Hello Nairalander,
Please help me, I need an expert advice especially an insurance guru. Five (5) years, I accepted a saving policy plan which I was asked to insured with two thousand (2,000) naira. There and then I enter into it with a stand order to my bank account for deduction of sum of Ten thousand (10,000) Naira monthly which has been deducted ever since. In the policy, it was stated that the my premium will amount to one hundred and twenty Naira (120,000) annually and for the duration the total premium will amount six hundred Thousand (600,000) with expected rate of interest at 5% compounded to six hundred and fifty three thousand, six hundred and fifty three seventy two kobo (653,695.72) which is the estimated maturity expected. The policy maturity date of 31 July 2022. I visited their headquarter today along Marina Lagos and estimate they calculated was five hundred and fifty three thousand.
Please can someone enlighten me on how is calculated that rather than pay me my investment, my investment reduced by almost 20% without borrowing from them. Although it has not been credited but if credited how do I seek redress? Please expert in investment and insurance matter should enlighten me. Thank you

First, request for your insurance premium account statement. Are you sure all months deducted from your bank account were credited to your insurance account?

A Life Insurance Expert, preferably a Broker will need to study your Policy Document just to be sure that there are no Terms, Conditions, Clauses, Excesses or Exceptions which may have resulted in the shortfalls you are complaining about.

I hope you have your Policy Document intact?

Let me also use this opportunity to advise People to always study their Policy Documents to ensure that the Policy/Policies they are procuring fully satisfies their purpose for procuring it/them.

When in doubt, ask questions or seek clarification from Insurance experts so that you can demand for the adjustment or removal of some clauses you are not satisfied with or you don't buy the Policy at all or you terminate the Policy if it is already running and ask for a refund of your Premium after the deduction of 'Time on Risk' to avoid stories of this nature that touch.

Insurance is not a Scam. It is garbage in, garbage out! You cannot procure a Third Party Motor Insurance Policy and expect to enjoy the benefits of Comprehensive Motor Insurance or a purely Group Personal Accident Insurance Policy and expect to enjoy the benefits of Group Life Assurance.

However, most Nigerians are ignorant of their rights and privileges especially in relation to Insurance. For instance, do you know that the Third Party Insurance you buy for 5000 Naira Per Annum when renewing or procuring your Vehicle particulars is not just to avoid arrest by Police, Road Safety or VIO Officials?

Do you know that with the Third Party, if genuine, (You can check the genuineness of your Third Party Insurance with 'www.askniid.org') if you accidentally hit someone or damage their Vehicle or Property (accidentally, please) you are entitled to up to 1,000,000 Naira Third Party Property Damage benefits or 'Unlimited' Third Party Bodily Injury? But yet you see a lot People with Genuine Third Party Motor Insurances pay for damages running into Hundreds of Thousands without filing for their Claim with the Insurance Company but will be quick to conclude that Insurance is a Scam in Nigeria, when in actual fact, they are either ignorant of how Insurance works or how, when and where to demand for their rights.



I wish you all the best, O.P

I thank all the contributors for your concern and enlightenment. Although, I take my time reading the policy from cover to cover. I feel and I am sure all deduction were made directly from my account because i have a stand order with my bank. Anyway I will do what you advise by asking for my statement. May while I have fill and submitted the complain form.Thanks