Hi guys,

Please I need your help. I have been running this life assurance policy with an Insurance company for more than 40 months and going by their policy I can cash out 100 percent of my investment after 3 years (36 months). Now I want out, they started making things difficult telling me I will lose money if I cash out now.

I insisted that they give me back my money as I really it need now, they asked for a lot of requirements but the ones that made me raise an eyebrow are:
1. I should submit all receipts that they have sent anytime I paid my monthly premium
2. I should return the policy document.

Guys, these are documents that shows that I had an investment with them. Are these requirements ok or is someone trying to play me now? I need your help.

lets have the name if the insurance companies. This are the ones that makes people runaway from insurance cos when its time for the cashing out process, they make it very difficult

I withheld the name of the Insurance because I have not yet confirmed that they are playing me. Please bear with me. I just need to know if these their requirement is normal or if someone with similar experience can advise me.

It's better if you give us the name of the insurance coy. Someone with similar experience with them will be able to tell you how he went about it.

Yes you need to oblige all those requests, its a process of audit and verification. No one needs your cash.
BTW who is your account officer? I mean that ......are you no longer in good terms

Send the photocopies and tell them they will get the originals after paying you.
Easy

you must give a name if you need advise.

We no be Daniel whey interpret dream without been told

I smell hidden agenda

If you are sure of your claim please give a name and stop making us feel it Is an unwarranted topic here

OP please wait lemme goan call my year one friend studying insurance in uni jos.

It's on professional to mention the name of the insurance company.. As you've got no prove that they about to cheat u... .

I had a similar experience, but thank God I still have their policy document. As for the receipt, walk into any of their branches. They have all the necessary information on premium payment and all. But u might want to forgo ur first premium.

I'll advice u photocopy their document and return to them while u kip the original with u until u are done wif them. Chikenan

TruthisOut:
Hi guys,

Please I need your help. I have been running this life assurance policy with an Insurance company for more than 40 months and going by their policy I can cash out 100 percent of my investment after 3 years (36 months). Now I want out, they started making things difficult telling me I will lose money if I cash out now.

I insisted that they give me back my money as I really it need now, they asked for a lot of requirements but the ones that made me raise an eyebrow are:
1. I should submit all receipts that they have sent anytime I paid my monthly premium
2. I should return the policy document.

Guys, these are documents that shows that I had an investment with them. Are these requirements ok or is someone trying to play me now? I need your help.

For Sure, thats the procedure.

I run two insurance policy.

You will have to submit the policy document ( the Original copy) to process your funds. You will be given back the document if you decide to restart the monthly premium.

As for the receipts, if you don't have them, then your account officer can provide them on your behalf, he should have copies.

Most insurance companys don't pay out unless your policy tenure has matured.you can only cash out after your retirement or reaching the age of 60yrs or by death.life insurance policy is not investment policy.they differ.

Nig4Greatness:
Most insurance companys don't pay out unless your policy tenure has matured.you can only cash out after your retirement or reaching the age of 60yrs or by death.life insurance policy is not investment policy.they differ.

Not true. I think you are referring to Pension fund administrations, Not Insurance.

Had a similar experience. And with the way u stated urs,seems like d same insurance coy. (mutual benefits life assurance). Same policy. Actually mine wasn't even up to a year yet and I needed money to quickly sort out sumfn. To my surpise, they told me they Cannot give me part of money until after 36months. After all said n done, they stated that getting part of my money would mean me forfeiting bout 40% of my money. I was rly upset. As I type. My money is stl wv dem. Buh I'm not paying monthly anymore. Just waiting for d stuff to be a year,then I'll withdraw 90% as stated in d policy

Whats with people and insurance companies sef... The wahala they give you when you want to bail out is just too much...

It is the standard procedure.

However, if it has run 40months, be rest assured the interest they would pay you would be peanuts since it didnt mature as per your contract with them. I am assuming it is for 48months now.

Send them a mail, telling them that they did not tell you that you will loose any amount when you started. Tell them that, if they deduct any money from your investments, having not properly guided you, it will be tantamount to "SELLING ON FALSEHOOD".

You demand all your money and interest and make sure you send a copy of the letter you are sending them to NAICOM (info@naicom.gov.ng).

For more on this, please visit (www.insuranceplus.com.ng)

Thank God!
I dodged a bullet.
Insurance in nigeria is simply not worth it

I had this issue with mutual benefit. I lost 30% of my savings and I vowed never to patronise any other insurance service except car insurance. These guys will tell you that your Acct officer didn't remit your monthly premium/savings.

Get though with these guys, search for the company's CEO and EDs online send emails to the company's info mail.
Fight dirty.

Yes, those documents albeit photocopies needs to be provided and a letter requesting to cash in the policy. However, be prepared to get less than you've accumulate in the 40 months. I speak from personal experience; I had a similar policy I started in 2012. Early this year I decided to opt out and was told I'd get 290,000 less than I had accumulated. Apparently, the broker is given a commission on every payment made because when I questioned why this amount was being deducted, he offered to waive his commission and have them pay me my full amount. I to him no no bother and just pay out my balance. My policy was with AAI

Sounds like Mutual Benefits

Truthisout... theres no two ways about it, if you have to Surrender or Terminate such policy with that insurance company, you have submit all your receipt of payment which was given to you so as to reconcile your account just in case theres any misappropriation of premiums collected from you and you will also have to submit the Policy document given to you from inception of the policy.
Why the insurer said you may loose your money is due to the breaching of the agreement, which may state the policy term, for instance 5years or more.
I will advise you submit the necessary documents so as your benefit can be calculated and get a voucher to pay your money.

AIICO is anther terrible insurance company, they ended up deducting 30% of all my mum had paid when she cashed out. I am going to take it up with the regulatory bodies, AIICO Insurance = bunch of thieves

Your answers;



1. Yes, they retrieve the policy document when you want to terminate your investment. It's not ur property
2. And I suspect they don't have an up to date record for all ur deposits and hence, they need ur receipts to confirm the payments.

Stories that touch

This thread really confirmed I knew little about how Insurance work.

Supposing I take a Policy against robbery for 3years and paying the premiums at as when due. What if no robbery occur within the 3years will I forfeit the accumulated premiums when the policy matured? That was my belief before.