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.

ehinja:
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

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

Untainted007:
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?

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

mutual life is just a big fraud, they are even refusing to pay me my own money.

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:


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

Who dey use insurance company for naija
Does it work in nig?

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:


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.

Untainted007:
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.

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

ehinja:
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.

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.

Untainted007:


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 you saving with any firm ensure you ask from neutral people have saved with them before.

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

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...

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.....

everydayperson:


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

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.

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.

Untainted007:
C
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.

Thanks.

everydayperson:


I use Leadway for my Car(s) insurance.. so far they are good. no claims yet but they have been professional so far

Ok thanks

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'.

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.

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

Infinitikoncept:
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.

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.

shawba01:
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

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 .

PrincessVariety:
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.

They will promise you 15% interest compounded annually and they will still short-pay you upon maturity/termination.

abbeyforex:




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 .

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.

abbeyforex:




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 .

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.

abbeyforex:


They will promise you 15% interest compounded annually and they will still short-pay you upon maturity/termination.

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.

happyjuliet:

sorry. isn't d one @ Awolowo way?

long time Happy Can you remb me?

Blacksodje:

long time Happy Can you remb me?

Nop?

lekside071:


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....

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...

Michaelonweluzo:
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.....

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...

PrincessVariety:
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.

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...

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?

tunlex01:
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.

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.