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.

Good day to you sir. I'm sorry about your case. But pls I'd like to point out a few things. Whilst it is the duty of your agent and insurance company to disclose to you all facts about your policy, it is also your duty as the person contributing hard earned naira to ask technical questions, eg how much is being deducted as penalty, what's the interest rate, how is it arrived at, etc.
Now how this investment linked life insurance policy works is that when you make a monthly payment into your policy, 90% goes into your account as savings and then 10% is charged as a fee for the life insurance element of the policy. This is what takes care of the agreed lump sum your dependants get should you pass away during the period of your policy. People usually don't know this, and may never need to since by paying premium up to 3 yrs, the interest accrued would have well covered the 10% deduction in excess. For the fact that you stopped paying, the 10% was still being deducted every month! I think you were ill advised, cos you could have terminated after the 1st year or 2 and gotten a small penalty charged.

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.

etenyong:
Thanks God they give you part of ur money. I invested in Aims Asset Management between 2008 - 2012, but uptill today I can't get even 1% of my money. Different stories every time I go there. I decided not to even bother again

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.

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

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....

blank:


When you resign, give your RSA pin to your new employer so that they can continue paying in your pension there. It's illegal to open more than 1 pension account in your work lifetime.

You can make voluntary contributions to your pension account but note that you can't withdraw the money until you retire at 60 years or you are sacked in your workplace.

Ali929:


Thanks.

Ali929:


Wow thats cool of mansard, guess maybe its cos u opted for the individual savings plan but pls do u ve an idea of Leadway Assurance. D company i work with opened a pension acct for all staffs & certain amount are deducted from our salaries monthly. Now d issue is dat i wil be resigning soon from d company. Do u know if its advisable to continue putting money into the pension acct (leadway pensure)?

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.

Schwartz:

Hello, seems you know about this Pension stuff. I also have a pension issue. While in Nigeria I worked for 10 years and I and the company I worked have been making consistent contributions to my pension fund account. I still receive emails showing my balance with them. Since I left what do I do to get my money back please?