Stats: 3,186,271 members, 7,928,905 topics. Date: Friday, 23 August 2024 at 03:21 AM |
Nairaland Forum / Nairaland / General / Investment / Sad Experience With Mutual Benefits Policies (997 Views)
How To Invest In A Mutual Fund In Nigeria / Best Mutual Fund Managers In Nigeria - Top Performing Funds / Shares (stocks) Or Mutual Funds? (2) (3) (4)
Sad Experience With Mutual Benefits Policies by egoldi01: 9:18pm On Oct 31, 2019 |
I never knew having policies with Mutual Benefits is a crime if I have to be heavily charged for both premature termination and non completion of payments on a matured policy. I had a life investment of 5 years scheduled to end on October 1, 2019 but only paid for 20 months and abandoned midway due to some reasons. I paid premium of 165k out of 600k and now MUTUAL will pay me back ONLY N137,469 leaving me with charges of N27,530 I took up another 5 years investment along the line and paid up 41 months out of 45 months. I then decided to terminate due to poor service. I have paid up 820k but will now ONLY get N775,758 to part with N44,241. In all, out of my combined premium payments of 985k, I will part with 72k as charges on my money! After my engagement with them on the charges, I was told that a policy is said to be matured when expected total contribution has been fully paid and the duration fully spent. This is the ONLY condition where no charges is applied on your policy. Therefore, should any unforeseen circumstance come up and one is unable to pay up, MUTUAL BENEFIT will not pay. This is not only unfair, but also grossly discouraging. Their staff will never explain this when trying to get clients. Has anyone had any similar unpleasant experience with this unfriendly company and similar insurance companies for Nigerians to learn from so as not to be victims again like me. 1 Like |
Re: Sad Experience With Mutual Benefits Policies by mployer(m): 9:40pm On Oct 31, 2019 |
Bro. The problem is not the charges, it's about getting the money out, the one they agreed to pay. All of them are fraudulent. I have a friend that had to forfeit almost 150k because he couldn't meet all the ridiculous conditions for getting the money out. 2 Likes |
Re: Sad Experience With Mutual Benefits Policies by omobemi: 10:25pm On Oct 31, 2019 |
Please try Prudential Zenith life.....we are the best in Nigeria now.... |
Re: Sad Experience With Mutual Benefits Policies by GAZZUZZ(m): 3:25am On Nov 01, 2019 |
egoldi01: I see nothing wrong here. |
Re: Sad Experience With Mutual Benefits Policies by egoldi01: 4:14am On Nov 01, 2019 |
GAZZUZZ:Well, there may be nothing wrong if one was aware of no full contributions, no full payment at the time of taking up the policies. That is why I want to create awareness for all before starting such journey with the company. But I'm not sure that is how all other Nigerian Insurance companies hugely penalize their clients. |
Re: Sad Experience With Mutual Benefits Policies by egoldi01: 4:20am On Nov 01, 2019 |
mployer:You can imagine, forfeit his own money and not even the interest! It's even better to put one's hard earned money in other investments than these purse - draining channels |
Re: Sad Experience With Mutual Benefits Policies by GAZZUZZ(m): 4:48am On Nov 01, 2019 |
egoldi01: Did you ever take out time to read the policy information? I am sure mails were sent when policy was updated (if it ever was) |
Re: Sad Experience With Mutual Benefits Policies by dannywest: 6:06am On Nov 01, 2019 |
This is normal. You've to complete your contributions and term egoldi01: |
(1) (Reply)
UI/UX And Web Design Training / Investment App, Ziing, Unveils New Improved User Interface / COVID-19 The Agricultural Opportunities Of The Post Corona World.
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 26 |