Woman loses court battle to withdraw R160,000 Sanlam investment early for tuition fees

📆 03/10/2024 05:55 م
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Court أخبار

Investments,High Court Of South Africa,Sanlam

After a year of investing, in January 2023, the woman approached Sanlam for a second withdrawal saying she needed money to pay tuition fees but her request was declined.

The Mpumalanga High Court ruled against a woman who wanted to withdraw her investment from Sanlam Life Insurance Limited before its maturity date. File Photo

However, three weeks after investing the money, she applied for a partial withdrawal of R120,000 from the investment and left R200,000. She launched an application with the Nelspruit Regional Court seeking an order in forcing Sanlam to cancel the contract and pay her R167,000. The court papers does not disclose how this figure was calculated.agreements must be kept), however, the Magistrate ruled in favour of Chigombo.

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