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Nairaland Forum / Nairaland / General / Investment / How I Was Cheated By Mutual Benefits Life Assurance Ltd (53271 Views)
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Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by lewiscapricorn(m): 7:01pm On May 25, 2016 |
@Bros i understand ur plight. Maybe u didn't understand d Policy terms and conditions very well. I av friends who av gotten back their investment savings after abiding by d terms and conditions without hassles. D beautiful thing was their checks are delivered at their door step without even visiting the company office. It was so easy. Next time always abide by Terms and Conditions! |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by effty(m): 7:03pm On May 25, 2016 |
Bridged or breached?! Wetin I no go see for Nairaland? greggng: |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Pray(m): 7:04pm On May 25, 2016 |
Ah...... I have a plan with them and have paid 250k. Stopped since 2012 waiting for maturity by April 2017. Hope they will pay me o... mutual benefits pls respond and find solution o... |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by greggng: 7:11pm On May 25, 2016 |
effty: Thank u for the correction unfortunately the way you went abt it wasnot the best way. U cannot mess me up. In any case I am not an Englishman. Learn to correct people without insulting their senses 4 Likes 1 Share |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Pray(m): 7:15pm On May 25, 2016 |
You are there staff I'm sure. thesicilian: |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by mrobruche: 7:17pm On May 25, 2016 |
Don't trust insurance companies they adopt schemes rather work with a reliable equity fund manager |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by upsonn(m): 7:26pm On May 25, 2016 |
ehinja: Sorry bro, I have never see anybody get rich from saving his or her money. If you had risked that money on a biz..., the returned on investment would be so great for you now. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by MadCow1: 7:34pm On May 25, 2016 |
Always read the Terms and Conditions.. If you do not understand it, inform the Company in writing and demand that they send you someone to explain the terms you can understand. I said I writing because that gives you evidence to use in court for dissolution of Contract as you can't enter into a contract blind. However, the moment you sign, it means you understand and agree to the terms and conditions and it makes it difficult to pull out. I normally prefer a spreadsheet with how my money would grow spread out across the 'minimum investment period' and the minimum amount I would get for early termination clearly shown.. Secondly, to all new applicants of these Insurance schemes, always know you can negotiate those terms and conditions.. Yes you can.. Negotiate the termination clause and the penalties incurred in case of early termination. Try and get a finance person to help you out here. Finally, it's never advisable to take up these Insurance saving schemes as they almost always fhuck you over when it comes time to collect. I only advise people take the life assurance policies for their loved ones and ignore the rest. Ordinary claims on premium insurance cover na wahala.. I remember how Mutual Benefit asked the Mechanic to only spray half of the car because only the front was damaged in the accident.. I almost killed the Insurance Adjuster with my bare hands. Sorry OP but you just got fhucked by the System. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by thesicilian: 7:44pm On May 25, 2016 |
Pray:I as an insurance salesman. That's a new one. Actually, the reason I'm so confident about them is because of the trust I have for their Rep. She sounded so sincere and honest that I had to put aside my sceptical view of insurance companies and sign up with them. So far they haven't failed me. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by tabithababy(f): 8:02pm On May 25, 2016 |
If you had fixed this money in a bank for over 5 years, you will be smiling to the bank by now. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by olusd(m): 8:15pm On May 25, 2016 |
Pray:Bros, pls I'll advice u to reduce ur premium to like 5k and try pay up to date for u not to be charged. When reducing, write to them so that u can get an endorsement for reduction to add to ur documents. With that, u can get all ur savings complete without any hassles. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by mamajaz(f): 8:17pm On May 25, 2016 |
Oblak:From my little understanding, if you check the top of this page you will see different sections like :NYSC, vacancies, auto, car talks, romance, family etc... they are different sections in the forum. It is expected you make your posts in a the appropriate sections e. g. discuss your new born under family, post a job advert in the vacancy section etc. Now, 20 nairalanders can drop different posts in family section but a much more catchy headline and interesting post will be taken or moved to the first page where you noted that we read those outlines. E. g. if LadyF make a post on how she bite off her boyfriend's bolokus with pictures of her vampire teeth and lalasticlala (her boy friend) bolokus attached, the MOD (moderator) will quickly move it to the first/front page, 'cos they believe that aprokos like you or I will love to read it sharperly. So, the posts you see on the from page are like 10% of what people put in the sections per time and some people's posts might not see the light of the first page till eternity while others who can kill snake, visit Tonto dike's family, love up with Maheeda will keep appearing on the front page. 4 Likes 1 Share |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Michaelonweluzo: 8:19pm On May 25, 2016 |
Good evening all, it's a good forum to educate people who are willing to listen, I have been on this platform for a while and I have been soo happy being on naira land.. It's always very informative, however the issue on ground is one we all need to look into... There is a great difference between a pure investment plan with any insurance company or an investment link policy... IF you had taken up a pure investment plan am sure you will have been praising Mutual BENEFITS, for them keeping to their promise of paying you your full funds invested in WITH added interest even tho you didn't pay up to maturity... But when you are running an investment linked policy that has a death benefits attached to it, there are terms and conditions you need to stick to, that's why after the policy document is delivered to you, after your 1st payment, you have 30 days to go through it, and if you are not satisfied with it you can get a complete refund of your money , but sincerely how many of us take out time to go through it... You were running a plan that if you had paid for just two months and death occurred, we will never tell your family stories, but pay your full sum assured which is 1,200,000....even tho you have just paid 2 or 3 months premium and Your policy IS STILL ACTIVE..... We won't even say let's pay half because the person involved will not pay up to 2years.. so my brother if an insurance company (because all investment linked policy in all insurance companies are the same) is ready to take up that responsibility... Why won't you to be ready to accept the charges if you don't pay up to maturity..... That the years were complete didn't mean that the policy matured.... PURE INVESTMENT POLICIES DO NOT PAY OUT DEATH BENEFITS AT DEATH OF THE CLIENTS, JUST THE ACCOUNT BALANCE WITH ACCURED INTEREST, SO ALSO WILL THE PAYEMENT BE AT MATURITY EVEN THO YOU DIDN'T PAY THROUGH... the charges that comes only affects the interest... And to THOSE THAT SAID THANK GOD I DON'T HAVE AN INSURANCE POLICY OR AM NOT INTERESTED IN AN INSURANCE PLAN AGAIN.... INSURANCE IS SOMETHING THAT AT THE TIME YOU NEED, IT WILL NOT BE AVAILABLE FOR YOU TO GET, IT'S LIKE TRAVELLING ON A JOURNEY WITH A FLAT SPARE TIRE... IF ANYTHING HAPPENS ON THE WAY, YOU ARE NO DIFFERENT FROM THE PERSON WITH OUT A SPARE TIRE FOR THOSE THAT ARE HERE AND HAVE ONE OR TWO POLICIES RUNNING WITH ANY INSURANCE COMPANY, I CONGRATULATE YOU FOR DOING THE RIGHT THINK, AND JUST KEEP TO THE TERMS AND CONDITIONS, YOU WILL DEFINITELY SMILE AT THE LONG RUN... MY NAME IS ONWELUZO MICHAEL, AND I WORK WITH MUTUAL BENEFITS LIFE ASSURANCE, AND FOR THE PAST 6YEARS OF WORKING WITH THEM, I HAVE BEEN PUTTING SMILES ON PEOPLE'S FACES AND I DON'T INTEND TO STOP DOING THAT.... IF you a policy with Mutual benefits life assurance, and you still don't understand your policy or document, you can call me and I will be willing to explain in depth to you... 08057432112 You can also visit our website and contact any of our customer care agent. WISHING US ALL A COOL NIGHT REST 9 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 8:19pm On May 25, 2016 |
Untainted007: You're right. Paid in 150k to Mansard in 2008, supposed to be monthly payments of 50k/ month,but I just forgot about the money until 2015. My money had increased to about 235k. Not all insurance companies created equally. Did my health insurance, and a much bigger investment plan with them just because of that. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by mamajaz(f): 8:29pm On May 25, 2016 |
tunjijones:Lemme begin dey follow you jejely Mr. Lots! |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by phunkyshow(f): 8:35pm On May 25, 2016 |
Yours is even better, one of their agent was introduced to me by my neighbour. I started through this agent. I was diligent in paying my monthly premium. Fast forward to maturity, the agent(simbi) did not remit 3 months premium. After much yelling on the phone she pleaded that I should pay for 2 months which she promised to refund and she paid for the remaining 1 month, I needed my money so I agreed. I went to their office and I was given cheque of amount that is #30,000 below what I contributed, the interest that writted in their policy is... I felt so bad that I placed a curse on that agent in anguish, I went to sterling bank collected my shortchanged balance and I never call that lady again. The curse is worth more than the 2 months premium. I'm still angry. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Optionalx: 8:42pm On May 25, 2016 |
lekside071:Thank for the insight. But since he stop payment did you think the insurance still covered him for those peroid he wasn't paying premium as the life insurance. I did similar experience with Niger couldn't get in fund in my case. The marketers are culprits as you mentioned but in connivance mgt. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by ladyF(f): 8:46pm On May 25, 2016 |
This is serious sha... Abeg you guys should drop all the names of the insurance companies that have exploited you. Fear don start to catch me o. I cannot afford to lose any more money in this bad economy! 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by ghadaffi2000(m): 8:47pm On May 25, 2016 |
tabithababy: if an unfortunate incident had happen like death or disability before that 5 years . what would he have done? Still smile to the bank? |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by EiE1(f): 8:51pm On May 25, 2016 |
Makes two pple I knw now, u and a friend at work. Her's is even more pathetic. She saved all try the 5yrs plan of 10k rack. Whatever that amounts to she was supposed to be given 30% in addition to the amount she has been saving. NEWSFLASH!!! Her agent hasn't been at work for close to 4mths now nearing when she is due to come make her claims. She was even tricked by him on one of those contributory collection days of hers by him for certain papers which she sheepishly gave to him as he claimed those papers are needed to "process" her proceedings. Alas! She can't find him, Mutual benefit as a company haven't seen him in months... And his Fone lines are off! Ahan ahan, ahan ahan (in pastor Chris Okotie's intonation). #Gobe! |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by jude33084(m): 8:52pm On May 25, 2016 |
Agbaletu: They are not cheat. I do MEGA with them and I have not seen any cause to regret it. For almost 3yrs now I have been using it to pay my rent @30K monthly. Always study terms and condition first before going into any contract ok? |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Pray(m): 8:56pm On May 25, 2016 |
Thanks for the info. Will call and also write them tomorrow. No story. Will also contact u sir. Thank you. olusd: |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by ladyF(f): 9:02pm On May 25, 2016 |
mamajaz:lmao this your example no be here o. Why I go bite my boo's something? 2 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by happyjuliet(f): 9:06pm On May 25, 2016 |
ehinja: sorry. isn't d one @ Awolowo way? |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Pray(m): 9:19pm On May 25, 2016 |
Thank you bros. How can u help me now. I have 250k with u guys. Started with 50k monthly and paid for 5 months. Issues an I stopped payment till date. Maturity is for April 2017. Kindly advise way forward. Michaelonweluzo: 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by RALPHOW(m): 9:25pm On May 25, 2016 |
Assurance or Insurance is scam in Nigeria, I experienced the same with UNION ASSURANCE last year (I save 300k for three years and got 260k after 2 years) They are crooks, is better to fix your money in any bank and do a monthly direct transfer into the account. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by mu2sa2: 9:30pm On May 25, 2016 |
Eh yaa. So you never know that insurance is another name for fraud? Sorry, eh! Hopefully everyone will learn from your misfortune. Thanks for sharing. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by ogzille(m): 9:40pm On May 25, 2016 |
I think we are mixing things up. Insurance is not savings. If you want to save, please use a bank. Insurance companies are simply coming up with "near savings schemes" to attract more customers. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by codslic: 9:41pm On May 25, 2016 |
Look, insurance in nigeria is a big fraud. I have exactly the same experience with AIICO. Don't be fooled by any big name industry player. They collect your money for years and rip you off at the end. I contributed 600, 000 naira over 3 years in capital appreciation plan or scheme after 3 years I got 420, 000. I lost 180, 000. No convincing reasons, no means of appeal or redress. When you hear insurance in nigeria, please flee. Keep your money in the bank. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by mamajaz(f): 9:42pm On May 25, 2016 |
ladyF:My ladyF, F for fantastically... |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 9:46pm On May 25, 2016 |
sorry about what happened to you. I've known Mutual benefit for a while now and its a shame that these organizations talk about integrity but they lack it. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by osubair(m): 9:57pm On May 25, 2016 |
Mutual benefit is an absolute scam. I can transact any business with those people. Myself and my wife had a taste of their scam. Very dishonest institution. Their reputation surely precede them. |
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