egoldi01:
I never knew having policies with Mutual Benefits is a crime if I have to be heavily charged for both premature termination and non completion of payments on a matured policy.
I had a life investment of 5 years scheduled to end on October 1, 2019 but only paid for 20 months and abandoned midway due to some reasons. I paid premium of 165k out of 600k and now MUTUAL will pay me back ONLY N137,469 leaving me with charges of N27,530
I took up another 5 years investment along the line and paid up 41 months out of 45 months. I then decided to terminate due to poor service. I have paid up 820k but will now ONLY get N775,758 to part with N44,241.
In all, out of my combined premium payments of 985k, I will part with 72k as charges on my money!
After my engagement with them on the charges, I was told that a policy is said to be matured when expected total contribution has been fully paid and the duration fully spent. This is the ONLY condition where no charges is applied on your policy.
Therefore, should any unforeseen circumstance come up and one is unable to pay up, MUTUAL BENEFIT will not pay.
This is not only unfair, but also grossly discouraging. Their staff will never explain this when trying to get clients.
Has anyone had any similar unpleasant experience with this unfriendly company and similar insurance companies for Nigerians to learn from so as not to be victims again like me.

GAZZUZZ:


I see nothing wrong here.

mployer:
Bro. The problem is not the charges, it's about getting the money out, the one they agreed to pay.

All of them are fraudulent. I have a friend that had to forfeit almost 150k because he couldn't meet all the ridiculous conditions for getting the money out.

egoldi01:

Well, there may be nothing wrong if one was aware of no full contributions, no full payment at the time of taking up the policies. That is why I want to create awareness for all before starting such journey with the company. But I'm not sure that is how all other Nigerian Insurance companies hugely penalize their clients.

egoldi01:
I never knew having policies with Mutual Benefits is a crime if I have to be heavily charged for both premature termination and non completion of payments on a matured policy.
I had a life investment of 5 years scheduled to end on October 1, 2019 but only paid for 20 months and abandoned midway due to some reasons. I paid premium of 165k out of 600k and now MUTUAL will pay me back ONLY N137,469 leaving me with charges of N27,530
I took up another 5 years investment along the line and paid up 41 months out of 45 months. I then decided to terminate due to poor service. I have paid up 820k but will now ONLY get N775,758 to part with N44,241.
In all, out of my combined premium payments of 985k, I will part with 72k as charges on my money!
After my engagement with them on the charges, I was told that a policy is said to be matured when expected total contribution has been fully paid and the duration fully spent. This is the ONLY condition where no charges is applied on your policy.
Therefore, should any unforeseen circumstance come up and one is unable to pay up, MUTUAL BENEFIT will not pay.
This is not only unfair, but also grossly discouraging. Their staff will never explain this when trying to get clients.
Has anyone had any similar unpleasant experience with this unfriendly company and similar insurance companies for Nigerians to learn from so as not to be victims again like me.