Your life is constantly changing, and certain events should prompt you to review your insurance policies to ensure that you are adequately covered for your needs. A good financial practice is to review your policy annually, as premiums may increase.

You should also consider updating your policy when the following life events occur: 

• Change in marital status 
  If you are recently married or divorced, you may need to review your insurance cover and the amounts you are insured for. You may want to add or remove beneficiaries or insured lives, or change their classification (for example, from immediate family to extended family) to prevent delays at claim stage. 
   
• Change in employment 
  Whether you are earning more and wish to increase cover for your family, or you are joining a company with a different benefit structure, it is important to review and adjust your policy accordingly. If you are experiencing financial difficulty but wish to retain your policy, you may enquire about a possible premium reduction to make your plan more affordable by emailing [email protected]. 
   
• Birth or adoption of a child 
  When welcoming a child into your family, you should review your policies to ensure that appropriate provision is made for your children. 
   
• Policies that require a beneficiary 
  Please ensure that Metropolitan has your nominated beneficiary and all relevant beneficiary details on record. For assistance, contact the Client Engagement Centre on 0860 724 724. 

Yes. You are allowed to skip a premium provided that you do not skip more than three premiums within the first three years of your policy. 

No. All premiums must be paid in full and on time during the waiting period. If a premium is missed, unpaid, or returned, the waiting period will not run and cover will not commence. Please note that cover and the waiting period commence in the month in which the first premium is successfully received. 

You may change your payment method to a bank debit order to continue paying your premiums. Please contact the Client Engagement Centre on 0860 724 724, where a consultant will gladly assist you. 

Appointing a beneficiary for the proceeds of your policy is important as it ensures that the benefit is paid out within a reasonable time once a claim arises. If a beneficiary is not nominated, Metropolitan must follow a legal process to determine who the proceeds should be paid to, which may result in delays and additional documentation requirements.  

Appointing a beneficiary for the proceeds of your policy is important so that we know to whom you want us to pay the benefits when you pass away. Knowing to whom to pay your benefits will speed up the claim payment when your family need the money most. You can change the beneficiary as often as you like while you are alive.  

As a plan owner, you should also nominate a beneficiary for ownership. This ensures that ownership of the policy is transferred to the nominated beneficiary should you pass away, allowing any future claims to be processed without unnecessary delays or further documentation being requested. 

Pecking Order 

• If a beneficiary was nominated on the policy before the policyholder passed away, that beneficiary will be recognized as the rightful claimant for all lives insured on the policy after the policyholder’s death. 
• Only once the nominated beneficiary has passed away will Metropolitan revert to the established pecking order. 
• A beneficiary only acquires the right to claim upon the death of the life insured and only if they were nominated by the policyholder. If the policy holder dies without nominating a beneficiary, proceeds cannot be paid into the deceases policyholders estate. 

To ensure that funeral expenses can still be covered, Metropolitan applies the following hierarchy: 

1. Beneficiary (if applicable) 
2. Surviving spouse of the life insured 
3. Undertaker (upon invoice) 
4. Person who paid the funeral costs (receipt required) 
5. Estate of the deceased 

The above pecking order came into effect from 1 April 2026.  

If you divorce or no longer live with your life partner after insuring them under immediate family cover, your partner may remain on your plan as part of immediate family cover on the Metropolitan Funeral Plan; however, you may not increase their cover amount. Click on the link for more information.

It is also important to inform Metropolitan when a child no longer qualifies for children’s cover. Please contact us if your child is turning 21 to ensure under what circumstances they will remain, or will not remain covered, specific to the terms and conditions on your plan and product.

You can request a copy of your policy summary via the Metropolitan chatbot, available on the Metropolitan website or via WhatsApp on 0860 724 724. 

Correctly stating the nature of the relationship between you and the insured lives on your policy is extremely important. 

Accuracy helps ensure: 

• Faster claims processing 
• Reduced risk of declined claims 
• Protection for your dependents 

Please ensure that: 

• Names, identity numbers, and relationships are always correct 
• Metropolitan is informed after life events such as marriage, divorce, or the birth of a child 
• All information is reviewed and confirmed before signing policy documentation 

Even if a financial adviser assists you with completing forms, it remains your responsibility to check and ensure that all details are correct before signing. 

Incorrect relationship declarations may result in delayed or declined claims. 

For more information CLICK HERE to watch our family tree video

1. Employer Stop Order 

Your premium is deducted directly from your salary by your employer. If you change jobs, you can switch to another payment method, like debit order, please inform us of this. 

2. Bank Debit Order 

A monthly debit is processed from your personal bank account for convenient premium payments. 

3. Pay@ 

Where available on applicable products, you may receive a Pay@ code allowing payment at participating retail outlets displaying a Pay@ sign. 

4. Pay@ via the chatbot 

If you miss a payment, you may make a payment via the chatbot by sending “Hi” to 0860 724 724 and following the prompts. 

Disclaimer: 

We confirm that the FAQs do not contain all the relevant information applicable. It is best to review your userguide and contract for all relevant information. Should you have lost your userguide and contract, you may request a copy from us.

If you have a pension fund or retirement annuity with us, you need to provide us with your income tax number. The South African Revenue Services (SARS) requires that every pensioner/annuitant/employee receiving a pension/annuity/salary needs an Income Tax Number in order to receive these payments. Without an income tax number on record, your income will be withheld until you have received a tax number. Without a tax number, you will not be able to complete and submit your annual tax returns either. 

To submit your Income tax number to Metropolitan, email your tax number, together with your ID number or Policy number to [email protected]. 

**To register for income tax in South Africa you will need to complete an IB-IT 77 form and submit it to SARS with supporting documents. These include a certified copy of your South African driver’s license, ID or passport. SARS requires your bank details and confirmation of these details in the form of a certified copy of your bank statement.

If you receive an SMS and are not sure whether the SMS has been sent by Metropolitan, it is best to contact the Metropolitan Call Centre on 0860 724 724 to confirm that the SMS is legitimate. 

How do I find out if my new policy has been approved by Metropolitan? 

Once your policy is accepted and issued, Metropolitan will send you the policy documentation via the mail or e-mail. If you select to receive your policy documentation via email, you should receive this immediately. If you selected to receive your contract via post, bear in mind that there may be some delays due to the postal services in South Africa. You should expect to receive your documents within 31 days. 

To confirm whether your policy has been accepted, you can contact your Metropolitan financial adviser, the Metropolitan Call Centre on 0860 724 724 or visit any of the Metropolitan branches. 

To find a branch, click here. 

The Automatic Inflation Management (AIM) benefit helps to protect your funeral cover against future increases in the cost of living (inflation). This benefit automatically increases your premium and your funeral cover on the anniversary of your funeral policy. 

How does it work?  

Once a year, the cover levels of all your benefits will automatically increase. 

This increase is designed to help protect your funeral cover against future increases in the cost of a funeral, also known as inflation. 

You can choose one of two options. For each option, your premium and cover will increase by the percentage chosen.

You can choose: 

Option 1:   6% – Premium increases by 6% and cover increases by 4.2% 
Option 2:   10% – Premium increases by 10% and cover increases by 7% 

You can skip the annual AIM increases as many times as you want, but you must tell Metropolitan if you want to skip AIM increases. 

AIM will not apply if: 

• You choose to cancel AIM 
• You are asked to skip the next AIM increase 
• Your stop order agency does not allow AIM increases 
• Your plan is eventually paid up 
• If you have the Paid-up benefit on the member reaching retirement age and you want to protect your cover against inflation, you will need to add the AIM benefit at least five years before you reach your retirement age.

You can access Metropolitan’s self‑service services anytime via the chatbot, including: 

• Early retirement claims 
• Maturity claims 
• Death claims 
• Partial and full surrenders 
• Policy documents 
• Tax certificates 
• Updating client details 
• Two‑Pot withdrawals 
• Cashback requests 
• Mode of payment changes 

To access the chatbot: 

• Send a WhatsApp message saying “Hi” to 0860 724 724, or 
• Visit www.metropolitan.co.za and click on the “Chat with Us” icon 

For over 127 years, Metropolitan Life has been a trusted partner in helping South Africans protect what matters most. 

Heritage You Can Trust 
Metropolitan has supported generations of clients through changing economic and life circumstances. 

Award‑Winning Service 
Ranked No. 1 in Long‑term Funeral Insurance in the Ask Afrika Orange Index 2024/25 for customer experience. 

Fast, Hassle‑Free Claims 
Digital tools such as WhatsApp claims and straight‑through processing ensure fast and efficient payouts. 

Financial Strength & Stability 
Backed by Momentum Group, providing long‑term financial security. 

Solutions for Every Stage of Life 
From funeral and life cover to disability and retirement planning. 

Community Impact 
Metropolitan supports wills and estate planning and invests in financial literacy, youth empowerment, and social development through the Metropolitan Foundation. 

If you have a pension fund or a Metropolitan Retirement Savings Plan with us, you need to provide us with your income tax number. The South African Revenue Services (SARS) requires that every pensioner/annuitant/employee receiving a pension/annuity/salary needs an Income Tax Number in order to receive these payments. Without an income tax number on record, your income will be withheld until you have received a tax number. Without a tax number, you will not be able to complete and submit your annual tax returns either.  

To submit your Income tax number to Metropolitan, email your tax number, together with your ID number or Policy number to [email protected].   

To register for income tax in South Africa you will need to complete an IB-IT 77 form and submit it to SARS with supporting documents. These include a certified copy of your South African driver’s license, ID or passport. SARS requires your bank details and confirmation of these details in the form of a certified copy of your bank statement.

Metropolitan will never ask for documents unless our client actions a transaction and there are outstanding requirements.

If you remain unsure whether the SMS has been sent by Metropolitan, it is best to contact the Metropolitan Client Engagement Centre on 0860 724 724 to confirm that the SMS is legitimate.  

Once your policy is accepted and issued, Metropolitan will send you a welcome pack with the policy documentation via e-mail and via WhatsApp. If you select to receive your policy documentation via email, we will send it through to you this way.  

To confirm whether your policy has been accepted, you can contact your Metropolitan Financial Adviser, the Metropolitan Client engagement Centre on 0860 724 724 or visit any of the Metropolitan branches.   

To find a branch, click here.

The Value Added Benefit previously known as AIM, helps to protect your funeral cover against future increases in the cost of living (inflation). This benefit automatically increases both your premium and your funeral cover on the anniversary of your funeral policy. 

You can choose this benefit when you apply for your policy. You can add or cancel It during the term of the policy. Please check with us, which product this option is available on. 

If you are an existing client and would like to discuss adding this benefit, you may request a call‑me‑back, and a consultant will contact you to assist. 

Once a year, on the anniversary date of your policy, the cover levels of your benefits will automatically increase. This increase is designed to help protect your funeral cover against future increases in funeral costs, also referred to as inflation. 

You will be informed of the increase before it takes place. 

You may choose one of two options, where both your premium and cover increase annually: 

• Option 1: 
  Premium increases by 6% and cover increases by 4.2% 
• Option 2: 
  Premium increases by 10% and cover increases by 7%  

Yes. You may skip the Value Added Benefit (also referred to as AIM increases). However, you must inform Metropolitan if you wish to skip an increase.  

The Value Added Benefit (previously known as AIM) will not apply if: 

• You choose to cancel the Value Added Benefit. 
• You request to skip the next AIM increase. 
• Your stop‑order agency does not allow AIM increases. 
• Your plan status changes to paid up  
• If your plan includes a paid‑up benefit at retirement age, and you wish to protect your cover against inflation, you must add the AIM benefit at least five years before your retirement age. 

• From August 2020, the reference number for your Metropolitan funeral policy debit order changed to METROPOLIT, followed by one of your funeral policy numbers. 
• Previously, this reference appeared as AMETLIFE, followed by a bank reference number. 
• Your reference numbers may differ if you have more than one funeral policy; however, the amount deducted will remain the same. 

Some banks offer packages that allow a specific number of debit orders at no additional cost. If this limit is exceeded, your bank may charge fees for additional debit orders. 

• Reference numbers for your funeral policies have changed to show METROPOLIT (and the policy number as reference) on your bank statement. 
• This is because they were moved to our new administration system. 
• This is not a fraudulent deduction. 
• Your endowment/retirement policies have not been moved and these policies will continue to show the reference of AMETLIFE (bank reference number). 
• The change in reference number has no effect on the terms and conditions of your policy. 

Metropolitan continuously improves its administration platforms to provide a better client experience. The reference number change is a result of your funeral policy or policies being moved to a new administration system. 

If you have multiple policies (funeral and endowment), you may see both METROPOLIT and AMETLIFE deductions on your bank statement. Both references are correct and ensure premiums are allocated accurately.

No. As of August 2020, Metropolitan funeral policy debit orders reflect METROPOLIT, together with your policy number. This simply identifies the debit order as a Metropolitan deduction. 

If you have multiple policies, you may see both METROPOLIT and AMETLIFE deductions. These are legitimate and correctly allocated.

Unfortunately, deductions cannot currently be combined. Metropolitan is reviewing future possibilities, but for now, deductions will remain separate to ensure accurate premium allocation. 

• We have moved your funeral policy/policies/some of your policies to our new administration platform.
• You will be able to see your funeral policy premium deduction (with METROPOLIT and the policy number as your new reference) on your bank statement and this will allow you to better keep track of your premium payments for each policy you have.
• Your endowment/retirement policies have not been moved and these policies will continue to have the reference of AMETLIFE (plus a bank reference number).
• The change in reference number for your funeral policy has no effect on the terms and conditions of your policy.

Fraudsters use many different ways to access your personal information, like asking you to click on links in emails, SMSes and WhatsApp messages.

Metropolitan will never send you any email or other communication asking you to update or provide confidential information about yourself or your account.

Always be vigilant with any correspondence you receive and don’t click on links you receive via email, SMS or WhatsApp if you are not sure about the safety of the link.

To read more about how we use your personal information, read our privacy notice here.

A Will is a binding expression of your wishes. It sets out what you want to happen to your assets when you pass away. A Will can provide protection for your family when you are no longer there. 

It is an important legal document and should be reviewed regularly, ideally every year or whenever your circumstances change. For example, if you get married, divorced, or have children, your Will should be reviewed to ensure that it still reflects your wishes and achieves its purpose. 

• Married in community of property 
  The surviving spouse will only be able to deal with their own half of the joint estate. The remaining half will be administered as part of the deceased estate. 
  This may mean that there is insufficient cash available for the surviving spouse while the estate is being wound up, particularly if assets are frozen or tied up in the estate. 
   
• Joint bank accounts 
  If you and your spouse have a joint bank account, you should carefully consider whether there will be sufficient cash available after death, as banks may restrict access while the estate is being administered. 
   
• Married out of community of property with accrual 
  If your estate must pay an accrual claim to the surviving spouse, there may be less money available for other heirs. 
  Alternatively, if the accrual is payable to your estate, the surviving spouse may experience a cash shortfall and could be forced to sell assets such as the family home. 

In all cases, you may wish to consider whether life insurance is necessary to ensure there is sufficient cash available for your family during the estate administration period. 

An heir is the person who receives the remainder of your estate after all expenses, such as tax and executor’s fees, have been paid. You may nominate anyone as an heir. 

If there is only one heir, that person will receive the full remainder of the estate. It is important to clearly identify your heirs, which is why their identity numbers are required. 

An ante‑nuptial contract is a legal agreement entered into by two people before marriage. 

This contract regulates the patrimonial consequences of the marriage and makes provision for how assets and liabilities will be handled in the event of divorce or death. The contract must be registered at the Deeds Office to be legally valid.

What does it mean to be married In Community of Property? 

This is a marital arrangement where the spouses share their estates during the course of the marriage and when it ends, the surviving spouse is entitled to half of the joint estate. The remainder of the estate is distributed in accordance with the will of the deceased spouse. If you do not enter into an ante-nuptial contract you are automatically married in community of property. 

What does it mean to be married Out of Community of Property? 

This is a marital arrangement where both spouses have separate estates during the existence of their marriage and do not share each other’s profits or losses during or after the marriage (whether the marriage ends by divorce or death). You must enter into an ante-nuptial contract to be married out of community of property. 

What does it mean to be married Out of Community of Property subject to the accrual system? 

This is a marital arrangement where once the marriage is dissolved; neither spouse will be liable for the other spouse’s debts. However, the parties have to share what they have acquired together during the existence of the marriage. You must enter into an ante-nuptial contract to be married out of community of property subject to the accrual system. 

This arrangement means that both spouses have separate estates during the marriage and do not share each other’s assets, profits, or losses during or after the marriage. 
To be married out of community of property, you must enter into an ante‑nuptial contract before marriage.

In this arrangement, spouses have separate estates during the marriage, and neither is liable for the other’s debts. However, when the marriage ends, the growth in each spouse’s estate during the marriage is shared. 

An ante‑nuptial contract is required for this marital arrangement. 

• What is a testator? 
  A testator is a man who has made, or is making, a Will. 
   
• What is a testatrix? 
  A testatrix is a woman who has made, or is making, a Will. 

An executor is a person appointed by the Master of the High Court to administer the estate of a deceased person. 

The executor is responsible for ensuring that the estate is administered according to the law and the wishes expressed in the Will. This includes gathering and protecting assets, settling debts, paying taxes, and distributing the estate to beneficiaries. 

A bequest is a legacy or gift left to someone in terms of a Will. 

A guardian is a person who is legally responsible for the care and wellbeing of a child whose parents have passed away.

A trust is an arrangement created to protect money or assets, usually for the benefit of minors. In a trust, assets are transferred to a trustee, who manages them on behalf of a beneficiary in terms of the trust deed. 

There are millions of South Africans who have insurance or savings benefits due to them that have not been claimed. Metropolitan actively works to trace beneficiaries and pay valid unclaimed benefits. 

If you suspect that you may have unclaimed benefits, or would like more information on how to claim, please visit the relevant claims request page on the Metropolitan website. click here. 

Once paid, the proceeds may be invested or used as deemed appropriate by the beneficiary. 

Please note that tracing and administration costs may be deducted from the benefit amount where applicable. 

A complainant is a person who submits a complaint. This includes: 

• A policyholder or the policyholder’s successor in title 
• A beneficiary or the beneficiary’s successor in title 
• A person whose life is insured under a policy 
• A person who pays a premium in respect of a policy 
• A member of a Metropolitan Provident or Pension Fund 
• A potential policyholder or potential member whose dissatisfaction relates to an application, approach, solicitation, advertising, or marketing material 
• A person with a direct interest in the agreement, policy, or service to which the complaint relates, or a person acting on behalf of any of the above 

You may submit a complaint if you are dissatisfied with Metropolitan due to any of the following: 

• Failure to keep our end of an agreement, law, rule, or code of conduct 
• Failure to take action or causing personal harm, prejudice, distress, or substantial inconvenience 
• Unfair treatment 

Complaints may be lodged by: 

• A policy owner or their successor in title 
• A beneficiary or their successor in title 
• A person whose life is insured under the policy 
• A person who pays a premium in respect of a policy 
• A member of Metropolitan Provident or Pension Funds 
• A potential policyholder or potential member whose dissatisfaction relates to marketing or sales conduct’ 

If you are assisting another person, Metropolitan requires appropriate authority before discussing any policy information, in line with data protection and POPIA requirements. 

Depending on the circumstances, the following may be required: 

• Deceased estates 
  A letter of authority issued by the Master of the High Court. 
   
• Joint enquiries 
  The policy owner and a third party may visit a Metropolitan branch together to make enquiries in each other’s presence. 
   
• Client Engagement Centre calls 
  The policy owner may contact the Client Engagement Centre and confirm that Metropolitan may speak with a third party while both parties are on the call, subject to identity verification. 
   
• Curator bonis 
  Where a curator bonis has been appointed by the High Court, Metropolitan requires copies of the court order and the curator’s identity document. 
   
• Power of attorney 
  A valid power of attorney may be provided authorising a third party to query or complain on behalf of the policy owner.

An escalated complaint is a complaint that arises from dissatisfaction with the outcome of an initial complaint. 

A complaint may be escalated where: 

• The matter is complex or unusual and requires intervention by a senior or impartial functionary, or 
• The complainant is not satisfied with the resolution provided and wishes to refer the matter to the appropriate Regulator or Ombudsman scheme 

If you are unhappy with Metropolitan’s service, you may follow the complaints process outlined below: 

Step 1: Lodge your complaint 

You can submit your complaint through Metropolitan’s available channels. Once received, the Client Engagement Centre will acknowledge your complaint and assign it to a consultant. Metropolitan aims to resolve complaints as efficiently as possible. You may call the client engagement centre 0860 724 724, reach out to us via our chatbot, or whatsapp, email [email protected] or approach one of our branches as a walk-in. 

Step 2: Escalate internally 

If the assigned consultant cannot resolve your complaint, or if you are not satisfied with the outcome, you may escalate your complaint to Metropolitan Client Care, which handles complex or unusual complaints. 

• Email: [email protected] 

Metropolitan will acknowledge your complaint within 24 to 48 hours and aim to provide a response within 15 working days. 
Please include your contact details and policy number or ID number to allow us to address your query efficiently. 

Step 3: Considering referral to the Ombudsman 

You may refer your complaint to external bodies such as the National Financial Ombudsman of South Africa (NFO). However, these bodies will require that the matter first be referred back to Metropolitan for a written response. 

For this reason, we encourage you to contact Metropolitan first to allow us the opportunity to resolve your complaint before approaching an Ombudsman. 

Step 4: Escalation to external bodies 

If you remain dissatisfied after receiving Metropolitan’s final response, you may contact the relevant Ombudsman or regulator: 

National Financial Ombud Scheme South Africa (NFO) 

(For claims and service‑related matters) 

• Phone: 0860 800 900 
• Email: [email protected] 
• Website: www.nfosa.co.za 

Addresses: 

• Johannesburg: 110 Oxford Road, Houghton Estate, Illovo, Johannesburg, 2198 
• Cape Town: Claremont Central Building, 6th Floor, 6 Vineyard Road, Claremont, 7708 

FAIS Ombudsman 

(For product and advice‑related matters) 

• Postal Address: PO Box 41, Menlyn Park, 0063 
• Telephone: 012 762 5000 
• Sharecall: 086 066 3274 
• Email: [email protected] 

Financial Sector Conduct Authority (FSCA) 

(For market conduct‑related matters) 

• Postal Address: PO Box 35655, Menlo Park, 0102 
• Telephone: 012 428 8000 
• Fax: 012 346 6941 
• Email: [email protected] 

Information Regulator 

(For complaints relating to Personal Information and POPIA matters) 

• Postal Address: PO Box 31533, Braamfontein, Johannesburg, 2017 
• Telephone: 010 023 5200 
• Email: [email protected] 

The Complaints Management Framework sets out the principles that guide how complaints are managed within Metropolitan. The framework ensures fairness, transparency, and consistency in complaint handling and can be viewed on the Metropolitan website. Click here.

You will be covered until the end of the month in which Metropolitan receives your cancellation request. 

Coverage applies until the end of the month in which the cancellation is received. Refund rules depend on the product type: 

Metropolitan Funeral Plan (MFP / Myriad) 

Stop Order (Employer‑deducted premiums): 

• Stop orders may take up to three months to be processed and removed from Metropolitan’s system. 
• Premiums may still be deducted after the cancellation request has been submitted. 
• Any premiums deducted after cancellation may be assessed for a refund. 
• Proof of deduction will be required before a refund can be processed. 

Bank Debit Order: 

• Once the policy is cancelled, the debit order must be cancelled on Metropolitan’s system to prevent future deductions. 
• If a deduction occurs after cancellation, it may be assessed for a refund. 
• Banks may take up to 45 days to confirm successful deductions; proof is required before a refund is processed.  

Group Schemes / VG Policies 

• Premium refunds are applicable from the month following the month in which the cancellation request was received. 
• Refunds cannot be considered for the same month in which the cancellation was received, as cover remains in place until month‑end. 
• Example:  
• Cancellation received between 1–28 February → Refund applies from 1 March.  

No. Funeral policies are pure risk policies and not savings products. Premiums paid are not refundable, as Metropolitan would have been obligated to pay valid claims during the period of cover.

Yes. You may request to reinstate your policy within the 30‑day cooling‑off period following cancellation. 

You may contact: 

• Your financial adviser 
• Your nearest Metropolitan branch 
• The retention department at [email protected] 

Whether reinstatement is possible depends on the product type, reinstatement history, and applicable policy rules. To confirm reinstatement eligibility, please contact the Client Engagement Centre on 0860 724 724, visit a branch, or refer to your policy documentation for more information. 

Reinstatement Rules – Metropolitan Funeral Plan (MFP / Myriad) 

• The policy must be reinstated within three months from the date of lapse. 
• One reinstatement per year is allowed. 
• A maximum of three reinstatements within five years is permitted. 
• One full premium must be paid before reinstatement. 
• The policy will only be reinstated once the premium has been allocated and reflects on the policy. 
• Any remaining premium arrears will be moved to special debt and recovered at claim stage. 
• No new waiting periods apply where the original waiting period has already expired. 
• Valid debit order or stop order documentation must be submitted 

Reinstatement Rules – VG Policies 

• Only one reinstatement is allowed over the lifetime of the policy. 
• The policy must be reinstated within three months from the date of lapse. 
• One premium is required for reinstatement. 
• Outstanding arrears will be added to special debt and deducted from the next claim amount. 
• Reinstatement may impact the paid‑up at retirement benefit and retirement date if applicable. 

No premiums are refundable; your funeral benefit is a pure risk and not a savings policy. Metropolitan would have been obligated to pay in the event of any claims which arise prior to cancellation. 

You are covered until the end of that month. If the waiting period has expired and premiums are up to date, the premiums we received after the month of cancellation will be paid back to you. 

The Two‑Pot retirement system was introduced in South Africa on 1 September 2024. It is designed to provide a balance between preserving your retirement savings while offering limited access before retirement. 

From 1 September, retirement fund contributions are split as follows: 

• One‑third is allocated to a Savings Component, which allows one withdrawal per tax year (March to February) before retirement. 
• Two‑thirds is allocated to a Retirement Component, which must be preserved until retirement and is used to purchase an income product, such as a living annuity or life annuity. 

For more detailed information, please refer to the relevant Two‑Pot page on the Metropolitan website. Click here

No. Only one‑third of your retirement contributions are allocated to the Savings Component, and only this component may be accessed before retirement.

No. The Retirement Component is strictly preserved until retirement, typically from age 55, and must be used to purchase an annuity. 
If your total value falls below the legislated threshold, different rules may apply. If you are unsure, you may contact a financial adviser for guidance. Click on – Call me back  

Fraudulent emails 

Metropolitan will never ask you for your password or banking PIN via email or SMS, if you are uncertain of anything call the Client Engagement Centre 0860 724 724. 

Fraudulent phone calls 

Metropolitan will never ask for your password, banking PIN, or internet banking details. Metropolitan will also not transact or communicate with you via social media platforms. 

Official communication will only occur via: 

• Official Metropolitan email addresses 
• Official Metropolitan telephone numbers 
• A Metropolitan financial adviser 

• Determine whether the communication is solicited or unsolicited, noting that even solicited communication can be compromised. 
• Contact the Client Engagement Centre on 0860 724 724 to verify the enquiry. 
• Forward suspicious emails to the Momentum Group tip‑off address: 
  [email protected] 

If you have recently updated or changed your email address, please inform Metropolitan. 

You can update your email address via: 

• The Metropolitan chatbot on the website 
• WhatsApp on 0860 724 724 

Must I inform Metropolitan if my cell phone number has changed? 

Yes. If your cell phone number has changed, please inform Metropolitan. It is your responsibility to ensure that your personal details are kept up to date. 

Must I inform Metropolitan if my physical address has changed? 

Yes. It is very important to keep your physical address up to date. 

If your address has changed: 

• Contact the Client Engagement Centre, or 
• Visit your nearest Metropolitan branch with proof of residence 

Yes. If your cell phone number has changed, please inform Metropolitan. It is your responsibility to ensure that your personal details are kept up to date. 

Yes. It is very important to keep your physical address up to date. 

If your address has changed: 

• Contact the Client Engagement Centre, or 
• Visit your nearest Metropolitan branch with proof of residence 

You may approach the Metropolitan Client Engagement Centre, email [email protected] or a branch requesting a breakdown that will explain and show how the maturity value was reached. Please include your policy number in the subject line of your email. Kindly note, this request will take 15 to 20 working days turnaround time. The breakdown will be provided to you.

A projected value in an insurance policy refers to an estimated future value of the policy based on certain assumptions about how it will perform over time. It is not guaranteed — it’s simply a forecast. 

A projected value in an insurance policy refers to an estimated future value of the policy based on certain assumptions about how it will perform over time. It is not guaranteed — it’s simply a forecast. 

A guaranteed value is the part of your policy benefit that is written into the contract and 100% assured by the insurer.  

• Your maturity value with an insurer is affected by: 
• Investment returns 
• Bonus rates 
• Guarantees in the policy 
• Premium payment behavior 
• Fees and charges 
• Withdrawals or loans 
• Time in the market 
• Economic and inflation conditions 
• Extra benefits deducted from premiums 

Stop orders can take up to 3 months to be processed and removed off from the Metropolitan system. We confirm that premiums could still deduct after we have notified your employer of the cancellation. Thereafter no more premiums would be deducted from your salary. Kindly take note that deductions made after your cancellation can be assessed for a refund, please contact Metropolitan so that we can assess your refund.  We will require proof of premium deductions to affect a refund.   

When the mode of payment of the policy is a bank debit order, once the policy is cancelled, it is important for the bank debit order to be cancelled from our system, to prevent further premium deduction from your bank account. 

Kindly take note that if there is a deduction made after your cancelation, this deduction can be assessed for a refund, please contact Metropolitan so that we can assess your refund. Kindly note that any premium deduction from your account may take up to 45 days to be confirmed by your bank. We will therefore require proof that the deduction was successful before proceeding with a refund.  

Step 1: Let us know about your claim 

You can notify Metropolitan of a claim via the following channels: 

• WhatsApp: 0860 724 724 
  Follow the prompts. This is the fastest option. Valid funeral claims can be paid within 4 hours once documents are verified. 
• Website Chatbot: www.metropolitan.co.za 
• Client Engagement Centre: 0860 724 724 
• Visit a Metropolitan branch 

When submitting your claim notification, please ensure you have: 

• Death certificate (for funeral or life claims) 
• Identity documents of the deceased and the claimant 
• Policy number 
• Any additional documents requested (e.g. police report for deaths due to unnatural causes) 

Step 2: Required documents 

The following documents are typically required: 

• Claim form 1170 
• Certified copy of the claimant’s ID 
• Certified copy of the BI‑5 Death Certificate (issued by Home Affairs) 
• Certified copy of the deceased’s ID 
• Copy of the DHA 1663 (Notification of Death form issued by a doctor) 
• Police declaration (for deaths due to unnatural causes) 
• Bank statement 

Additional documents may be requested depending on the nature of the claim. 

Step 3: Claim processing 

• Valid funeral claims: 
  Paid within 4 hours when submitted via WhatsApp, or within 48 hours via other channels, provided all documents are complete. 
• Other claims (life, disability, accidental): 
  Processing times vary depending on complexity and whether medical or legal reports are required. 
• Late claims: 
  Claims submitted more than 12 months after the event are generally more complex and may take 10 to 15 working days to finalize. 

Metropolitan is known for fast claim turnaround times: 

• Valid funeral claims submitted via WhatsApp are paid within 4 hours once documentation is verified. 
• Other claims are typically processed within 48 hours after receiving complete documentation. 
• Life, retirement annuity death, and disability claims may take longer depending on medical or legal requirements. 

A waiting period is a period during which an insured life is not covered for certain events. 

Waiting periods: 

• Apply to each insured life 
• Start from the first day of the month in which Metropolitan receives the first premium 
• Are measured in calendar months, not by the number of premiums paid  
• Are specified in your plan summary

Waiting periods help make premiums more affordable and discourage individuals with life‑threatening illnesses from taking out cover and claiming immediately. 

Because of waiting periods: 

• Medical examinations are generally not required 
• Premiums remain more affordable for everyone 

Example: 
Under the Metropolitan Funeral Plan, insured lives are covered for accidental death during the waiting period but are not covered for death due to natural causes during the waiting period.

It is very important to pay premiums consistently during the waiting period because: 

• Your cover only becomes active while premiums are paid 
• Missing a premium may pause or restart the waiting period 
• Claims during a paused waiting period may not be paid 

Paying every premium on time ensures that your waiting period progresses correctly and your cover activates as expected.

A Metropolitan Financial Adviser partners with you to build, implement, and review a financial plan tailored to your goals, life stage, and financial needs. Click on – Call me back for one of our financial advisors to contact you. 

You can request adviser assistance via the Metropolitan chatbot by selecting “Learn more about our solutions”, or by using the Call me back option available on the Metropolitan website.

A financial plan is a structured roadmap that outlines: 

• Your current financial position 
• Short‑, medium‑, and long‑term goals 
• Strategies to help you achieve those goals 

A financial plan helps you make informed decisions and provides confidence in your financial future. 

An Accidental Death Benefit is an additional feature on certain policies that pays an extra benefit if the insured dies as a direct result of an accident. 

• It applies only to accidental deaths 
• It does not cover illness or natural causes 
• Exclusions may apply (such as intoxication or illegal activities) 
• It is usually an optional benefit that increases the premium slightly

An accidental death is a death that occurs unexpectedly due to a sudden, unintentional, and external event. 

Examples include: 

• Motor vehicle accidents 
• Accidental falls 
• Drowning 
• Accidental poisoning 
• Electrocution 

A death by unnatural causes refers to any death that is not due to illness or internal medical conditions. 

Examples include but are not limited to: 

• Accidents 
• Homicide 
• Suicide 
• Fatal assault

A death by natural causes occurs as a result of illness or internal medical conditions, not due to external forces or accidents. 

Examples include but are not limited to: 

• Heart attack 
• Stroke 
• Complications related to diabetes

Claims relating to unnatural deaths require additional verification. This may include: 

• Post‑mortem or autopsy reports 
• Police declarations 
• Reports from third‑party agencies such as SAPS, forensic pathologists, or the Department of Health 

These documents are issued by external parties and may take longer to obtain, which can delay claim processing. 

No benefit will be paid if death or disability results from illegal activities. 

Claims will not be paid if the following contributed to the death or disability: 

• Excessive alcohol consumption (above the legal driving limit) 
• Use of illegal drugs 
• Consumption of harmful substances 
• Taking medication not prescribed by a registered medical practitioner 
• Taking more than the prescribed dosage of medication 

Suicide and self‑inflicted injury exclusions 

Please refer to your policy contract and user guide for full exclusion details. 

• No benefit is paid if death is due to suicide within the first year of the policy. 
• Each increase in cover triggers a new one‑year suicide exclusion for the increased portion. 
• If suicide occurs during this exclusion period, the previous cover level applies. 
• No benefit is payable for disability caused by self‑inflicted injury within six months of policy start or cover increase. 
• Each cover increase triggers a new six‑month exclusion for self‑inflicted injury. 
• On some of our older policies death due to suicide is not covered at all, please contact our Client Engagement Centre to request your specific userguide and contract that is applicable to your plan. 

Yes, waiting periods apply to each insured life covered on the plan. A waiting period is a period of time in which an insured life is not insured for some or all events.  The waiting period starts from the first day of the month in which Metropolitan receives your first premium.  Waiting periods differ and it is therefore important to understand the length of the waiting period that applies to your insurance. 

The reason for having waiting periods is that they make premiums more affordable for you. Waiting periods discourage people with life-threatening illnesses from signing up for life insurance and claiming benefits immediately. As a result of waiting periods, medical examinations are not necessary, and premiums are more affordable for everyone. 

When taking out a Metropolitan Funeral Plan, the insured lives are insured for accidental death during the waiting period. Insured lives are not insured for death due to natural causes during the waiting period. 

Exclusions refer to situations when Metropolitan will not pay any benefits. Situations that result in exclusions include: 

Suicide and self-inflicted injury 

• No benefit is paid if death is as a result of suicide, within the first year of the plan start date or adding an insured life or a Payment Protection benefit on death of the plan owner.  
• Every time cover is increased, there is a one-year exclusion period for suicide for the increased portion of the cover. If there is a suicide within the new one-year exclusion period, Metropolitan will pay a benefit equal to the previous cover level. 
• No benefit is paid if an insured life becomes disabled as a result of self-inflicted injury (for example, if the insured life shoots himself and is disabled as a result), within the first year of adding an insured life or a Payment Protection benefit on disability of the plan owner. 
• Every time cover is increased, there is a six-month exclusion period for disability as a result of self-inflicted injury for the increased portion of the cover. If there is a disability within the exclusion period, Metropolitan will pay a benefit equal to your previous cover level.

Accidents 

If any of the following contributed to an insured life dying in an accident, no benefit will be paid: 

• drinking too much alcohol (any amount above the legal limit to drive a motor car is too much alcohol). 
• having taken drugs. 
• consumption of harmful substances. 
• taking any medicine that was not prescribed by a doctor who is currently registered with the Health Professions Council of South Africa; or 
• taking more than the prescribed dosage of any medicine. 

If an insured life dies in an accident as a result of the insured life breaking the law, no benefit will be paid. 

Providing incorrect information 

• The information contained in your application forms the basis of this plan. You must make sure that there is full and accurate disclosure of information concerning all insured lives that is relevant to Metropolitan’s assessment of the risks and premiums in respect of the application. 
• Withholding or misrepresenting information that is material to Metropolitan’s decision on whether to offer benefit(s) to you or on what terms these benefits are offered to you, constitutes non-disclosure. Assistance by a financial adviser or another person in completing documentation does not change your duty to disclose the required information.  
• If the non-disclosure was deliberate it will result in all premiums paid to Metropolitan being forfeited with no claim being paid. Metropolitan will follow guidelines to ensure consistent and fair treatment of non-disclosure at claims stage. If you gave any information that is not correct, you should correct it immediately. 

Committing fraud 

• If you commit fraud or try to commit fraud, we will not pay your claim and we will not refund your premiums. 

The insured life passes away in another country 

• If any insured life has been outside South Africa’s borders for more than 12 consecutive months immediately prior to their death, the cover under this plan ends. Metropolitan will not pay any benefits for this insured life. 

Residence outside of South Africa 

• Each insured life must live in South Africa. Metropolitan may require proof of residence. 

Your plan ends when: 

• you tell us to cancel your plan. 
• you pass away and: 
  - you do not have the Payment Protection benefit on death, or 
  - no one insured on the plan wants to continue with it.
• all the insured lives have passed away.
• your plan lapses. 

When your plan ends, all cover on this plan also comes to an end. 

You cannot borrow any money on this plan. You may not transfer this plan to another person. For example, you cannot take out a loan or credit at a bank and use this plan as security. 

You cannot sell your plan to Metropolitan or anyone else for cash. You may not transfer this plan to another person. For example, you cannot take out a loan or credit at a bank and use this plan as security. 

The Monthly Essentials benefit is an add-on benefit that pays a monthly payout of up to R3 000 for 6 or 12 months, depending on the cover you choose. You can claim and use the payout from the benefit to cover any household costs and other essential items after the death of an insured adult family member who contributed to your family’s income. 
Ts & Cs apply.

This add-on funeral plan benefit pays a lump sum amount of up to R20 000 to help you honour the memory of a loved one. You could use the money to pay for a tombstone and/or a memorial ceremony. You can choose to receive the money immediately or within 18 months after you’ve made the funeral claim. 
Ts & Cs apply.  

The Metropolitan Funeral Plan helps provide financial protection to ensure funeral costs are covered when your family needs support the most. 

For full product details, benefits, and eligibility criteria, please visit the Metropolitan Funeral Plan page on the Metropolitan website. Please Click here

We only ask for medical tests on our Metropolitan Life Cover Plan Plus. Metropolitan will send a nurse to your house or place of work to conduct the above medical tests. Our medical tests are non-invasive finger prick tests and do not involve drawing blood.  

The underwriting on this plan involves a full set of medical questions as part of the application process, including height and weight, lifestyle and specific condition questions. All plans require a negative HIV test result and a test to confirm smoking status. All plans also require a random glucose (sugar) test and a cholesterol test. In some cases, an advanced sugar test will also be required. For high-risk applications or for high cover levels, a nurse will complete a short medical report with you. 

Death because of Covid-19 is classified as a natural cause of death. If your plan provides cover for natural causes of death, the relevant waiting periods, and terms and conditions apply. If the waiting periods have passed, and terms and conditions are satisfied, then your life cover should pay out for a Covid-19-related death. 

Waiting periods only apply to the Metropolitan Life Cover Plan (MLCP). A waiting period is a time during which there is no cover for some or all events, even though you are paying. When a waiting period applies, medical tests are not necessary and payments are more affordable for everyone. Waiting periods also discourage people with life-threatening illnesses from signing up for life insurance and claiming benefits immediately. The waiting period starts on the plan start date or when you restart your plan, increase your cover level or add a benefit after the start date.  

Exclusions are conditions or situations when we will not pay out a plan benefit. Providing incorrect information or withholding important underwriting information when applying for cover, may result in a claim not being paid. We will not pay a benefit if a claim for death or disability of an insured life is the direct or indirect result of one of more of the following: 

• A self-inflicted injury or suicide in the first two years of the plan start date, the date of a cover increase, or a plan restart date. 
• Committing or attempting to commit fraud or breaking the law. 
• Performing a dangerous occupation or taking part in a dangerous activity. 
• Radioactivity or nuclear explosion.  
• War and warlike operations, invasion, military uprising, terrorist activity, rebellion, mutiny, riot, civil uprising, or civil commotion. 
• Consuming alcohol above the legal driving limit or intentional inhalation of fumes. 
• Consuming drugs or narcotics except as prescribed by a qualified medical practitioner who is currently registered with the Health Professions Council of South Africa. 
• On MLCP, a disability claim for a back or neck condition resulting in the inability to work, other than a spinal cord injury leading to paralysis. 

Disability covers a permanent injury or illness after which you cannot do your own job or another job you may reasonably be able to do. We consider your education, experience and ability, with or without further training. 

We will consider a disability claim if you suffer a permanent injury or illness as a result of Covid-19, provided the conditions of this injury or illness meet the requirements and waiting period we specify. 

If you are no longer able to work, your disability cover may provide you with money to: 

• Replace your lost income. 
• Ensure that you can maintain your current standard of living. 
• Help you meet the expenses of recovery or rehabilitation. 
• Finance special equipment, building needs and any other changes you may need to adjust your lifestyle. 
• Pay off loans (property and vehicle) and other outstanding debt, like clothing accounts, credit card accounts, and more. 

You must wait six months from the day your disability starts before we would consider your claim for a permanent condition.

Exclusions are conditions or situations when we will not pay out a plan benefit. Providing incorrect information or withholding important underwriting information when applying for cover, may result in a claim not being paid. We will not pay a benefit if a claim for death or disability of an insured life is the direct or indirect result of one of more of the following:  

• A self-inflicted injury or suicide in the first two years of the plan start date, the date of a cover increase, or a plan restart date.  
• Committing or attempting to commit fraud or breaking the law.  
• Performing a dangerous occupation or taking part in a dangerous activity.  
• Radioactivity or nuclear explosion.   
• War and warlike operations, invasion, military uprising, terrorist activity, rebellion, mutiny, riot, civil uprising, or civil commotion.  
• Consuming alcohol above the legal driving limit or intentional inhalation of fumes.  
• Consuming drugs or narcotics except as prescribed by a qualified medical practitioner who is currently registered with the Health Professions Council of South Africa.  
• On MLCP, a disability claim for a back or neck condition resulting in the inability to work, other than a spinal cord injury leading to paralysis.  

The Metropolitan HealthCare CashBack Plan is not a medical scheme and the cover is not the same as that of a medical scheme or gap cover. This policy is not a substitute for medical scheme membership or medical gap cover. It helps you take care of unplanned expenses when you are hospitalised.

For example, you may need to make provision for:

• A babysitter to look after your children while you are in hospital.
• Groceries or other supplies.
• Transport to or from the hospital.
• Loss of income for a period of time.

We do not ask for medical tests when you apply for this plan, but we apply waiting periods. A waiting period is a period of time when you do not have cover for some or all events. Waiting periods apply to each insured life even though premiums are paid. Waiting periods are necessary as it makes the plan more affordable and discourages people with serious illnesses from signing up for cover and claiming benefits immediately.

A 3-month waiting period applies to each insured life from the entry date when that life was added. The benefit will not pay out if an insured life is hospitalised due to natural causes during the waiting period. However, if an insured life is hospitalised due to an accident, the benefit may be paid out.

Metropolitan will not pay a benefit if hospitalisation of an insured life results directly or indirectly from any of the following: 

• Pregnancy, childbirth or pregnancy-related medical conditions within 12 months of the policy entry date where the insured life was pregnant before the start date of the policy. 
• Claims for control of chronic or acute pain will be limited to 50% of the daily benefit amount and to a maximum of 21 days per policy per year. 
• Hospital claims arising from mental illness (including depression) or psychiatric conditions are not covered by this policy and will not be paid. 
• Assault provoked by an insured life or fighting by an insured life other than in self-defence. 
• Hospitalisation due to any procedures which were not medically necessary to maintain the insured life’s health, which the insured life chose to have performed. This will include, but is not limited to procedures for cosmetic surgery, abortion, infertility, impotence, sterilisation, circumcision, or artificial insemination. 
• Hospitalisation related to any illness where the length of stay exceeds the maximum recommended number of days for such conditions as determined by our Chief Medical Officer. 
• No claim will be paid for any admission to hospital within 30 days of an insured life being discharged from hospital against medical advice, including discharging themselves from hospital. 

Other exclusions include: 

• Taking part in dangerous activities 
• Breaking the law 
• Committing fraud 
• Suicide, attempted suicide or self-inflicted injury 
• Hospitalisation or death in another country 
• War, terrorist activity and nuclear exposure 
• Riot, uprising and civil commotion.

General exclusions apply to the Daily Cash and Payment Protection on death of plan owner benefits. 

When submitting a claim, these are the documents we will require to process your claim: 

Daily Cash benefit claim documents: 

• Claim form. 
• Certificate by medical attendant. 
• Certificate by employer. 
• A copy of the hospital account indicating the date of admission and date of discharge. 
• A copy of the ID of the policy owner. 
• A copy of the ID of the claimant. If the policy owner and claimant is the same person, then only one copy of the ID is required. 
• Bank statement of policy owner. 
• Declaration by police if Daily Cash benefit is due to accident. To be completed by the investigating officer at the police station where the incident was reported. 

Metropolitan may ask for additional documents if needed. These documents include, but are not limited to, ward reports for the hospital stay, payslips and sick leave record.  
 

Hospital stays can be stressful — financially too. 

Hospital Cash Back Cover provides a daily cash payout for each day you are admitted to hospital, helping cover everyday expenses during your hospital stay. 

For more information, please refer to the relevant product page on the Metropolitan website. Please Click here 

The Metropolitan Savings Plan combines a long-term tax-free savings plan with a short-term money market savings plan. This protects your long-term savings because it gives you a short-term savings pocket which you can access in case of emergency.  

Our digital app consists of an easy-to-use planning and advice component that allows you to plan for your individual goals within your unique circumstances. 

Our Value Protection Benefit helps protect your policy against inflation by increasing your premium and cover each year. You can choose to increase your premium yearly between 5-10% to protect your savings against inflation.

The Smoothed Bonus Fund is an investment portfolio that aims to provide market-related and inflation-beating returns over the long term, without the ups and downs that the stock market often displays in the short term. Metropolitan makes yearly bonus declarations to smooth investment returns. 

An endowment plan is essentially a life insurance policy which, apart from covering the life of the insured, helps the policyholder save regularly over a specific period of time so that he/she is able to get a lump sum amount on the policy maturity in case he/she survives the policy term. This maturity amount can be used to meet various financial needs, such as funding one's retirement, children's education and/or buying a house. 

Endowment plans fulfil the dual need for a life cover and savings plan under one single plan. Endowments are one of the traditional forms of life insurance plans available. 

The Smoothed Bonus Fund is an investment portfolio that aims to provide market-related and inflation-beating returns over the long term, without the ups and downs that the stock market often displays in the short term. Metropolitan makes yearly bonus declarations to smooth investment returns.

A part of the income you get is made up of capital (the money you invested) and part of it is interest. You only pay income tax on the interest part of the income payment. We take off the tax amount from each regular income payment before we pay it to you. 

For tax purposes, we use the income tax rate for the income you get from this plan as if it’s your only income. If you have any other income, your income tax rate could be higher. You’re responsible to pay the difference between the amount we took off and the actual income tax rate you should pay.

You can withdraw part of or all the money from these plans. Limits may apply.

This benefit either lets you keep the money you secure at the same level, or you can lower the amount over time. Each option has an effect on the level of your regular income payment.  

You may choose one of three options: 

1. No income boost  - The money you choose to secure for your beneficiaries stays the same and your income stays the same.  
2. Phased income boost - We lower the amount of money you want to secure for your beneficiaries by 10% every five years. At the same time, we increase your income. 
3. Immediate income boost - We lower the amount of money you secure for your beneficiaries by 10% every five years. Instead of increasing your income every five years only, we immediately give you a higher income level from the start.  

The minimum retirement age is 55. Generally, South Africans retire between the ages of 55 and 65. As people are living longer, they're retiring later to ensure they build up enough retirement savings to last them for the rest of their life.  

The Smoothed Bonus Fund is an investment portfolio that aims to provide market-related and inflation-beating returns over the long term, without the ups and downs that the stock market often displays in the short term. Metropolitan makes yearly bonus declarations to smooth investment returns. 

Your payments toward retirement savings grow tax-free in a retirement fund. These payments are also tax-deductible up to certain limits, thereby reducing your taxable income, which means you benefit from paying less tax every year. 

A retirement annuity is your own personal savings plan that you invest in to save for your retirement. At retirement, you can access up to one-third of your savings in cash, but the remaining two-thirds must be used to buy an income plan to ensure you have an income at retirement. 

A pension fund is an employer-sponsored retirement fund where regular contributions (usually monthly) are made by you and your employer. At retirement, you can access up to one-third of your savings in cash, but the remaining two-thirds must be used to buy an income plan to ensure you have an income at retirement. 

 
GEPF Pension Fund

The Government Employees Pension Fund (GEPF) is an employer-sponsored pension fund where the individual's benefits on retirement are based on the rules of the fund, typically linked to the number of years of employment. 

A provident fund

This allows you and your employer to contribute monthly towards your retirement savings; the difference here is that when you resign or retire, you can take the entire savings amount as cash. You don't need to purchase an income plan, but you will be taxed on the cash payout based on the lump sum (a single payment) tax table. 

When a pension fund member retires and the retirement proceeds are more than R360 000, the member may only receive one-third of the proceeds as a single cash payout and the other two-thirds is paid out in the form of a pension/income over the rest of the member's life. If the retirement proceeds are less than R360 000, the member may take it all in cash.  

A provident fund member can elect to receive all of the retirement proceeds as calculated on 1 March 2021 (plus the growth), as a single cash payout. Any additional contributions (plus growth) after 1 March 2021 will be treated the same as a pension fund.

If you resign, or you are retrenched, you are allowed to withdraw from your employer-sponsored retirement fund (that is a pension or provident fund) but are subject to tax. However, should you wish to rather preserve your retirement savings, you can consult with your financial adviser to transfer your retirement savings to a preservation fund with any administrator. You will be allowed to make one withdrawal before you retire. 

All the regular payments you receive will be treated as an income and taxed according to the most recent SARS income tax tables. 

An existing retirement income plan can be topped-up with additional money from the same retirement fund. Money from other sources, like personal savings or inheritances, should be invested in a separate retirement income plan. 

Yes. 

Besides the review of the annual income amount on living annuities, no changes can be made to the retirement income plan. Alternatively, a living annuity can be converted to a life annuity at any point. 

The Metropolitan CPIO Retirement Income Solution is designed to provide confidence and stability throughout your retirement years. 

It offers a reliable, consistent income, allowing you to focus on enjoying life after retirement. 

For more information, please visit the Retirement Income Solution section on the Metropolitan website. Please Click here