TM
Thembelihle M
1 reviews | Active since Jan 2023
06 Jan 2023, 14:04
SAVINGS POLICY WITHDRAWAL
2019 I took a savings plan with Metropolitan and I was told the contract is for 5years however whenever I want to terminate the contract and withdraw all my savings I can do so. As for today I phoned them asking to withdraw my savings and I was told they can only offer a loan🙄, why would one loan money from her own savings. Even the contract they sent states , withdrawals are allowed with penalty fees. I’m very disappointed with Metropolitan !!
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Replies (2)
Metropolitan Life's replyOfficial
09 Jan 2023, 09:10Dear Thembelihle
We acknowledge receipt of your complaint on HelloPeter.
We regret to learn of your disapointment at not being able to surrender your policy at present.
Please note that in terms of Regulation 4.2 of the Long Term Insurance Act, all policies are restricted for the first 5 years of their term. This restriction also applies when one increases the premium of one's policy by more than 20 % of the average of the previous 2 years' premiums.
During the restriction period one is allowed to apply for:
This is a legislative restriction that applies to all insurers and Metropolitan does not have the authority to override legislation.
One of our Client Care Assessors will investigate and revert back to you directly regarding the restriction, as it applies to your specific policy.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We regret to learn of your disapointment at not being able to surrender your policy at present.
Please note that in terms of Regulation 4.2 of the Long Term Insurance Act, all policies are restricted for the first 5 years of their term. This restriction also applies when one increases the premium of one's policy by more than 20 % of the average of the previous 2 years' premiums.
During the restriction period one is allowed to apply for:
- 1 withdrawal
- 1 loan (subject to qualifying criteria in term of the National Credit Act)
This is a legislative restriction that applies to all insurers and Metropolitan does not have the authority to override legislation.
One of our Client Care Assessors will investigate and revert back to you directly regarding the restriction, as it applies to your specific policy.
Regards
Client Care Team
Metropolitan Life's reply09 Jan 2023, 09:10
Official
Dear Thembelihle
We acknowledge receipt of your complaint on HelloPeter.
We regret to learn of your disapointment at not being able to surrender your policy at present.
Please note that in terms of Regulation 4.2 of the Long Term Insurance Act, all policies are restricted for the first 5 years of their term. This restriction also applies when one increases the premium of one's policy by more than 20 % of the average of the previous 2 years' premiums.
During the restriction period one is allowed to apply for:
This is a legislative restriction that applies to all insurers and Metropolitan does not have the authority to override legislation.
One of our Client Care Assessors will investigate and revert back to you directly regarding the restriction, as it applies to your specific policy.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We regret to learn of your disapointment at not being able to surrender your policy at present.
Please note that in terms of Regulation 4.2 of the Long Term Insurance Act, all policies are restricted for the first 5 years of their term. This restriction also applies when one increases the premium of one's policy by more than 20 % of the average of the previous 2 years' premiums.
During the restriction period one is allowed to apply for:
- 1 withdrawal
- 1 loan (subject to qualifying criteria in term of the National Credit Act)
This is a legislative restriction that applies to all insurers and Metropolitan does not have the authority to override legislation.
One of our Client Care Assessors will investigate and revert back to you directly regarding the restriction, as it applies to your specific policy.
Regards
Client Care Team
Metropolitan Life's replyOfficial
16 Jan 2023, 15:01Metropolitan Life's reply16 Jan 2023, 15:01
Official