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Nairaland Forum / Nairaland / General / Investment / How I Was Cheated By Mutual Benefits Life Assurance Ltd (53302 Views)
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Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by igbsam(m): 6:07pm On May 25, 2016 |
Insurance in Nigeria is a scam which have gone unchecked. The govt need to really look into this sector. The scam and fraud there is too much. 3 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by babyfaceafrica: 6:07pm On May 25, 2016 |
Insurance na theif...if you no open yah eye well |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Firefire(m): 6:08pm On May 25, 2016 |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by eby001(m): 6:08pm On May 25, 2016 |
Also having a bitter experience.... Asking for documents out this world for them to pay life insurance benefit, even after 3years. Very insensitive and unbecoming..left it to them ,moved on with my life, learnt one or two lessons and avoiding them bringing back sad memories |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by SKAMOD(m): 6:09pm On May 25, 2016 |
walexy14: leave all this shit... Image givn some 60000k and later recieving 312k... How would u feel... Money is hard to get. If this was abroad he would probably sue dem for that. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by lereinter(m): 6:10pm On May 25, 2016 |
Pls copy cpc |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by alomeda600(m): 6:14pm On May 25, 2016 |
Sorry! Same experience with leadway...had a total savings of 40,000naira eventually #30,000 was given back...wetin man go do...itx so annoying...they wont tell one what the plan is all about ...at the end of the day u cant sue them because all those charges are always written in dose deir foolish leaflets. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by alomeda600(m): 6:15pm On May 25, 2016 |
Awon ole jati jati |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by greggng: 6:16pm On May 25, 2016 |
I cannot blame the insurance company cos there must be buyer be ware situation in the contract but we tend to look the other way out. First you bridged the contract and you re not entittled to any indeminity. There re penalties. Moral lessons don't change the goal post in the middle of the match. I feel pain for ur loss is totally a waste of time considering the fact that u ve to wait that long to get ur fund. They ve used ur fund to create wealth that didn't add value to ur fund. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by CzarChris(m): 6:17pm On May 25, 2016 |
OP, thanks for this information. Honestly, I will shoot the next insurance guy I see in my office. One of them has been so consistent, that he sends me goodwill messages(sms) for every holiday imaginable, even Sundays. 2 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by emekan: 6:20pm On May 25, 2016 |
Now I feel you were guilty of breach of contract. I wouldn't want to take sides or anything, but let me speak in defense of Mutual Funds. I was approached by a salesman in 2015 who convinced me to open a policy with them. Now the salesman was magnanimous enough to spell out the policy and explain all details. You do not get your full amount in the event you liquidate prior to the exhaustion of the facility. Now, I was told all this. I decided to make 20k payments every month. I even defaulted in some months and had to make up in subsequent months. I was also duly issued receipts for all my payments. When I eventually wanted to liquidate the facility after a year, I tendered my application and was duly paid as promised three weeks later. There was even a slight delay of a few days and I was sent a text message apologizing for the delay. I would say in my words that Mutual funds is very ok. Find below the text that was sent to me. 2 Likes
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Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Jambsupport(f): 6:22pm On May 25, 2016 |
Oblak:Frontpage is the home. What you see when you click or enter Nairaland.com it's not where topics are created, that is known as the category. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 6:27pm On May 25, 2016 |
Oblak: All these topics u see ar posted in various sections, it is d mod that moves them to frontpage for wider coverage.. there are thousands of topics in nairaland out of which d mods have to select a few worthy of frontpage thereby givin it a wider coverage.. so all thos topics u se on d frnt page were put ther by d nairaland moderators..while the other topics ar in the various section in which they were posted by d user.. 3 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by tosyne2much(m): 6:30pm On May 25, 2016 |
Ryder306:Bro, that type of insurance does not pay at all ooo |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by tempex88(m): 6:30pm On May 25, 2016 |
My dad retired from an insurance Company. The capitalize of people's ignorance not to pay claim. it good you pasted the info here cos I know they will loose far more than they withheld from you. am sure if they have been detailed enough to explain the basics and what happens should you choose to discontinue, all this will not be necessary. If they are indeed not scammers, they should have provided a breakdown of the interest and debits over the years. they r scammers. they just want to make money. that's y only few insurance coys r triving in Nigeria 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Ali929(m): 6:31pm On May 25, 2016 |
Untainted007: Wow thats cool of mansard, guess maybe its cos u opted for the individual savings plan but pls do u ve an idea of Leadway Assurance. D company i work with opened a pension acct for all staffs & certain amount are deducted from our salaries monthly. Now d issue is dat i wil be resigning soon from d company. Do u know if its advisable to continue putting money into the pension acct (leadway pensure)? |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by DonPedro21(m): 6:33pm On May 25, 2016 |
Oblak: My Brother, the topics you read on front page are selected from different sections like politics, Romance, sports etc. You can't create a topic directly on front page. Lalastica is the guy that selects interesting topics from different sections and place them on front page. Try click on Romance hyperlink u will see lots of topics not on front page. The same applies to other hyperlinks. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by gp6liveth(m): 6:34pm On May 25, 2016 |
Actually, u did not adhere to the T&C. Mutual benefit is a body corporate and they will never violate their memorandum of Association. The condition is that u are entitle to initiate a claim (withdrawal) of 50% if you have saved for a minimum of two years. From your report I observed that you have defaulted the T&C which has attracted a penalty. Though its not easy to sustain the policy, but agreement is agreement. As for me, I am trying my best to keep to the T&C up to date. Graciously, I initiated a withdrawal 2weeks back, lo and behold I was credited today. 1 Like 3 Shares
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Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by etenyong(m): 6:36pm On May 25, 2016 |
Thanks God they give you part of ur money. I invested in Aims Asset Management between 2008 - 2012, but uptill today I can't get even 1% of my money. Different stories every time I go there. I decided not to even bother again |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Ali929(m): 6:39pm On May 25, 2016 |
everydayperson: Pls do u have an idea if Leadway assurance does this too? I have a pension acct with them (Leadway Pensure), d earlier i know d better because d money i have with them isnt dat much for now. Pls if u do help out with info. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by blank(f): 6:39pm On May 25, 2016 |
@OP, you can claim the premium for your life policy from your tax. It is an allowable expense for PAYE purposes. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by tunjijones(m): 6:42pm On May 25, 2016 |
The fault is not only from the sales man but also from you for not going through the documents properly. Let me tell you how life insurance works... You are saving 20000 per month... Part of this money is used to buy a life cover for you. Where do thing the money wld come from if in event anything happen to you (death or permanent disability). Your beneficiary wld be paid 1.4million naira if anything happens to you even if u have saved for only one or two months. Its actually a good one if you love ur loved ones and u dnt want anything to happen to them in event of death.anyway if u feel u have been scammed there is an organization call NAICOM u can go and report Ur case. Its totally free of charge. But make sure u go over your policy document and be sure u have really been scammed. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Sanchase: 6:43pm On May 25, 2016 |
You are lucky you are getting 85K, some will disappear and they will put up a sign "This Office Space is for LET". 3 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by blank(f): 6:44pm On May 25, 2016 |
Ali929: When you resign, give your RSA pin to your new employer so that they can continue paying in your pension there. It's illegal to open more than 1 pension account in your work lifetime. You can make voluntary contributions to your pension account but note that you can't withdraw the money until you retire at 60 years or you are sacked in your workplace. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Ali929(m): 6:44pm On May 25, 2016 |
CzarChris: Lmao..... |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Stylz69(m): 6:46pm On May 25, 2016 |
These insurance companies are all the same however my experience was through African Alliance. I started in 2012 and was contributing 200,000 monthly with a payout of 24 million in the event of my death. Well ...I didn't die in the 2 years and 1 month I was contributing so I decided to cash out and move my money to other things considering it wasn't generating any interest and all. The broker told me when I was signing on that I could cash out after two years without penalty. Alas, when I did, I got on 4,790,000 instead of 5 million . When I confronted the broker, he offered to forfeit his commissions which I later told him not to. It seems like the broker got a commission from my monthly payments. The thing is I never even defaulted, rather I even paid for months ahead. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by tunjijones(m): 6:48pm On May 25, 2016 |
Ali929: Bros the era of insurance company being scam is long gone. You u have greviance with any insurance coy pm me and I wld tell u wia to take ur case to and the procedure. They wld be too willing to help you. Their staff get promotion for getting an insurance coy that defraud a client. Any insurance company found guilty wld be fine heavyly and thereby generating fund for the government. The insurance coy license might even be withdrawn depending on the weight of the offence 4 Likes 2 Shares |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Ali929(m): 6:51pm On May 25, 2016 |
blank: Thanks. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Ali929(m): 6:54pm On May 25, 2016 |
tunjijones: Ok, thanks. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 6:54pm On May 25, 2016 |
Ali929: I use Leadway for my Car(s) insurance.. so far they are good. no claims yet but they have been professional so far |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 6:57pm On May 25, 2016 |
Sorry you got more than me. I saved 20k totalling 140k but when my chq came out it was 69000 |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 6:58pm On May 25, 2016 |
etenyong: AIMS is a scam thank God they have been proscribed and banned. I know a salesman who worked there, as soon as contributions arrived, they are shared into staff accounts straight-away |
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