@Bros i understand ur plight. Maybe u didn't understand d Policy terms and conditions very well. I av friends who av gotten back their investment savings after abiding by d terms and conditions without hassles. D beautiful thing was their checks are delivered at their door step without even visiting the company office. It was so easy. Next time always abide by Terms and Conditions!

Bridged or breached?! Wetin I no go see for Nairaland?

greggng:
I cannot blame the insurance company cos there must be buyer be ware situation in the contract but we tend to look the other way out. First you bridged the contract and you re not entittled to any indeminity. There re penalties. Moral lessons don't change the goal post in the middle of the match. I feel pain for ur loss is totally a waste of time considering the fact that u ve to wait that long to get ur fund. They ve used ur fund to create wealth that didn't add value to ur fund.

Ah...... I have a plan with them and have paid 250k. Stopped since 2012 waiting for maturity by April 2017. Hope they will pay me o... mutual benefits pls respond and find solution o...

effty:
Bridged or breached?! Wetin I no go see for Nairaland?

Thank u for the correction unfortunately the way you went abt it wasnot the best way. U cannot mess me up. In any case I am not an Englishman. Learn to correct people without insulting their senses

You are there staff I'm sure.

thesicilian:
Why do I keep seeing so many people complaining about Mutual Benefits these days? I have been on a 4yr plan with them since 2014 and I don't have any problem with them. I've even made one withdrawal with no hassles. Of course I try to hold up my end of the bargain, although occasionally I default. But all in all I think they are good people. Personally.

Don't trust insurance companies they adopt schemes rather work with a reliable equity fund manager

ehinja:


The annoying aspect for me is the fact that I was getting less than I invested after retaining my money for 6 years!!!

If you are not adding a penny at least give back the initial capital.

Imagine the difference in value of 140K in 2011 compared to 2016.

Sorry bro, I have never see anybody get rich from saving his or her money. If you had risked that money on a biz..., the returned on investment would be so great for you now.

Always read the Terms and Conditions..

If you do not understand it, inform the Company in writing and demand that they send you someone to explain the terms you can understand. I said I writing because that gives you evidence to use in court for dissolution of Contract as you can't enter into a contract blind. However, the moment you sign, it means you understand and agree to the terms and conditions and it makes it difficult to pull out. I normally prefer a spreadsheet with how my money would grow spread out across the 'minimum investment period' and the minimum amount I would get for early termination clearly shown..




Secondly, to all new applicants of these Insurance schemes, always know you can negotiate those terms and conditions.. Yes you can.. Negotiate the termination clause and the penalties incurred in case of early termination. Try and get a finance person to help you out here.


Finally, it's never advisable to take up these Insurance saving schemes as they almost always fhuck you over when it comes time to collect. I only advise people take the life assurance policies for their loved ones and ignore the rest. Ordinary claims on premium insurance cover na wahala.. I remember how Mutual Benefit asked the Mechanic to only spray half of the car because only the front was damaged in the accident.. I almost killed the Insurance Adjuster with my bare hands.

Sorry OP but you just got fhucked by the System.

Pray:
You are there staff I'm sure.

I as an insurance salesman. That's a new one.
Actually, the reason I'm so confident about them is because of the trust I have for their Rep. She sounded so sincere and honest that I had to put aside my sceptical view of insurance companies and sign up with them. So far they haven't failed me.

If you had fixed this money in a bank for over 5 years, you will be smiling to the bank by now.

Pray:
Ah...... I have a plan with them and have paid 250k. Stopped since 2012 waiting for maturity by April 2017. Hope they will pay me o... mutual benefits pls respond and find solution o...

Bros, pls I'll advice u to reduce ur premium to like 5k and try pay up to date for u not to be charged. When reducing, write to them so that u can get an endorsement for reduction to add to ur documents. With that, u can get all ur savings complete without any hassles.

Oblak:
Please I want to ask. I get confused when someone says 'I hope this makes
front page'. I thought front page is where the topics are all outlined. Is it not
from there we open a thread? Is that not the front page? If not, please when
reading a thread, what does it mean to move that topic to front page again? I
will be glad if any answer is given. Thanks Nairalanders

From my little understanding, if you check the top of this page you will see different sections like :NYSC, vacancies, auto, car talks, romance, family etc... they are different sections in the forum. It is expected you make your posts in a the appropriate sections e. g. discuss your new born under family, post a job advert in the vacancy section etc.
Now, 20 nairalanders can drop different posts in family section but a much more catchy headline and interesting post will be taken or moved to the first page where you noted that we read those outlines. E. g. if LadyF make a post on how she bite off her boyfriend's bolokus with pictures of her vampire teeth and lalasticlala (her boy friend) bolokus attached, the MOD (moderator) will quickly move it to the first/front page, 'cos they believe that aprokos like you or I will love to read it sharperly.
So, the posts you see on the from page are like 10% of what people put in the sections per time and some people's posts might not see the light of the first page till eternity while others who can kill snake, visit Tonto dike's family, love up with Maheeda will keep appearing on the front page.

Good evening all, it's a good forum to educate people who are willing to listen, I have been on this platform for a while and I have been soo happy being on naira land.. It's always very informative, however the issue on ground is one we all need to look into... There is a great difference between a pure investment plan with any insurance company or an investment link policy... IF you had taken up a pure investment plan am sure you will have been praising Mutual BENEFITS, for them keeping to their promise of paying you your full funds invested in WITH added interest even tho you didn't pay up to maturity... But when you are running an investment linked policy that has a death benefits attached to it, there are terms and conditions you need to stick to, that's why after the policy document is delivered to you, after your 1st payment, you have 30 days to go through it, and if you are not satisfied with it you can get a complete refund of your money , but sincerely how many of us take out time to go through it... You were running a plan that if you had paid for just two months and death occurred, we will never tell your family stories, but pay your full sum assured which is 1,200,000....even tho you have just paid 2 or 3 months premium and Your policy IS STILL ACTIVE..... We won't even say let's pay half because the person involved will not pay up to 2years.. so my brother if an insurance company (because all investment linked policy in all insurance companies are the same) is ready to take up that responsibility... Why won't you to be ready to accept the charges if you don't pay up to maturity..... That the years were complete didn't mean that the policy matured....

PURE INVESTMENT POLICIES DO NOT PAY OUT DEATH BENEFITS AT DEATH OF THE CLIENTS, JUST THE ACCOUNT BALANCE WITH ACCURED INTEREST, SO ALSO WILL THE PAYEMENT BE AT MATURITY EVEN THO YOU DIDN'T PAY THROUGH... the charges that comes only affects the interest...

And to THOSE THAT SAID THANK GOD I DON'T HAVE AN INSURANCE POLICY OR AM NOT INTERESTED IN AN INSURANCE PLAN AGAIN.... INSURANCE IS SOMETHING THAT AT THE TIME YOU NEED, IT WILL NOT BE AVAILABLE FOR YOU TO GET, IT'S LIKE TRAVELLING ON A JOURNEY WITH A FLAT SPARE TIRE... IF ANYTHING HAPPENS ON THE WAY, YOU ARE NO DIFFERENT FROM THE PERSON WITH OUT A SPARE TIRE

FOR THOSE THAT ARE HERE AND HAVE ONE OR TWO POLICIES RUNNING WITH ANY INSURANCE COMPANY, I CONGRATULATE YOU FOR DOING THE RIGHT THINK, AND JUST KEEP TO THE TERMS AND CONDITIONS, YOU WILL DEFINITELY SMILE AT THE LONG RUN...


MY NAME IS ONWELUZO MICHAEL, AND I WORK WITH MUTUAL BENEFITS LIFE ASSURANCE, AND FOR THE PAST 6YEARS OF WORKING WITH THEM, I HAVE BEEN PUTTING SMILES ON PEOPLE'S FACES AND I DON'T INTEND TO STOP DOING THAT.... IF you a policy with Mutual benefits life assurance, and you still don't understand your policy or document, you can call me and I will be willing to explain in depth to you...

08057432112

You can also visit our website and contact any of our customer care agent.

WISHING US ALL A COOL NIGHT REST

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.

You're right.

Paid in 150k to Mansard in 2008, supposed to be monthly payments of 50k/ month,but I just forgot about the money until 2015. My money had increased to about 235k.

Not all insurance companies created equally.

Did my health insurance, and a much bigger investment plan with them just because of that.

tunjijones:


Bros the era of insurance company being scam is long gone. You u have greviance with any insurance coy pm me and I wld tell u wia to take ur case to and the procedure. They wld be too willing to help you. Their staff get promotion for getting an insurance coy that defraud a client. Any insurance company found guilty wld be fine heavyly and thereby generating fund for the government. The insurance coy license might even be withdrawn depending on the weight of the offence

Lemme begin dey follow you jejely Mr. Lots!

Yours is even better, one of their agent was introduced to me by my neighbour. I started through this agent. I was diligent in paying my monthly premium. Fast forward to maturity, the agent(simbi) did not remit 3 months premium. After much yelling on the phone she pleaded that I should pay for 2 months which she promised to refund and she paid for the remaining 1 month, I needed my money so I agreed. I went to their office and I was given cheque of amount that is #30,000 below what I contributed, the interest that writted in their policy is... I felt so bad that I placed a curse on that agent in anguish, I went to sterling bank collected my shortchanged balance and I never call that lady again. The curse is worth more than the 2 months premium. I'm still angry.

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....

Thank for the insight. But since he stop payment did you think the insurance still covered him for those peroid he wasn't paying premium as the life insurance.

I did similar experience with Niger couldn't get in fund in my case. The marketers are culprits as you mentioned but in connivance mgt.

This is serious sha... Abeg you guys should drop all the names of the insurance companies that have exploited you.

Fear don start to catch me o. I cannot afford to lose any more money in this bad economy!

tabithababy:
If you had fixed this money in a bank for over 5 years, you will be smiling to the bank by now.

if an unfortunate incident had happen like death or disability before that 5 years . what would he have done? Still smile to the bank?

Makes two pple I knw now, u and a friend at work. Her's is even more pathetic. She saved all try the 5yrs plan of 10k rack. Whatever that amounts to she was supposed to be given 30% in addition to the amount she has been saving. NEWSFLASH!!! Her agent hasn't been at work for close to 4mths now nearing when she is due to come make her claims. She was even tricked by him on one of those contributory collection days of hers by him for certain papers which she sheepishly gave to him as he claimed those papers are needed to "process" her proceedings. Alas! She can't find him, Mutual benefit as a company haven't seen him in months... And his Fone lines are off! Ahan ahan, ahan ahan (in pastor Chris Okotie's intonation). #Gobe!

Agbaletu:
I am really sorry OP. I almost fell for their tricks 2 years ago. I knew all along that they are cheats.

They are not cheat. I do MEGA with them and I have not seen any cause to regret it. For almost 3yrs now I have been using it to pay my rent @30K monthly.

Always study terms and condition first before going into any contract ok?

Thanks for the info. Will call and also write them tomorrow. No story. Will also contact u sir. Thank you.

olusd:

Bros, pls I'll advice u to reduce ur premium to like 5k and try pay up to date for u not to be charged. When reducing, write to them so that u can get an endorsement for reduction to add to ur documents. With that, u can get all ur savings complete without any hassles.

mamajaz:

From my little understanding, if you check the top of this page you will see different sections like :NYSC, vacancies, auto, car talks, romance, family etc... they are different sections in the forum. It is expected you make your posts in a the appropriate sections e. g. discuss your new born under family, post a job advert in the vacancy section etc.
Now, 20 nairalanders can drop different posts in family section but a much more catchy headline and interesting post will be taken or moved to the first page where you noted that we read those outlines. E. g. if LadyF make a post on how she bite off her boyfriend's bolokus with pictures of her vampire teeth and lala.sticlala (her boy friend) bolokus attached, the MOD (moderator) will quickly move it to the first/front page, 'cos they believe that aprokos like you or I will love to read it sharperly.
So, the posts you see on the from page are like 10% of what people put in the sections per time and some people's posts might not see the light of the first page till eternity while others who can kill snake, visit Tonto dike's family, love up with Maheeda will keep appearing on the front page.

lmao this your example no be here o. Why I go bite my boo's something?

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.

sorry. isn't d one @ Awolowo way?

Thank you bros. How can u help me now. I have 250k with u guys. Started with 50k monthly and paid for 5 months. Issues an I stopped payment till date. Maturity is for April 2017. Kindly advise way forward.

Michaelonweluzo:
Good evening all, it's a good forum to educate people who are willing to listen, I have been on this platform for a while and I have been soo happy being on naira land.. It's always very informative, however the issue on ground is one we all need to look into... There is a great difference between a pure investment plan with any insurance company or an investment link policy... IF you had taken up a pure investment plan am sure you will have been praising Mutual BENEFITS, for them keeping to their promise of paying you your full funds invested in WITH added interest even tho you didn't pay up to maturity... But when you are running an investment linked policy that has a death benefits attached to it, there are terms and conditions you need to stick to, that's why after the policy document is delivered to you, after your 1st payment, you have 30 days to go through it, and if you are not satisfied with it you can get a complete refund of your money , but sincerely how many of us take out time to go through it... You were running a plan that if you had paid for just two months and death occurred, we will never tell your family stories, but pay your full sum assured which is 1,200,000....even tho you have just paid 2 or 3 months premium and Your policy IS STILL ACTIVE..... We won't even say let's pay half because the person involved will not pay up to 2years.. so my brother if an insurance company (because all investment linked policy in all insurance companies are the same) is ready to take up that responsibility... Why won't you to be ready to accept the charges if you don't pay up to maturity..... That the years were complete didn't mean that the policy matured....

PURE INVESTMENT POLICIES DO NOT PAY OUT DEATH BENEFITS AT DEATH OF THE CLIENTS, JUST THE ACCOUNT BALANCE WITH ACCURED INTEREST, SO ALSO WILL THE PAYEMENT BE AT MATURITY EVEN THO YOU DIDN'T PAY THROUGH... the charges that comes only affects the interest...

And to THOSE THAT SAID THANK GOD I DON'T HAVE AN INSURANCE POLICY OR AM NOT INTERESTED IN AN INSURANCE PLAN AGAIN.... INSURANCE IS SOMETHING THAT AT THE TIME YOU NEED, IT WILL NOT BE AVAILABLE FOR YOU TO GET, IT'S LIKE TRAVELLING ON A JOURNEY WITH A FLAT SPARE TIRE... IF ANYTHING HAPPENS ON THE WAY, YOU ARE NO DIFFERENT FROM THE PERSON WITH OUT A SPARE TIRE

FOR THOSE THAT ARE HERE AND HAVE ONE OR TWO POLICIES RUNNING WITH ANY INSURANCE COMPANY, I CONGRATULATE YOU FOR DOING THE RIGHT THINK, AND JUST KEEP TO THE TERMS AND CONDITIONS, YOU WILL DEFINITELY SMILE AT THE LONG RUN...


MY NAME IS ONWELUZO MICHAEL, AND I WORK WITH MUTUAL BENEFITS LIFE ASSURANCE, AND FOR THE PAST 6YEARS OF WORKING WITH THEM, I HAVE BEEN PUTTING SMILES ON PEOPLE'S FACES AND I DON'T INTEND TO STOP DOING THAT.... IF you a policy with Mutual benefits life assurance, and you still don't understand your policy or document, you can call me and I will be willing to explain in depth to you...

08057432112

You can also visit our website and contact any of our customer care agent.

WISHING US ALL A COOL NIGHT REST

Assurance or Insurance is scam in Nigeria,
I experienced the same with UNION ASSURANCE last year
(I save 300k for three years and got 260k after 2 years)
They are crooks, is better to fix your money in any bank and do a monthly direct transfer into the account.

Eh yaa. So you never know that insurance is another name for fraud? Sorry, eh! Hopefully everyone will learn from your misfortune. Thanks for sharing.

I think we are mixing things up.

Insurance is not savings.

If you want to save, please use a bank.

Insurance companies are simply coming up with "near savings schemes" to attract more customers.

Look, insurance in nigeria is a big fraud. I have exactly the same experience with AIICO. Don't be fooled by any big name industry player. They collect your money for years and rip you off at the end. I contributed 600, 000 naira over 3 years in capital appreciation plan or scheme after 3 years I got 420, 000. I lost 180, 000. No convincing reasons, no means of appeal or redress.
When you hear insurance in nigeria, please flee. Keep your money in the bank.

ladyF:

lmao this your example no be here o. Why I go bite my boo's something?

My ladyF, F for fantastically...

sorry about what happened to you.
I've known Mutual benefit for a while now and its a shame that these organizations talk about integrity but they lack it.

Mutual benefit is an absolute scam. I can transact any business with those people. Myself and my wife had a taste of their scam.
Very dishonest institution. Their reputation surely precede them.