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Nairaland Forum / Nairaland / General / Investment / Please, Is It Advisable To Save My Money With An Insurance Company??? (9024 Views)
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Please, Is It Advisable To Save My Money With An Insurance Company??? by Jman06(m): 9:14pm On Jun 28, 2015 |
Please I need your advice. I am planning to start saving my money with insurance companies instead of banks, so I won't be withdrawing the money until it's bulk enough to invest. I don't know how reliable those insurance people are. I am thinking of using Fbn insurance. Please does anybody know about them? Are there better insurance companies I can use? Thanks in anticipation of your advice. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by seniorklop: 9:08pm On Jun 29, 2015 |
I believe you have made a wise decision concerning saving with an insurance company. We have a wonderful plan strictly designed for your likes. It is called DPP. Dividend plus plan, (premium payable) is the combination of cover and investment policies. The policy can be taken to mature at any age but for a minimum of 5yrs and the cover, not more than 65yrs. Premium payments frequency is available on monthly, quarterly half-yearly and annually. Interest rate(8percent) for the initial 12 months and thereafter it will be determined by the company from time to time in relationship to the changes on the underlying assests. No policy fee is chargeable. Access to regular statements of accounts. BENEFITS include: *free additional accidental death benefits up to 500k. *option to withdraw 25percent of investment after 5yrs. *benefits are tax free. *policy can serve as a collateral security. *tax relief on premium paid. *policy is suitable to augment retirement benefits. *and many more. Let me quickly give a brief introduction about my company. We are IGI Plc. Industrial and General insurance plc. We are pioneer of modern life assurance. Our capital base is over N37billions. We are listed in the secondary mkt. HQ is in Adeola Hopewell VI Lagos. Branches all over Nigeria and outside Nigeria. Milestone includes first N1billion premium income and leading underwriter for group of companies e.g NNPC. For more details, you can call me on 08034919415. Or visit our website @ www.iginigeria.com Jman06: |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by seniorklop: 11:02pm On Jun 29, 2015 |
For those that called for details on interest rate, I wish to state that no bank can give an interest rate of 8percent on a savings account. Lets say you are contributing 10k monthly. With IGIplc your interest is N800 for every 10k each month. After a year, your interest will be compounded thereby giving you higher profit. This is the investment part of the policy. The second part is the cover, for instance, you want to make a monthly contribution of 20k for the next... lets say 5yrs. Your sum assured will then be 1.2m (excluding interest)i.e 20k multiply by 12 multiply by 5. What IGI is saying is should there be accidental death, your beneficiary(ies) will be paid the sum assured despite the fact that your investment has not matured. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by arote(m): 7:05am On Jun 30, 2015 |
@jman06 Good that you want to invest in an insurance coy.my company is AMERICA INTERNATIOAL INSURANCE COMPANY(AIICO PLC) NUMBER ONE ins coy in Nigeria(u can Google it) what is d duration u want for ur investment? that is d first thing. here is number-08114721260 lets chat on watsapp |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by Jman06(m): 9:07am On Jul 01, 2015 |
arote:Though I have already started with FBN insurance, I think AIICO is a good one too and I could still give them a try. Do they have a one year savings policy? Because I may want to taste the water for a year and decide whether to renew or run just like I am doing with fbn insurance. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by lonelydora: 11:33am On Jul 01, 2015 |
Anyone that can give me a good interest, I'm ready to invest 1M for 1 years. PM let's talk. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by blessedapple: 12:23pm On Jul 01, 2015 |
Have you considered LEADWAY as an alternative? |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by lonelydora: 12:49pm On Jul 01, 2015 |
blessedapple: Tell us more about them. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by 9janinja(m): 11:37pm On Jul 01, 2015 |
guy we r both in d same shoes ,i spend alot aswell until my sister recommended her sch colleague who needs customers to meet uphis target n get paid so i bought a 1yr policy plan @N10k monthly wit his company (niger insurance) interest rate is gud bot am not bothered abt dat cot N120k hustle money no b beans means alot to me <so guy continue am gonna renew wit anoda insurance coy cos niger insurance has stopped its 1yr plan , cheers mate 1 Like |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by mychiveous(f): 6:31am On Jul 02, 2015 |
seniorklop:Will i be allowed to withdraw the interest? |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by seniorklop: 10:51am On Jul 02, 2015 |
The minimum period you can access your fund and your interest is 5years. The whole essence of the policy is to instil savings discipline & it is designed to reduce the effects of inflation and to satisfy individuals who yearn for maximum returns on investments. It guarantees financial protection for you and in the event of demise of the life assured, the beneficiary(ies) are protected too. However, you will have access to regular statement of account. Your policy can serve as a collateral if you wish to pick a loan from your bank. It is usually good to have a purpose for running this policy, for instance you may decides to save for a building, land, new car, kid(s) education, business outfit, retirement, vacation etc. Then you state the amount you want to save in the next 5years or more to cover such purpose. I will work out your monthly contribution(premium) and you may advice your HR/salary dept. on your premium to enjoy(tax relief on premium paid) otherwise you write your cheque in favour of igi on monthly basis. mychiveous: |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by blessedapple: 12:39pm On Jul 02, 2015 |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by seniorklop: 7:44am On Jul 03, 2015 |
For further information, kindly quote my post so i'll be notified. Cheers. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by harveyspec: 9:42am On Jul 16, 2015 |
seniorklop: How do I recover my funds in the event of Igi's collapse? Ps: i know they have been on ground for ages |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by seniorklop: 10:16am On Jul 16, 2015 |
Hello. Let me use this opportunity to assure you that your investment is safe and guaranteed under IGI plc. We are big so big that we acquired some big insurance companies outside Nigeria. Our reach is beyond Nigeria, we are in in USA, UK, Europe and Africa. You can read more.. iginigeria.com In order to put your fear to rest, kindly go to (naicom.gov.ng) just like CBN, Naicom regulate insurance affairs in Nigeria. Rather for an insurance company to go under, Naicom will acquire it. Pls visit the above addresses, should you have other questions kindly let me know. Regards, harveyspec: |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by harveyspec: 11:47am On Jul 16, 2015 |
seniorklop: Thanks for the earlier response. 1. Can't I opt for a lower term ie less than 5yrs 2. lets assume I want my premium to be 15k every month for a 5yr term a.What will be the total package at maturity b. in the event of my demise say in the 2nd or 3rd year, what will my NOK get PS:you said 8% interest, is it per month or per annum Thanks |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by seniorklop: 2:51pm On Jul 16, 2015 |
1. No, but you may terminate your policy at the end of the third year. Your investment account bal. will be paid less the charges for terminating the contract before due date. We advice clients to take loan from their investment which is granted up to 90% of their investment account bal. instead of outright termination. 2. 15k premium(monthly) for 5 yr term is N900k 2a. Let me highlight this part. Pls note that the 8% interest rate is guaranteed for the first year. Rate for subsequent year will be determined by market indices and NAICOM. Lets assume the rate is 8% all through, you should get N1,140,467.28 2b. In event of demise say in a year, your NOK gets N900k plus addition accidental death benefits of N500k. We are talkin about N1.4m Pls note: benefits are tax free. *the sum of interest on each premium will give you total interest paid on premium per year. You equally enjoy compound interest in subsequent years. Thank you too. Let me know if you need further clarification. Regards, harveyspec: |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by harveyspec: 3:09pm On Jul 16, 2015 |
arote: How come your number isn't showing on whatsapp |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by arote(m): 7:24pm On Aug 18, 2015 |
sorry about d number not appearing. please let's chat on this line 081851199332 or u give me number so that I can call |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by SleekReek(m): 8:21pm On Aug 18, 2015 |
Jman06: From my personal experience don't even try it, i made that mistake to invest in an insurance Company and when i needed the money, the bluntly refused to release it to me, i regret ever doing that, it is not worth it. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by arote(m): 9:55pm On Aug 18, 2015 |
@sleek what type of plan did u pick and d duration |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by Jman06(m): 10:46pm On Aug 18, 2015 |
SleekReek:please when did you ask for the money? Was it up to the due time? Or did you ask for it before the expiration of your policy. Pls respond so as to enable me take the right action. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by SleekReek(m): 2:34pm On Aug 20, 2015 |
Jman06: I wanted to close the entire agreement because from Economic calculations i made, i realized it wasn't worth it but when i requested to close it even if there was a penalty they refused and are telling me my investment is lost, about to get my lawyer involved. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by Jman06(m): 7:59pm On Aug 20, 2015 |
SleekReek:Hmmm. Pls which insurance company is that? Mine is Fbn insurance and the agreement is that in case I want to terminate the agreement b4 time, then 10% of my deposits will be deducted and the balance given to me. I just hope they will not dare to play games with me because I will deploy every available means to get my money. I just wanted to try insurance to see how it works and if I can rely on it to invest my money in the future. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by arote(m): 11:00pm On Aug 20, 2015 |
arote: |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by SleekReek(m): 11:56pm On Aug 20, 2015 |
Jman06: Mutual Benefit Life Assurance Ltd...when they ant to pull you in they can make promises but when it comes to implementation they will start speaking grammar.please the dotted lines or better still get a lawyer to read it,because they are always clauses that will catch you and tie your hands from reacting when you have to. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by Jennifer89(f): 9:10am On Aug 21, 2015 |
SleekReek: Same thing happened to ma mum. they were just turning her around. the company started telling her plenty stories. After all the stress she got her money and vowed never to go into it again. |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by ednut1(m): 10:52pm On Aug 21, 2015 |
mutual fund is better. a money market mutual fund can gv u 13% PA. no story wen u want ur money unlike wat some insurance coy wud do. inflation is currently 9.2% , 8% return is crap |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by NwabuezeWini: 6:13pm On Aug 26, 2015 |
Jman06: If u want to save with AIICO or any insurance coy make sure u run it to d end cos if u temper with d agreement and decide to take ur money after 4yrs or 2yrs they won't give u any interest and they won't still give u ur complete money. Dats d risk with insurance which they don't usu tell there customers wen they are convincing u to get a policy with dem 1 Like |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by kenobi007(m): 7:29pm On Mar 05, 2016 |
mychiveous:That's why u need to pick a good insurance company. Things to look out for, 1. The company should be known to the public. A good brand name and reputation. 2. How frequent dey pay claims 3. Good reinsurance treaty 4. Excellent track records 5. Rating by international bodies. 6. Good Testimonials Following all this and many more, Leadway assurance is ur best stop. The number one leading insurance company in Nigeria. If u want to know more about our plans and rates feel free to contact me on 08146118810. Obi |
Re: Please, Is It Advisable To Save My Money With An Insurance Company??? by kenobi007(m): 7:30pm On Mar 05, 2016 |
lonelydora:That's why u need to pick a good insurance company. Things to look out for, 1. The company should be known to the public. A good brand name and reputation. 2. How frequent dey pay claims 3. Good reinsurance treaty 4. Excellent track records 5. Rating by international bodies. 6. Good Testimonials Following all this and many more, Leadway assurance is ur best stop. The number one leading insurance company in Nigeria. If u want to know more about our plans and rates feel free to contact me on 08146118810. Obi 1 Like |
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