Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,712,188 members, 6,406,617 topics. Date: Tuesday, 27 July 2021 at 04:23 AM

Cashing Out On An Insurance - Investment - Nairaland

Nairaland Forum / Nairaland / General / Investment / Cashing Out On An Insurance (12512 Views)

Partner With Me And We'll Be Cashing Out From Google Adsense In 4months / Cashing Out From Neteller / Guy Registers Brand New Car As MMM 2 After Cashing Out (photos) (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Cashing Out On An Insurance by TruthisOut: 8:01am On Dec 29, 2015
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.
Re: Cashing Out On An Insurance by phemmy26(m): 8:30am On Dec 29, 2015
lets have the name if the insurance companies. This are the ones that makes people runaway from insurance cos when its time for the cashing out process, they make it very difficult

10 Likes 2 Shares

Re: Cashing Out On An Insurance by TruthisOut: 8:38am On Dec 29, 2015
I withheld the name of the Insurance because I have not yet confirmed that they are playing me. Please bear with me. I just need to know if these their requirement is normal or if someone with similar experience can advise me.
Re: Cashing Out On An Insurance by dominique(f): 12:01pm On Dec 29, 2015
It's better if you give us the name of the insurance coy. Someone with similar experience with them will be able to tell you how he went about it.

6 Likes 1 Share

Re: Cashing Out On An Insurance by Nobody: 12:05pm On Dec 29, 2015
Yes you need to oblige all those requests, its a process of audit and verification. No one needs your cash.
BTW who is your account officer? I mean that ......are you no longer in good terms angry

1 Like

Re: Cashing Out On An Insurance by anonimi: 12:06pm On Dec 29, 2015
Send the photocopies and tell them they will get the originals after paying you.
Easy

22 Likes 1 Share

Re: Cashing Out On An Insurance by FemiFaniKayode: 12:06pm On Dec 29, 2015
you must give a name if you need advise.

We no be Daniel whey interpret dream without been told

10 Likes

Re: Cashing Out On An Insurance by vicostyles(m): 12:07pm On Dec 29, 2015
I smell hidden agenda
Re: Cashing Out On An Insurance by Stonerobaba(m): 12:11pm On Dec 29, 2015
If you are sure of your claim please give a name and stop making us feel it Is an unwarranted topic here

1 Like

Re: Cashing Out On An Insurance by ril19(m): 12:11pm On Dec 29, 2015
grin OP please wait lemme goan call my year one friend studying insurance in uni jos. grin

1 Like

Re: Cashing Out On An Insurance by phemmy88(m): 12:12pm On Dec 29, 2015
It's on professional to mention the name of the insurance company.. As you've got no prove that they about to cheat u... .

3 Likes

Re: Cashing Out On An Insurance by 9ce(m): 12:12pm On Dec 29, 2015
I had a similar experience, but thank God I still have their policy document. As for the receipt, walk into any of their branches. They have all the necessary information on premium payment and all. But u might want to forgo ur first premium.
Re: Cashing Out On An Insurance by pauloche2000: 12:14pm On Dec 29, 2015
I'll advice u photocopy their document and return to them while u kip the original with u until u are done wif them. Chikenan

3 Likes 1 Share

Re: Cashing Out On An Insurance by BUSHHUNTER: 12:14pm On Dec 29, 2015
Currently experience same issues now...my dad bought some shares long time ago...these organizations are Towergate Insurance PLC, Equity Assurance PLC.

They are not even ready to payout the profits or whatever..when my mom visited one of them last they said they can only convert/change the ownership to hers.


Pls if anyone is ready to assist or know more concerning Shares package kindly pm me thanks.

3 Likes 1 Share

Re: Cashing Out On An Insurance by dozymars(m): 12:15pm On Dec 29, 2015
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.


For Sure, thats the procedure.

I run two insurance policy.

You will have to submit the policy document ( the Original copy) to process your funds. You will be given back the document if you decide to restart the monthly premium.

As for the receipts, if you don't have them, then your account officer can provide them on your behalf, he should have copies.

5 Likes 1 Share

Re: Cashing Out On An Insurance by Nig4Greatness: 12:16pm On Dec 29, 2015
Most insurance companys don't pay out unless your policy tenure has matured.you can only cash out after your retirement or reaching the age of 60yrs or by death.life insurance policy is not investment policy.they differ.

2 Likes

Re: Cashing Out On An Insurance by dozymars(m): 12:19pm On Dec 29, 2015
Nig4Greatness:
Most insurance companys don't pay out unless your policy tenure has matured.you can only cash out after your retirement or reaching the age of 60yrs or by death.life insurance policy is not investment policy.they differ.

Not true. I think you are referring to Pension fund administrations, Not Insurance.

1 Like 1 Share

Re: Cashing Out On An Insurance by Nobody: 12:20pm On Dec 29, 2015
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

2 Likes 1 Share

Re: Cashing Out On An Insurance by bimbochoco(m): 12:22pm On Dec 29, 2015
Whats with people and insurance companies sef... The wahala they give you when you want to bail out is just too much...

4 Likes

Re: Cashing Out On An Insurance by iyatrustee(f): 12:23pm On Dec 29, 2015
It is the standard procedure.

However, if it has run 40months, be rest assured the interest they would pay you would be peanuts since it didnt mature as per your contract with them. I am assuming it is for 48months now.

1 Like

Re: Cashing Out On An Insurance by Gentlebabs(m): 12:23pm On Dec 29, 2015
Send them a mail, telling them that they did not tell you that you will loose any amount when you started. Tell them that, if they deduct any money from your investments, having not properly guided you, it will be tantamount to "SELLING ON FALSEHOOD".

You demand all your money and interest and make sure you send a copy of the letter you are sending them to NAICOM (info@naicom.gov.ng).

For more on this, please visit (www.insuranceplus.com.ng)

9 Likes 2 Shares

Re: Cashing Out On An Insurance by Nobody: 12:23pm On Dec 29, 2015
Thank God!
I dodged a bullet.
Insurance in nigeria is simply not worth it

6 Likes 1 Share

Re: Cashing Out On An Insurance by osubair(m): 12:24pm On Dec 29, 2015
I had this issue with mutual benefit. I lost 30% of my savings and I vowed never to patronise any other insurance service except car insurance. These guys will tell you that your Acct officer didn't remit your monthly premium/savings.

Get though with these guys, search for the company's CEO and EDs online send emails to the company's info mail.
Fight dirty.

5 Likes

Re: Cashing Out On An Insurance by Stylz69(m): 12:24pm On Dec 29, 2015
Yes, those documents albeit photocopies needs to be provided and a letter requesting to cash in the policy. However, be prepared to get less than you've accumulate in the 40 months. I speak from personal experience; I had a similar policy I started in 2012. Early this year I decided to opt out and was told I'd get 290,000 less than I had accumulated. Apparently, the broker is given a commission on every payment made because when I questioned why this amount was being deducted, he offered to waive his commission and have them pay me my full amount. I to him no no bother and just pay out my balance. My policy was with AAI

1 Like

Re: Cashing Out On An Insurance by NanaF: 12:26pm On Dec 29, 2015
Sounds like Mutual Benefits

3 Likes

Re: Cashing Out On An Insurance by Luscious06: 12:31pm On Dec 29, 2015
Truthisout... theres no two ways about it, if you have to Surrender or Terminate such policy with that insurance company, you have submit all your receipt of payment which was given to you so as to reconcile your account just in case theres any misappropriation of premiums collected from you and you will also have to submit the Policy document given to you from inception of the policy.
Why the insurer said you may loose your money is due to the breaching of the agreement, which may state the policy term, for instance 5years or more.
I will advise you submit the necessary documents so as your benefit can be calculated and get a voucher to pay your money.

4 Likes 3 Shares

Re: Cashing Out On An Insurance by ephi123(f): 12:37pm On Dec 29, 2015
AIICO is anther terrible insurance company, they ended up deducting 30% of all my mum had paid when she cashed out. I am going to take it up with the regulatory bodies, AIICO Insurance = bunch of thieves

6 Likes 1 Share

Re: Cashing Out On An Insurance by Rexphobia(m): 12:42pm On Dec 29, 2015
Your answers;



1. Yes, they retrieve the policy document when you want to terminate your investment. It's not ur property
2. And I suspect they don't have an up to date record for all ur deposits and hence, they need ur receipts to confirm the payments.
Re: Cashing Out On An Insurance by dhardline(m): 12:47pm On Dec 29, 2015
Stories that touch

1 Like

Re: Cashing Out On An Insurance by Lionhearted: 12:48pm On Dec 29, 2015
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.
Re: Cashing Out On An Insurance by onosprince(m): 12:53pm On Dec 29, 2015

(1) (2) (3) (Reply)

These 8 Signs Can Tell You If A Stock Is Doomed / Professional Forex Portfolio Managers Meet Here! / Website For Analysing The Nigerian Stock Market?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 99
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.