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Nairaland Forum / Nairaland / General / Investment / How I Was Cheated By Mutual Benefits Life Assurance Ltd (53304 Views)
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Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 9:59pm On May 25, 2016 |
Always read the terms and conditions before appending your signature... subsequently, always always check you receipts balance after every month, I did a similar plan once with Mansard, after looking at the balance after my first 3months, observing the charges, crashed the plan collected my full cash and bailed. But before I collected my money, I sent a mail, fully worded with legal terms, asking them for a breakdown , I even quoted laws and from regulatory materials, they quickly responded with what I wanted, the next mail was a full request of my funds without deductions. They obliged with apology self, no stories. If.you want ur cash, prepare plan and attack with precision. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by obembet(f): 10:01pm On May 25, 2016 |
[quote author=lekside071 post=45682110] 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....[/quote that is the fact. 3 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by sunkoye: 10:41pm On May 25, 2016 |
Mutual benefit is known for scamming people. Op had almost the same issue with them....I needed to terminate my investment with them...I had to calculate my outstanding of over 400k which I added to prevent any drama. But alas....the are drama themselves. My two years savings came back without interest whilst still charging 35k from my principal for what ever reasons. I had to let go cos my cousin was my account officer. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by tosinjay(m): 10:48pm On May 25, 2016 |
Eyah this is saddening, that's why i hate all this investment things from my omomo years. They are mostly scam, i can save my money better than giving my money to thieves! |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by CJ310(m): 10:51pm On May 25, 2016 |
ehinja: 2 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Enduranceportal: 10:52pm On May 25, 2016 |
ehinja:U did not fall victim my dear friend. Questions to ask yourself 1. He entered into a contract with mutual, did u read the policy documents guiding the agreement? The policy document would state the terms and conditions of the contract. B4 u accept a counter offer or pay a premium read your policy documents carefully. I will give u clear understanding on life assurance on my next comment so u can understand the right policy to chose next time. The marketer misled u. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by bishopmart(m): 11:09pm On May 25, 2016 |
Just one secret, though its ur fault. To get ur money back in full. Write to NAICOM, lay ur complain to them, in less than two months u will get ur moni bck. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by tosinjay(m): 11:23pm On May 25, 2016 |
etenyong:Bro you got me here, my bro used to work with them ooo. He had some clients who invested, dem advice me tire being the youngest in the house, during share they said i should buy share from a bank, i no gree, that's how there was one global meltdown then and share crashed after. My bro begged me for Aims i no do, My elder one who had about 80k there still haven't gotten anything since like 7-8yrs nw. Like say God dash me some brain about these guys from small just 17yrs then. Clients still calls my bro occasionally for their money now but he stopped working there long ago without any real achievement. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Donaldomo(m): 11:30pm On May 25, 2016 |
Thanks be to God I did not fall for them when their Marketer came to my office with sermons of how good they are! Ope O! |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by InvertedHammer: 11:34pm On May 25, 2016 |
ehinja:/ Didn't you read the fineprints aka agreement before signing up? It is your fault. \ |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by InvertedHammer: 11:35pm On May 25, 2016 |
\ |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by tosinjay(m): 11:38pm On May 25, 2016 |
tunjijones:I think i might need to pm you for my brother's case. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by nasiodamus(m): 12:35am On May 26, 2016 |
lekside071:This is the best explanation you can get,since u had a life insurance plan included which charges were collected from the supposed deposit.you would have gotten back your money with profit if you would have seen it through. guess you never knew the full details of what you were going into. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 1:15am On May 26, 2016 |
And these fools are inviting me for a job interview |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by coolbreeze44: 1:16am On May 26, 2016 |
Wow. I started a savings of 10k per month about a year ago, after 7months i had pressing things to do with money so i stopped saving and till today i havent heard from them. Didnt just bother my head to ask for the little i have saved with them because i know they would bring up all manner of terms and conditions that would favour them. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by 19naia(m): 1:33am On May 26, 2016 |
Next time use the money to buy goats and plant tomatoes. After 6 years of multiplying goats and tomatoes in your compound, you will see profit enough to allay the torment the goats caused over the course of 6 years. 2 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by calabardick(m): 2:13am On May 26, 2016 |
Chei, I for enter one chance, I have their form with me, I've already filled it and was about to summit on Monday. Ah! Thank God I didn't 2 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by diva90: 3:02am On May 26, 2016 |
They are crooks. If not for how slow and untrustworthy the judicial system is , I would have asked you to sue them. It is their responsibility to have explained all this to you prior to you entrusting your hard earned money into their hands. Shame on them! And this is how they go around duping and stealing from many of their other clients |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by lonelydora: 3:50am On May 26, 2016 |
Let me even delete that marketer's number from my phone. Naaa Mehn.... I nearly fall for them. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Schwartz: 6:37am On May 26, 2016 |
blank:Hello, seems you know about this Pension stuff. I also have a pension issue. While in Nigeria I worked for 10 years and I and the company I worked have been making consistent contributions to my pension fund account. I still receive emails showing my balance with them. Since I left what do I do to get my money back please? |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by blank(f): 6:48am On May 26, 2016 |
Ali929: Sorry, I think you can actually withdraw from your voluntary contribution as long as it is not less than 5 years from when you contribute. It's the mandatory one you can't withdraw from. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Schwartz: 7:00am On May 26, 2016 |
r! |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Untainted007: 7:18am On May 26, 2016 |
C Ali929:Bros the issue of Pension in Nigeria needs total reformation. Most of this pension companies does nt worth it. I made same mistake to continue with Premium Pension Company Ltd that was opened for me when I was working as a contract staff with Nestle Plc but now I'm with an oil and gas downstream sector. For this premium company to remit my money after my company pays or even to update you about your savings is their major problem. I'm regretting I ever continued with this dumb pension company. I will advise you go for Stanbic IBTC pension company. There have been positive report about them. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Untainted007: 7:26am On May 26, 2016 |
Pls does anyone know about AIICO Insurance savings scheme? A church member who works them have been on my neck to do a 15year plan for my Son, purposely to enhance school fees in the future. She said I can have access to 15% when he's 5years while d rest after maturity. But my mind is not really going for this AIICO but Mansard that I know can keep to their promise. Pls any info about AIICO Insurance? |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by crystalfarmer: 7:52am On May 26, 2016 |
ehinja: Can you please forward your policy number and full name to: +234.8028376815 for double checking? You can as well send it here too |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by coolbode1: 7:57am On May 26, 2016 |
MY DEAR NAIRALANDERS,PLEASE AND PLEASE DO NOT SEE MUTUAL BENEFITS LIFE ASSURANCE LTD AS A FRAUDULENT COMPANY....I HAVE SOME QUESTIONS FOR YOU HERE: 1. DID YOU READ THE TERMS AND CONDITION ? 2.WERE YOU TOLD THAT CERTAIN (% )OF YOUR PREMIUM PAYABLE IS RETAINED BY THE COMPANY TO PROVIDE LIFE COVER AND CERTAIN (% )IS ALLOCATED TO INVESTMENT A/C FOR THE FIRST THREE YEARS OF THE POLICY? 3.DID YOU KNOW THAT ALL INSURANCE POLICIES HAVE THEIR OWN FEATURES ATTACHED TO THEM? WHERE THE PROBLEM LIES: The fault is between you and the agent,the agent should have given you various options of which will be beneficial to you and him/her.... AS AN INSURANCE GRADUATE,I WANT YOU TO KNOW THAT INSURANCE IS A SOCIAL DEVICE WHICH PROVIDE COMPENSATION IN THE EVENT OF LOSS. LET ASSUME ANYTHING HAPPENS TO YOU (death to. e precised)DURING THE DURATION OF THE POLICY AND UR PREMIUM IS BEING PAID PROMPTLY,,,,"ALL TOTAL FUTURE UNPAID PREMIUM PLUS ACCOUNT HOLDERS BALANCE BECOMES PAYABLE ON THE DEATH OF THE POLICY HOLDER ANYTIME DURING THE DURATION OF THE POLICY"... FURTHER SUGGESTIONS: I would have adviced the person involved to convert from ISPP to either of their policy (MPIP,PIP) which can easily be done from one or two years upward without any problem and the premium will be reduced which all his money would have been paid.... To the best of my knowledge,mutual benefits plays a vital role in terms of creating wealth to an individual... FROM EXPERIENCE, MUTUAL BENEFITS STILL REMAINS ONE OF MY BEST INSURANCE COMPANY IN TERMS OF PROMPT CLAIM PAYMENT...... PLEASE,ALWAYS READ THE TERMS AND CONDITIONS BEFORE SIGNING THE CONTRACT.... I ARISE!!! 3 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by DEDEAL77(m): 8:02am On May 26, 2016 |
Mutual benefit assurance should be probed someone should form please inform the CBN of there sharp practices MUTUAL BENEFIT ASSURANCE MANAGEMENT AND STAFF ARE ROGUES BEWARE BEWARE BEWARE. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by blank(f): 8:06am On May 26, 2016 |
Schwartz: I am not a specialist. Don't know about your case. Why not write to your PFA requesting to withdraw your pension as you are no longer in the country. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by obinnaviv: 8:15am On May 26, 2016 |
I'm sorry for your loss,I am an insurance professional presently,what I can assure you as what happens in all insurance companies by the bad egg marketers we have,at times we as in marketers, mis sell to customers selling a policy which will not benefit the customer but will only benefit the marketers commission . Even as an insurance person my wife has a policy with the same mutual benefits and has been running her policy for years and has liquidated without fault What I can suggest is that all customer get full details on any policy taken up,and have a written down explanation by your relationship manager bit by bit and hold it as evidence when what was promised is not being upheld Really its not the insurance companies faults ,all insurance companies are up and doing as regards services. Incase your insurance company treats you other wise a simple letter to the regulatory body NAICOM will put that company in serious trouble |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by tonte23(m): 8:21am On May 26, 2016 |
Same thing happened to me with mutual Benefits Life assurance when i partook in an Individual Savings and Protection Plan (ISPP) for 5 years. i saved up to 860 thousand naira and on the 3rd year i lost my job and couldnt keep up with my payments. They refused to give me my money till the 5th year elapsed. And Lo, and behold after the whole delay, my discharge voucher came and mutual Benefits assurance swindled 250k out of my hard earned savings with them leaving me with just 600k. i have swore never ever to have any dealings with any other insurance company no matter how good they sound. Mutual Benefits assurance are thieves and crooks in Nigeria. Quote me 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by wacoj(m): 8:41am On May 26, 2016 |
I thought I was the only one that experienced this scam! I did the same ISPP with them with a five year policy. I contributed 20k monthly and skipped some months though. After two years I made a partial withdrawal of 200k in accordance with the policy document. At the end of the 5th year, I still had about 300k with them only for my agent to give me a discharge form containing 265k. I was very mad, this simply means that apart from not giving me the interest they promised, they also deducted my savings! No way... As a chartered accountant, i did all possible calculation but could not come to terms with them. I sidelined my agent, wrote their office copied everyone possible, asking for full details of their calculations, threatened to go to court! Threatened everything possible..My people a week later, I got a new Discharge letter containing the 300k COMPLETE. I signed and they paid to my account one time without the knowledge of my so called agent. I WILL NEVER TRANSACT WITH THEM AGAIN. 4 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by BabaCoat: 8:47am On May 26, 2016 |
Mutual Benefit did the same thing to me and I think it is very unprofessional for such organization. After what they did I swore not to buy any other insurance product except the usual motor vehicle insurance. Insurance company are always out to scheme you of your money, the regulatory authorities should take note and do something about it. |
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