1 reviews | Active since Nov 2013
Unclaimed policy
Metropolitan is taking me for a fool..I went in March 2023 to enquire about the policy that I cancelled in 2020 ...enquiring about what's due to me in these trying times.The person who was helping me out at south gate mall told me I'll get what's due to me in November 2023..I waited n waited come November I go to Metropolitan Maponya mall...goal post are being shifted again I was told to come 2024 November..I mean am I being taken for a fool.These people are clearly not aware of south Africa's financial crisis driving there to be told come next year come in a few months what's that.Metropolitan can please get what's due to me.You are such a big company please pay up.Theres nothing wrong in me wanting my money.Its not my fault that you have hired *********** people who are not doing their jobs rite...I want my money no matter how little it may .Aowa lekase tlholwe ke chelete so tog... 🥺
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. As this restriction is legislative in nature, unfortunately, this scenario would have been the same for any endowment policy and any insurer in South Africa.
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 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. As this restriction is legislative in nature, unfortunately, this scenario would have been the same for any endowment policy and any insurer in South Africa.
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