Chukzyfcb:


Different strokes for different folks, when my DAD died, we benefited from his Life Insurance. The same AIICO Insurance that you castigate was very professional although slow coz it took over 7months to receive the cash but with my experience with them. If I would suggest, I would suggest AIICO Life Insurance any day anytime!!!

anonimi:


Why can't you use the insurance policy as a COLLATERAL, if required, to obtain a quick loan or overdraft to meet your immediate needs and liquidate the policy at the end of its tenure?

Rockstar07:


That's why you need to read and digest the Policy Document given to you to know their terms and conditions. It would be clearing stated there. The document's not only to be store in cool and dry place...lol

DelTel:


Towergate Insurance was acquired by Equity Assurance around 2005, therefore, your dad is now a shareholder in the latter company which is tradeable on the floor of The Nigerian Stock Exchange.

Equity Assurance Plc has paid 2 dividends after the merger hence you need to approach the registrars - Apel Capital Registrars @ 18b, Nnobi Street, Masha Surulere.

Lionhearted:
This thread really confirmed I knew little about how Insurance work.

Supposing I take a Policy against robbery for 3years and paying the premiums at as when due. What if no robbery occur within the 3years will I forfeit the accumulated premiums when the policy matured? That was my belief before.

akinladejo:
I had similar experience with UNION Assurance and IGI and am still looking for ways to handle them. Insurance company in Nigeria are thieves and fraudulent.

InvertedHammer:

/
A few weeks ago, I was arguing with magicminister about insurance policies. He bragged about his premium and coverage for his business. I kindly advised him to have a lawyer go over his policy because insurance companies are known to make policy holders jump through a lot of hoops before getting compensation. Sometimes, it is outright denial. In US, they may hide under omission of information, act of God, preexisting conditions, etc. to deny claims. In a chaotic environment like Nigeria, I am sure they have endless list of "excuses" to avoid payment especially the mushroom insurance companies that will insure anybody and anything.

But again, some folks who think they are wise usually learns the hard way.

Good luck cashing out!

/

Intrepid01:
This is a very good topic....Listen carefully everybody.

I am also under this situation myself. I have been trying to cash out an insurance policy since 2014. Yes 2014. These guys are rogues, the procedure for taking up a plan is so easy but cashing out is like passing through the needles eye. I am not going to mention their name now, but I have promised them that by January if my cheque is not sent to me or my money paid in to my account I will narrate my ordeal with them on all Social Media, do a serious damage to their useless name and expose them

TruthisOut:
Hi guys,

Please I need your help. I have been running this life assurance policy with an Insurance company for more than 40 months and going by their policy I can cash out 100 percent of my investment after 3 years (36 months). Now I want out, they started making things difficult telling me I will lose money if I cash out now.

I insisted that they give me back my money as I really it need now, they asked for a lot of requirements but the ones that made me raise an eyebrow are:
1. I should submit all receipts that they have sent anytime I paid my monthly premium
2. I should return the policy document.

Guys, these are documents that shows that I had an investment with them. Are these requirements ok or is someone trying to play me now? I need your help.

exthar87:
You are not making sense

Like I tell people, always ask questions and don't mislead clients to buying policies because of commission

Insurance works if you read and ask questions

lagosrd:


Ser don't be discouraged just create an alarm tread and we start the e-war against mutual benefit or wetin you call them. Anywhere you see their advert and on facebook lets rocket them with challenge. maybe them think say dem dey craze if you bo get job eno mean say Uno hear English now. Don't forget to put the guys name oooo. Or better still initial another conversation with the guy and record it on your phone then straight to NAICOM.

KAYNINI:


they have poor social media presence and that's the only challenge

lagosrd:


Don't let that bother you now. Person wey sabi person for there will tell them what is going on. Surely they will call you.
Another option is the consumer protection council. We go report am

mimzy:
Had a similar experience. And with the way u stated urs,seems like d same insurance coy. (mutual benefits life assurance). Same policy. Actually mine wasn't even up to a year yet and I needed money to quickly sort out sumfn. To my surpise, they told me they Cannot give me part of money until after 36months. After all said n done, they stated that getting part of my money would mean me forfeiting bout 40% of my money. I was rly upset. As I type. My money is stl wv dem. Buh I'm not paying monthly anymore. Just waiting for d stuff to be a year,then I'll withdraw 90% as stated in d policy

State your grievances with union assurance..I could help you out

ephi123:


Well, that's your experience and you are free to recommend them. I am speaking based on MY own experience and would NEVER EVER recommend a company that mis-sells policies and misleads their clients which is what AIICO is guilty of.

If this insurance policy was contracted by an Agent .. you are in trouble.. especially if the company starts with A and ends in O.. It was a legal threat and tussle that got me to exit with my dignity and finances intact. did you actually read the contract before you signed or you signed after you made your first bulk payment

shaicollins:
[Dear frinds do not condemned insurance company in nigeria ,we have regulator body which we call it NAICOM) Petaining to your own advice, I will like to ask u question ,who under write your policy for you? Is it from insurance company or brokers ? And it any cliam u don't need to give original document ,make a photocopy and give them copy's with teller u used to Contact me for any form of insurance product or proffesional advice on any insurance policy....#God's favour is all I need .

TruthisOut:
Hi guys,

Please I need your help. I have been running this life assurance policy with an Insurance company for more than 40 months and going by their policy I can cash out 100 percent of my investment after 3 years (36 months). Now I want out, they started making things difficult telling me I will lose money if I cash out now.

I insisted that they give me back my money as I really it need now, they asked for a lot of requirements but the ones that made me raise an eyebrow are:
1. I should submit all receipts that they have sent anytime I paid my monthly premium
2. I should return the policy document.

Guys, these are documents that shows that I had an investment with them. Are these requirements ok or is someone trying to play me now? I need your help.

aged:
Standard alliance insurance company has failed to pay my claims as agreed after 5years that lapses October 2019. It’s has been one excuse and the other. All required documents submitted. The reason given for their failure to pay is that the MD absconded with large amount and so it affected their operations.

Please somebody should bail me out