I just started another policy with then

mimzy:
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

Why can't you use the insurance policy as a COLLATERAL, if required, to obtain a quick loan or overdraft to meet your immediate needs and liquidate the policy at the end of its tenure?

osubair:
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.

i am having the same challenge with Mutual Benefits
A manager there told me to my face to do whatever i want to do
They are never nice at all - one must be careful whenever their marketers sit before you to spool their wares
A firm with ill customer service ain't good enough.

Had this type of experience with IGI many years ago.

When the marketer was selling this to me, he sold it as 'a way to save money' and that one can pull out 100% after two years.

I stayed until 4 years, then when I tried to pull out, I got a lot of rigmarole. Took ages and multiple visits to their office in lagos (basically had to travel from PHC to Lagos) before I could extricate myself. Lost a few hundreds of thousands of Naira in the process.

Since then, I have never done any insurance (apart from comprehensive insurance for my vehicles).

osubair:
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.

Do you pay into the account officer's bank account or the company itself? Cos am aware that it is usually stated that on no account should one remit any money directly to your account officer.

Stylz69:
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

You are right, but at op what to do is to make copy of policy document and let the staff of the said insurance co. acknowledge the submission. please take it to their office yourself.
Concerning the balance due to you, check you policy document it will be stated their amount due to you for various period of termination of your policy. Remember God forbid if you die before the maturity of policy your beneficiary(s) will collect the sum insure which you have not even paid.
that is what they called insurance. for nfor you can check my profile and get in touch for more assistance .

BUSHHUNTER:
Currently experience same issues now...my dad bought some shares long time ago...these organizations are Towergate Insurance PLC, Equity Assurance PLC.

They are not even ready to payout the profits or whatever..when my mom visited one of them last they said they can only convert/change the ownership to hers.


Pls if anyone is ready to assist or know more concerning Shares package kindly pm me thanks.

Towergate Insurance was acquired by Equity Assurance around 2005, therefore, your dad is now a shareholder in the latter company which is tradeable on the floor of The Nigerian Stock Exchange.

Equity Assurance Plc has paid 2 dividends after the merger hence you need to approach the registrars - Apel Capital Registrars @ 18b, Nnobi Street, Masha Surulere.

.

[Dear frinds do not condemned insurance company in nigeria ,we have regulator body which we call it NAICOM) Petaining to your own advice, I will like to ask u question ,who under write your policy for you? Is it from insurance company or brokers ? And it any cliam u don't need to give original document ,make a photocopy and give them copy's with teller u used to Contact me for any form of insurance product or proffesional advice on any insurance policy....#God's favour is all I need .

[Dear friends do not condemned insurance company in nigeria ,we have regulator body which we call it NAICOM) Petaining to your own advice, I will like to ask u question ,who under write your policy for you? Is it from insurance company or brokers ? And it any cliam u don't need to give original document ,make a photocopy and give them copy's with teller u used to Contact me for any form of insurance product or proffesional advice on any insurance policy....#God's favour is all I need .

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.

/
A few weeks ago, I was arguing with magicminister about insurance policies. He bragged about his premium and coverage for his business. I kindly advised him to have a lawyer go over his policy because insurance companies are known to make policy holders jump through a lot of hoops before getting compensation. Sometimes, it is outright denial. In US, they may hide under omission of information, act of God, preexisting conditions, etc. to deny claims. In a chaotic environment like Nigeria, I am sure they have endless list of "excuses" to avoid payment especially the mushroom insurance companies that will insure anybody and anything.

But again, some folks who think they are wise usually learns the hard way.

Good luck cashing out!

/

KAYNINI:


i am having the same challenge with Mutual Benefits
A manager there told me to my face to do whatever i want to do
They are never nice at all - one must be careful whenever their marketers sit before you to spool their wares
A firm with ill customer service ain't good enough.

Waiting for that manager to tell me that and u will di the unimaginable to him. And make so much noise about it that they will have no other choice than to pay me and sack the guy. Cos I will spoil the company's name so try Buhari go hear come put eye fir them company.

mimzy:
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

That's why you need to read and digest the Policy Document given to you to know their terms and conditions. It would be clearing stated there. The document's not only to be store in cool and dry place...lol

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.

Based on your info provided (i.e. You've paid for 40-months as against 36-months), the company can not deduct any money -principal and interest.

However, you need to relinquish the original policy document to the company (all you need to do is make photocopy for acknowledgement for your record).

An assured can only be penalized for not completing to an agreed month, which must be stated in the policy document.

I believe the era of insurance companies "misbehaving" would soon be over with the present NAICOM mgt and govt.

You will agree banks were seen in such light(when your #10,000 can disappear within some months after charging indiscriminately on COT, Mgt fee, maintainance fee, ATM charge, SMS etc) until CBN brought out harmonised rate guide.

You are free to report to NAICOM if you feel aggrieved.

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.

There're many products. You might be refering to one of their products.

shaicollins:
[Dear frinds do not condemned insurance company in nigeria ,we have regulator body which we call it NAICOM) Petaining to your own advice, I will like to ask u question ,who under write your policy for you? Is it from insurance company or brokers ? And it any cliam u don't need to give original document ,make a photocopy and give them copy's with teller u used to Contact me for any form of insurance product or proffesional advice on any insurance policy....#God's favour is all I need .

it has nothing to condemning insurance companies
all we want is prompt service and real customer service
Mutual benefit has failed in all that!

lagosrd:


Waiting for that manager to tell me that and u will di the unimaginable to him. And make so much noise about it that they will have no other choice than to pay me and sack the guy. Cos I will spoil the company's name so try Buhari go hear come put eye fir them company.

after calling and calling
waited for the guy to speak to me and when he finally did - he told to wait for a longer period of time which was unattainable
so i told him i was going to escalate this that it's not right and he quickly told me to do my worse
All these was done over the phone.
So sad for Mutual benefits

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.

Which insurance company?

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.

since its a term life policy, am sorry they can't breach it, u entered an agreement, and inside it, terms and condition applies...

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.

bruv!!! it's simple and plain. understanding an assurance product is one thing and cashing out period is another. what am trying to say here is that, your policy document states all the terms and agreement of the contract and am very sure it stated the time period to which your policy is supposed to be due. the least i wouldn't say assurance but investment link policy with mutual benefit life assurance ltd product has a minimum of 2years validity to which you can later renew or cash out if you like, while the highest should be 5years and above based on what a client wants. don't be worried with the long tin, but just want to make you understand what you went into and to let you know that it was all company procedures, that's if it's truly an insurance company. if it's an endowment policy you went for, then it means you must wait for the agreed time period before you can cash out, but if the policy has not yet matured to that level, then it means you want to to enter a surrender value agreement, which means not all the contributed sum will be giving back to you. in summary bruv, you policy document is you sole guide to know if you're being cheated or not. it is what has been indicated on your policy document that you are supposed to work on and not managerial discretion. pls kindly go back to the document and properly straighten things out.

This is a very good topic....Listen carefully everybody.

I am also under this situation myself. I have been trying to cash out an insurance policy since 2014. Yes 2014. These guys are rogues, the procedure for taking up a plan is so easy but cashing out is like passing through the needles eye. I am not going to mention their name now, but I have promised them that by January if my cheque is not sent to me or my money paid in to my account I will narrate my ordeal with them on all Social Media, do a serious damage to their useless name and expose them

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.

Yes, return the policy documents and premium receipts. You are supposed to get your full premium paid, if you are terminating. Don't settle for less.

Lionhearted:
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.

A general insurance policy does not mature....And what u pay "Premium" is the fees for the policy and not a deposit, if nothing happens....ur luck.

When you give out the name, they will know you're serious too, think

osubair:
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.

I think you were not properly intimated with respect to what insurance policy is about.

Insurance is primarily not an investment. Although, recently, insurance companies have tried to develop products that include investment. But, how it works is that every premium you pay is apportioned into both insurance coverage and investment. The investment part is what you get back if you want to exit. And the penalty will be on the coverage. That is why they are in business. Cos if something happens to the policy holder after making just the first premium payment, the insurance company is bound to pay the beneficiary the SUM ASSURED.

dozymars:


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

He's true and that's an insurance policy issued on Endowment term.

KAYNINI:


after calling and calling
waited for the guy to speak to me and when he finally did - he told to wait for a longer period of time which was unattainable
so i told him i was going to escalate this that it's not right and he quickly told me to do my worse
All these was done over the phone.
So sad for Mutual benefits

Ser don't be discouraged just create an alarm tread and we start the e-war against mutual benefit or wetin you call them. Anywhere you see their advert and on facebook lets rocket them with challenge. maybe them think say dem dey craze if you bo get job eno mean say Uno hear English now. Don't forget to put the guys name oooo. Or better still initial another conversation with the guy and record it on your phone then straight to NAICOM.

ephi123:
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

Different strokes for different folks, when my DAD died, we benefited from his Life Insurance. The same AIICO Insurance that you castigate was very professional although slow coz it took over 7months to receive the cash but with my experience with them. If I would suggest, I would suggest AIICO Life Insurance any day anytime!!!

Same happened with Crusader insurance. They were leveraging on it mine was less than a year for a 2year term. All docs with me. I will take it up now.

I will photo scan them here

There is something called surrender charge..every insurance has a percentage that will be charged if the policy has not exceeded the maturity date..@ op there is no need for you to drag the coy into the mud..call your agent and ask questions and to way forward

Yes you have to submit your policy document and as for the receipt of payment kindly approach their customer care for a statement

Gentlebabs:
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)