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Nairaland Forum / Nairaland / General / Investment / How I Was Cheated By Mutual Benefits Life Assurance Ltd (53048 Views)
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Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by TheAlchemist: 8:56am On May 26, 2016 |
Thanks Op for sharing your experience... I too was misled into signing up for a policy by an AIICO broker. I have since requested to opt out. not minding the loss. The funny thing is when you see this agent persuading you to sign up, they can be the most charming or appealing person in the world, once you have signed up... they start to show their real characters. I think insurance companies should ensure that all this independent brokers are not misrepresenting them. Reading through the post it seems axa mansard is well recommended. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by bayulll011(m): 9:11am On May 26, 2016 |
ehinja: i dont know why educated folks in this part of the world keep doing foolish and silly things,anyway it is so obvious that insurance policy in nigeria is a disgrace and total mockery of a well balanced institutions,no wonder their mds and oga ride on big jeeps and scavange on people hard gotten wealth,@op mutual benefit is well know for that scam in a sane society your money is supposed to have been double and you get good interest for you money,thats why i always advice people to go for target saving that will incur more money for you depends on the time you keep those money in bank.Banks has target saving that you can liquidate at any time without you loosing so much money in the case of mutual benefit,i think efcc needs to visit them so soon,they are part of the people that are holding and supporting corruption in this country,advice for you if you can fight it go on but i will advice you collect your cash and trend #mutualbenefitArescammer 2 Likes |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 9:47am On May 26, 2016 |
Untainted007: Please is her name Mrs. Madu? I was also on that 15years Plan.. Please demand to see the contract before you pay 1 kobo. Ask her if she is a STAFF of AIICO and not an Agent. The will mislead you just to get you to sign. If you also recieve any threatening letter on AIICO letter head. Make a copy and send it to their HQ in VI to verify that it is real. AIICO Agents have forged letters to threaten policy holders to increase their monthly deposits or restart the scheme forfeiting their past deposits. They are criminals these agents 1 Like 1 Share |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Odani: 10:04am On May 26, 2016 |
mutual life is just a big fraud, they are even refusing to pay me my own money. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Untainted007: 10:29am On May 26, 2016 |
She is a staff of AIICO according to what she said when I asked, but their adequate remittance of payment as at when due is my major part, I would like to know. everydayperson: |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by fireforfire: 10:30am On May 26, 2016 |
Who dey use insurance company for naija ![]() Does it work in nig? |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by akpevwe2(f): 10:43am On May 26, 2016 |
I won't advise against taking up an Insurance scheme. The fact is that some of us those that are into these scheme are not paying their premiums as at when due. Others will even breach the agreement and some will not read the terms and conditions before taking up the scheme. From my personal experience it has been a worthwhile investment. And am into a second scheme. Please and please read the terms and conditions before taking up any investment scheme, whether Insurance or whatever. SleekReek: |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 10:57am On May 26, 2016 |
Untainted007: 1: TRUST but VERIFY - never take what she said as fact.. VERIFY 2: Make sure you read the contract to the very last letter.. the reason they hide this from you is that when you sign and pay your first installment, they take the contract away to sign the AIICO part and it never gets back to you.. this is because they are hiding some clauses that may cause you to rethink your decision 3: In my own contract (which I learned after a panel was setup for me at their Head Office) I was promised child school fee remittance by my agent, hospital bills payment for my child. but I learned afterwards that unless my death occurs or loss of limbs specifically both feet and both hands.. i cannot draw on my savings until after 15 yrs.. GET THE CONTRACT 1 Like 1 Share |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by jeje123(m): 11:58am On May 26, 2016 |
ehinja:I had this late, all life insurance or assurance stuff are all the same. I had the same experience with First Bank Assurance Plc they refund half of total contribution at the end of tenure because i cannot save continously. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by galantjoe(m): 2:01pm On May 26, 2016 |
Untainted007: i currently have this similar policy with AXA Mansard. from your experience i think i am encouraged to continue to contribute. i have only contributed only 10 months. recently i wanted to pull my money from them but with this am encourage 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by charlzcavanni101(m): 5:58pm On May 26, 2016 |
yea, i do work for an insurance company and not all insurance company are like that..d people that are to be held accountable are the agents(advisor) tht sell this products to individuals or you the buyer.. one thing you should understand is that, insurance is a contractual agreement between you and the insurance company unlike the bank where at any point you can breeze in and collect your money, insurance companies have pure investment plans /pure protection plans and in some cases the both are together or its optional to opt for a life protection. .if it has a life protection plan added to it ,before you say you want your money back you should hv contributed atleast for 24months in some case 36months then you can now apply for a surrender value. the surrender value is you stating you want to terminate your policy and want your partial benefits, which will then be given to you but please note the surrender amount would not be the same amount contributed totally it ll definitely be less cos certain charges would be deducted administrative and your protection cover ,cos if any tyn had happen to you while you were saving what would have been giving to you or your beneficiaries would still be far far what you hv contributed thts d risk insurance company face and you know they are there to make money just like any other establishment , not at your expense though.but i bet you if you had completed your savings for more than 2 or 3yrs depending on the surrender duration,soo please dont generalize us cos of wat happened to you i really sympathize with you ,, but as i advice all my client find time to read your policy document and i also tell my agents dont lie to a prospective client cos you want to make a sale ,it might comeback hunting you... |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Michaelonweluzo: 11:22pm On May 26, 2016 |
Insurance isn't forced, no one had filled a form under duress. Anyone here with a brand new car that doesn't have a comprehensive insurance on his car should speak.. You hardly get 1 in every 50.. The millions of times different insurance companies have been there putting smiles on people's faces, you all are closing a blind eye to it because of op's claim... IF you knew you will be stopping your payment after a year, why take up a 5yrs plan that has a death benefit attached to it, you should have just picked up a two year plan or even a year plan, and you won't have had this issue.... I wish there were more comforting words I could say to you, but the truth be told, you did an investment linked policy which you knew from the beginning what you will benefit if anything happens to you, and you were comfortable with it, u breached the contract and got penalized for it, hence the charges, but that doesn't in any way change or affect the benefits of insurance in our day to day activities.... Will naira land take care of your children's education if today you are on a children education plan and death occurs... How many times has it happened that we see children's hope cut short because the breadwinner isn't there again to finance the fees, and there wasn't any backup plan (insurance) to cater for the child(ren)... A WHOLE LOT OF US WILL PREFER TO SLAY AND RUBBISH THE GOOD WILL OF INSURANCE COMPANIES IN NIGERIA, MEANWHILE THE NEXT PERSON'S FAMILY THAT WAS TO BENEFIT FROM INSURANCE IS READING ALL THIS AND SHYING AWAY FROM WHAT WILL GUARANTEE THE EDUCATION OF HIS/HER CHILD(REN).... I REALLY WISH US WELL WITH OUR CHOICES BUT DON'T FORGET TO ASK YOUR SELF WHERE WAS THE LAST TIME YOU PAID THE FEES FOR YOUR LATE FRIEND'S CHILD..... |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Untainted007: 8:50am On May 27, 2016 |
everydayperson: Thanks bro, I think it will be wise of me to do my child's savings with Mansard where I have had good experience while I will sacrificially do just a year saving for my self with her to encourage her. I can't take any risk with my child's welfare. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by PrincessVariety(f): 5:03pm On May 27, 2016 |
Big lies, Big lie, when u call something a saving plan, and u use the person money to invest, if the person want his money before maturity the real sum should be given back without interest, and then when the person complete it, the interest and the sum saved should be 100percent. But me I save 85k for 2 year and need my money, but was paid 62k, pls house, never never go for mutual benefit plan. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Ali929(m): 9:52pm On May 27, 2016 |
Untainted007: Thanks. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Ali929(m): 9:55pm On May 27, 2016 |
everydayperson: Ok thanks |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Nobody: 5:30pm On May 30, 2016 |
I recently closed a similar ISPP with the same Mutual Benefits Life Assurance and to be honest I have no complaints. My money was paid in full with very small interest. I don't remember seeing anything in the fine print but my agent always badgered me for prompt monthly payments or else, as he said, 'the plan won't go smoothly'. 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by tunlex01(m): 8:04am On Jun 03, 2016 |
Wow..all these for mutual benefit? I can boldly say my own case with them is still better. The company displays total lack of customer service and ready to rip one off. I decided to terminate my policy with and over 3 weeks now, I am still being tossed. Signed discharge voucher but I haven't received my money. In my opinion, this is the worst company I have ever had business with in my entire life. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by shawba01: 10:41am On Jun 20, 2016 |
I feel your pain for experiencing such,its as a result of not reading and understanding the aggrement of the contract.its like it is stated that when you want to liquidate before maturity there are penalties,am sure this is the part that was either not read or not understood but the good news here is at Rosabon financial services we offer a financial platform similar to this but not this one.the minimum tenor is 1year unlike others and the minimum cash deposit is #10000 with attached and accrued interest rate.it is REAP( Rosabon Earning Plan), can also be called a target savings. One of the benefit of this platform is that you can terminate before maturity and the only penalty you get is that your interest rate will be reduce by at least 2%. For more info on this please call : 09052269344 |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by abbeyforex(m): 8:42am On Jun 21, 2016 |
Infinitikoncept: I advised you shouldn't do it Oo°˚˚˚° . I also picked up same plan with them in 2014 April. I was told I can make partial withdrawal after 2 years so I decided to test them with 20k monthly, I read all the terms and condition completely and I was consistent for 18months (till september 2015). When it was March 2016, I approached them that I needed my partial withdrawal, they said I must pay for the remaining 6 months to make 2 years (120k). I told them I needed money and if I should have that 120k with me, I wouldn't approach them for partial withdrawal. They insisted . Later they said if they will pay me without paying the remaining 6 months they will deduct 15% of my money and I requested to terminate the policy ( that's where season 2 started) They said if I decide to terminate the policy now, they will deduct 40% of my money. I shouted 'Aye Oo°˚˚˚° ' and was furious with them. I brought out their policy and guidelines and requested that they should show me where the rates were written. How can they just be giving any rate they so wish? The lady was acting on her own discretion I think cos she first told me 25% upon termination on phone but when I met her (maybe she saw me as a small boy), she later changed to 40% deduction. I told her I will allow them to deduct 40% but they should show me where the rate was written in their agreement and if they are not scam, why were they silent on 'Termination of Policy'. Check very well my people,they didn't write it their. I immediately called my lawyer in their presence and he met me in their office (Trust Ibadan boy now). I told her am putting a call through to their Corporate office and It was then the lady said I can't terminate cos its beyond her power and she didn't know how to handle it. She referred me to their manager and when I met him he said he has been briefed and begged me to be calm. Fast forward to conclusion, he finally advised me not to terminate and also requested that I pay the remaining 120k for 6 months. And he promised that he will help me contact the corporate office to slash down my monthly premium if I don't have the ability to pay 20k again. My cheque came out after 2 weeks but instead of paying 240k which is half of my money with them,they paid #233,614. On that spot ,I wrote a letter to the corporate office that I want my premium starting from April 2016 to be slahsed to 10k. I will be giving them 10k till maturity and will be keeping the remaining 10k in another liquid investment as Plan B where it can be accessed easily if I needed it . The truth is most of their staffs and marketers don't know completely how their policy work,all they are after is to meet target and the company itself is still silent on some occurence. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by abbeyforex(m): 8:59am On Jun 21, 2016 |
shawba01: They didn't state the terms of termination in their agreement . They are completely silent on termination. Infact they are inconsistent. I saw someone carry an agreement with 36months partial withdrawal and mine said 24 months partial withdrawal. Same Policy Plan . |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by abbeyforex(m): 9:03am On Jun 21, 2016 |
PrincessVariety: They will promise you 15% interest compounded annually and they will still short-pay you upon maturity/termination. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by shawba01: 12:16pm On Jun 21, 2016 |
abbeyforex: They might not state their terms and conditions for termination but here at Rosabon we do tell our clients of the penalty incured before maturity and the penalty for termination only affects your interest rate accrued to your investment and not your principal. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by shawba01: 12:16pm On Jun 21, 2016 |
abbeyforex: They might not state their terms and conditions for termination but here at Rosabon we do tell our clients of the penalty incurred before maturity and the penalty for termination only affects your interest rate accrued to your investment and not your principal. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by shawba01: 12:17pm On Jun 21, 2016 |
abbeyforex: They might not state their terms and conditions for termination but here at Rosabon we do tell our clients of the penalty incurred before maturity and the penalty for termination only affects your interest rate accrued to your investment and not your principal. |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by Blacksodje(m): 8:16am On Jun 23, 2016 |
happyjuliet:long time Happy Can you remb me? |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by happyjuliet(f): 9:13pm On Jul 09, 2016 |
Blacksodje:Nop? |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by xerxes456(m): 5:21am On Jul 10, 2016 |
lekside071:so are you saying for those month he was not paying they were still covering him... so God forbid something happens they will still pay his life cover as agreed? I don't think so... they just scamed him that's d flat ttuth... since he waited to complete the tenure he is supposed to get his full money, these penalty only affect premature witdrawals... |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by maestroferddi: 3:00pm On Jul 15, 2016 |
Michaelonweluzo:Really? Maybe you think you are talking to fellow playmates? My friend we are are in an adult world where rationality and propriety should hold sway... |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by maestroferddi: 3:08pm On Jul 15, 2016 |
PrincessVariety:These guys are cheap crooks... It is unfortunate that we live in a funny society where people are not ready to fight for their right. You cant design a product as a savings cum protection plan to lure unsuspecting/unwary customers to part with their money only to extinguish the saving arm of the transaction when an unforeseeable default happens. Somebody needs to teach them a lesson they would not forget... 1 Like |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by haywhybiz: 2:47pm On Oct 01, 2016 |
Please, fellow nairalanders, I was persuaded to maintain two different policies with Mutual benefits insurance by an acquaintance. I pay for the policies through her and she delays my payments, e.g, I receive alerts months after paying her. Now I have paid about 5k for the policies since July, 2016. I neither received an SMS from Mutual nor receipts from her. I have contacted Mutual, no reply. Do I quit it or look for a better mode of payment? Does any1 hav an idea how a policy holder can pay directly into their account? |
Re: How I Was Cheated By Mutual Benefits Life Assurance Ltd by manie(m): 5:03pm On Oct 01, 2016 |
tunlex01: Shareholders of the company have not earned dividend in close to 10 years. The insurance companies that paying dividends as at when due are Custodian and Allied, Mansard, Aiico and others which I can't remember now. |
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