[Resolved]  MetLife — Surrender Value 70% gone

Address:

Bangalore, Karnataka

Metlife - Peace of mind NOT guaranteed

Policy No: 00241364
Policy started in: December 2006
Policy surrendered in: June 2012
Policy yearly EMI: Rs.6400
Policy total money paid: Rs.38400
Policy surrender value: Rs.9600 (25%)
Money lost: Rs.28800 (75%)
Metlife email ref#[protected]

Hello,

This is to inform or advise or warn people who are planning to invest in Metlife India. The surrender value that Metlife charges is 70% of the total premiums paid. I got this confirmed from Metlife email support but the same is not mentioned while you take up the policy, the terms and conditions does not mention the number 70% as a loss if we surrender before maturity.

Below is the email that I received from Metlife:

Dear Mr. Suman

Greetings from MetLife!

This is with reference to your e-mail, regarding above mentioned policy number. We would like to inform you that as per the product feature, policy acquires a surrender value only if the policy has been in force for at least 3 years - provided all premiums have been paid for 3 full policy years. If premiums are paid for at least three consecutive years the policy acquires a surrender value which is equal to 30% of the premiums paid excluding the first year premium and extra premiums.

We would like to inform you that we are in receipt of surrender request for the policy and the same has been processed. The surrender amount of Rs.9600 has been credited to your account on 26 June 2012. Please refer the below table for the surrender value calculation for your reference.

Please feel free to mail us for any further assistance.

Thanks and Regards, N Subbaramu Customer Service.

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So please be carefull while taking up the policy from Metlife.