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Nairaland Forum / Nairaland / General / Investment / How I Was Cheated By Mutual Benefits Life Assurance Ltd (53047 Views)
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How I Was Cheated By Mutual Benefits Life Assurance Ltd by ehinja: 10:23am On May 08, 2016 |
My story started in 2011 when I decided to partake in an Individual Savings and Protection Plan (ISPP) by Mutual Benefits Life Assurance Ltd. [img][/img]I decided to contribute N20, 000 (twenty thousand naira only monthly) and did so for most of 2011 till December of same year bringing the total amount contributed by me to N140, 000 (One hundred and Forty Thousand naira only). Due to personal reasons I could not continue with my monthly contributions and wanted to withdraw my money saved but was told by the agent I will be duly penalized for not continuing for at least 36 months. As a result I decided to wait till the full tenure of the policy which will be 2016. Fast forward 5 years later 2016 in April (15th) I was at the mutual benefit office to sign for my money withdrawal and was told to expect a discharge voucher which came via email on the 25th of April 2016. To my outmost dismay, of the N140, 000 I contributed according to the voucher sent to me I was going to be given back N85, 832.88 after 6 years of waiting to get my own money back! I immediately called one of their numbers hoping it was an error but was told that is the money due me as the savings plan has an element of insurance to it and that also I did not save consistently for the 6 years the plan was in place hence there are charges accrued which have been duly deducted from my suppose savings!!!. I have attached copies of what I saved and the discharge voucher I was sent for people to see as I do not think it is fair. I have learnt my lesson the hard way and will like to use this medium to advice others to stay away from Mutual Benefits Individual Savings and Protection Plan (ISPP) as it is not drawn up to provide any benefits to participants. 28 Likes 9 Shares |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Agbaletu: 10:38am On May 08, 2016 |
I am really sorry OP. I almost fell for their tricks 2 years ago. I knew all along that they are cheats. 16 Likes 1 Share |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by ehinja: 10:55am On May 08, 2016 |
Agbaletu: The annoying aspect for me is the fact that I was getting less than I invested after retaining my money for 6 years!!! If you are not adding a penny at least give back the initial capital. Imagine the difference in value of 140K in 2011 compared to 2016. 28 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 11:09am On May 08, 2016 |
So sorry for your case, I feel ur pain, its really sad. That's so unfair n unacceptable. lets assumed u had saved or left the money in one of ur savings account sef, the interest that would have accrued should feed a family of 5 for at least a month. Really not fair. lesson learnt n will share your story for others to beware n watch out for this scam. 8 Likes 1 Share |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Frank3n2(m): 11:11am On May 08, 2016 |
Sir, did you read the terms and conditions before subscribing ? Where you told about it? if you didn't read then its your fault, if you read it(and it wasn't mentioned) and you where not told, then its their fault, So if the latter is the situation, you can initiate a legal action, But! it could cost you more and waste your time.I advice you to bear the loss and move on sir. THANK YOU. 35 Likes 4 Shares |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by ehinja: 11:24am On May 08, 2016 |
Frank3n2: Terms and condition yes I read them and I did not call off the policy or surrender. I only stopped saving with them and duly waited for the policy tenure of 6 years to elapse before asking for my money back. Whatever the administrative charges accrued I still do not see the rationale in almost halving what I had saved. Like you advice I have taken it in my stride and moved on. I just wanted to share my experience and hopefully deter others from making same mistake I made. 35 Likes 1 Share |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Frank3n2(m): 11:36am On May 08, 2016 |
ehinja: Sir more blessings ahead of u. Also thank you for sharing your experience with us. 16 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by lekside071: 7:24pm On May 16, 2016 |
ehinja: I understand your pain my brother. But I having a little understanding of what may have transpired having worked with an insurance company before. Firstly the agent that sold the insurance policy did not tell you the truth from inception and tricked you into a long term policy because this would increase his/her commission. From the name of the policy it has a saving and protection or a life insurance embedded in it. Now if you have contributed 140k, part of it will go on an investment account while the premium of the protection part ( Life insurance) will be deducted annual. Dont assume the whole 140k is an investment because there is a fee you have to pay for your life insurance.God forbid if anything had happened to you an amount would have been paid as benefit. Note that premium paid on life insurance is non refundable because its a service. So what may have happened was that the premium to cover your life was deducted constantly for 6 yrs out of your 140k and if not for the investment that may have accrued your contribution, you will be getting a less or nothing. I am no longer in the insurance industry but I just tried to put the bits together to analyse what MAY HAVE TRANSPIRED.... 89 Likes 1 Share |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by SleekReek(m): 8:21pm On May 16, 2016 |
ehinja: This is nothing but the truth,I invested 600000 Naira and decided I didnt want to continue after 1 year, 2years after I recieved back only 340,000 Naira,forget all those insurance scheme. 10 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 8:29am On May 17, 2016 |
Presently am in the same shoe with you my money is with them and I have signed the voucher they sent to me to collect the money is problem they promised to send the money into my acct uptill now nothing mutual life insurrance are fraudsters never in my life will I pertake in their business am also using this medium to warm all nairalanders to desist from patronizing them . 20 Likes 2 Shares |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by walexy14(m): 1:13pm On May 17, 2016 |
ehinja:Penalty for terminating an investment should only affect the interest rate and not the principal. But from the name of this saving plan you did, i doubt if it's the normal saving plan . So the mistake might be from you , for not going tru the terms and conditions properly or the Sales Executive didn't tell you that, cos you might not buy the product again 5 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nick69: 8:40am On May 18, 2016 |
Its simple logic.. firstly, we read terms & conditions but never truly understand its workings because its so lengthy. Apportioning blame now is unnecessary because your mutual agent did a poor job.. Remember bro... its an agreement of 5years u signed not 1year. Now, your decision to discontinue is already a breach of agreement. We all know that breach of any form of signed contract results in penalty.. The decision to wait till 2016 to receive your money wasn't your making, it was the deal you signed up for also forgetting that you weren't servicing the ISP account anymore. Obviously, a dormant account for the company and there is nothing for them to work with rather than debit you. NB:the interest rate works on a 30day interval, if you even carryover payment into the next month you have lost the previous months interest. They never tell you that.. Well, I'm just trying to explain better in ways you can understand & know where you went wrong because it could happen to anyone even me.. Experiences are meant to make us wiser and not haters of the experience.. 17 Likes 3 Shares |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by bigx(m): 2:02pm On May 19, 2016 |
You likely did not read the small print before signing up with them. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Infinitikoncept(m): 3:40pm On May 19, 2016 |
Thank God I'm yet to start one for my unborn baby naso d money wey I dey plan for him college go enter voice mail. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by enny09: 11:22am On May 20, 2016 |
OP should please move this to front page to prevent innocent Nigerian from being scam 2 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by kolexy(m): 10:40pm On May 21, 2016 |
ehinja: They are no cheats. The truth is you can't back out of those policies without losing part of your investment. 7 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Untainted007: 3:25pm On May 25, 2016 |
Nick69: Bros, come to think of it, some companies are meant to reap their clients off their hard earned money. I did same Individual savings with MANSARD INSURANCE now AXA MANSARD in 2014, N25,000 which I projected to go for 24 months (2years). I was only able to save with them just for six(6) months. After the sixth month, I had to withdrew N100k to cater for an unplanned events, and I stopped contributing. When it was matured for me to collect my money in 2016, I told a friend who works with Mutual Benefits and he said the money would have been deducted, I was discouraged to approach MANSARD, but thank God for my wife, she encourage me to give it a trial because I was already to let go of the money. When I got to MANSARD office I was surprised to still have addictional N6k plus as interest for leaving the money with them. Mutual Benefits does not have good motives when it comes to refunding back, I have a proof because I did my car comprehensive insurance with them and for them to pay ehn, you will look as if you are begging. My advise is dat before you make your savings with any firm ensure you ask from neutral people have saved with them before. 26 Likes 4 Shares |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by TrumpDonald(m): 4:56pm On May 25, 2016 |
Lalasticlala abeg move this to front page nau. A lot of people needs to be aware of this so they don't make the same mistake. Some of these financial institutions are legally engaging in corporate fraud. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by macaranta(m): 5:57pm On May 25, 2016 |
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Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by hardywaltz(m): 6:00pm On May 25, 2016 |
Na their way |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by free2ryhme: 6:01pm On May 25, 2016 |
scam insurance ![]() |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by datopaper(m): 6:04pm On May 25, 2016 |
Mutual benefit where is hammer, ah won hammer them. Tell them for ojuwoye mushin I won hammer them 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by eluquenson(m): 6:04pm On May 25, 2016 |
I also partake in this policy with Mutual Benefit, but what i understand about these insurance coys are just follow the policy terms and conditions and you don't have a problem. 3 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 6:04pm On May 25, 2016 |
@Op did you check the contract? there is always one before you sign up. Mutual Benefits still owes my wife nearly N680,000 Federal Palace Hotel. they are scammers. I had a similar experience with AIICO and it took threats of legal action before they gave me my money back. coincidentally N140,000. I was told that only death or accident that involved me losing my legs or arms can grant me access to my savings over the coming 15years and if I defaulted, i would lose all I had saved. LIFE INSURANCE Companies have free-agents who are not staff of the company who use all sorts of tricks to make you pay and lose because they get a commission for a new sign-up and also loss for a signee who pulls out. SCAMMERS 5 Likes 2 Shares |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by bigtt76(f): 6:04pm On May 25, 2016 |
Dem beg me taya but I told dem off. I pity my colleague who was investing. I only hope it worked out for him though. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by VivaDeAngelo(m): 6:04pm On May 25, 2016 |
Thank God I declined this firm's employment years back. I would have probably been the agent used to rip-off OP ![]() Take heart OP..... It is well......... 7 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Oblak(m): 6:05pm On May 25, 2016 |
Please I want to ask. I get confused when someone says 'I hope this makes front page'. I thought front page is where the topics are all outlined. Is it not from there we open a thread? Is that not the front page? If not, please when reading a thread, what does it mean to move that topic to front page again? I will be glad if any answer is given. Thanks Nairalanders 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by SKAMOD(m): 6:05pm On May 25, 2016 |
ehinja: goto www.scamcolumn.com and report them Asap... they are truely Scammers and 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by thesicilian: 6:06pm On May 25, 2016 |
Why do I keep seeing so many people complaining about Mutual Benefits these days? I have been on a 4yr plan with them since 2014 and I don't have any problem with them. I've even made one withdrawal with no hassles. Of course I try to hold up my end of the bargain, although occasionally I default. But all in all I think they are good people. Personally. 4 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by lollmaolol(m): 6:06pm On May 25, 2016 |
Always read terms and conditions before signing an agreement, it's common on this part of the world. Sorry for your shortage. 1 Like |
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