's reply02 Feb 2021, 16:32
Official
Dear Goitsemang Monnyane

Thank you for raising your concern with our office.  We regret to learn of the difficulties you have encountered with your policy.

In terms of Regulation 4.2 or the Long Term Insurance Act, investment policies are restricted for the first 5 years of their existence and only allows one withdrawal and one policy loan.  This is not a Metropolitan term and condition that can be waived, but legislation that applies to all insurers.

One of our Client Care Assessors will investigate and revert back to you directly regarding all the facets of your complaint.

Regards

Client Care Team
Metropolitan Life
Metropolitan Life's reply03 Feb 2021, 15:33
Official
Dear Goitsemang

Thank you for your additional comments.

There are many facets to your complaint that we are still in the process of investigating.  

We will revert back to you directly via email.

Regards

Client Care Team