abbeyforex:


They will promise you 15% interest compounded annually and they will still short-pay you upon maturity/termination.

You better use your money to buy treasury bills, roll it over and compound the returns

Untainted007:
Pls does anyone know about AIICO Insurance savings scheme? A church member who works them have been on my neck to do a 15year plan for my Son, purposely to enhance school fees in the future. She said I can have access to 15% when he's 5years while d rest after maturity. But my mind is not really going for this AIICO but Mansard that I know can keep to their promise. Pls any info about AIICO Insurance?

15 years is too long, any can happen within the period which may prevent you from continuing with the payment.

If you use your money to invest in real estate for 15 years, the return on investment, capital appreciation and rental Income will be enough to pay for the education of your children.

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.

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Do mutual funds with investment houses such as stanbic asset mgmt, FBN quest, investment-one, etc. Those by insurance firms have more rules, which include none withdrawal or termination until the agreed maturity date, not defaulting on the contribution dates, etc. Violation of any of these screws up (excuse my French) your investment experience with insurance mutual funds biz.

TheAlchemist:
Thanks Op for sharing your experience... I too was misled into signing up for a policy by an AIICO broker. I have since requested to opt out. not minding the loss. The funny thing is when you see this agent persuading you to sign up, they can be the most charming or appealing person in the world, once you have signed up... they start to show their real characters. I think insurance companies should ensure that all this independent brokers are not misrepresenting them. Reading through the post it seems axa mansard is well recommended.

please were you able to opt out because they did the same to me Consolidated Hallmark Insurance company did same to me they misled me and shut me out please if you were able to opt out, please share with me

So what's the way out if I decide to terminate my ISPP plan and I don't wanna lose any dime from my money? Can I switch to other plans such as PPIP Personality Pension and Investment Plan and continue saving? If yes, how can I do that?

I'm so sorry for such bitter experience. The agent should have told you not to quit for any reason, he should have told you to endure it throughout or you should have reduce your premium even to the minimum of #5000/monthly so as to make it easy for you to move on. By doing this, you would be active throughout and your money will increase more than your actual savings at the end of the 5years.
However, you could still write letter to the company and put you policy on hold pending the time you wil pick up your policy and continue your savings again, by so doing, you wouldn't be charged.
The option you adopted brought the pain. The amount paid to you was still the same amount that would have been paid even in 2011 if you decide to terminate that year. Perhaps you terminate 2011 or 2016, termination is termination, you will be charged on that effect.
You picked up policy with insurer, insurer paid certain amount of money on your behalf for that year in case death occurs during the year, when you decide not to continue, then the company will remove the charges from your savings and give you your balance. That is where we will feel cheated.
My advice, whenever you are dealing with insurance company, see it as if you are dealing with banks. Don't just sit back to what your supposed Account Officer told you, but go to any nearest MUTUAL BENEFITS office close to you.

Thanks.

martinslolu:
So what's the way out if I decide to terminate my ISPP plan and I don't wanna lose any dime from my money? Can I switch to other plans such as PPIP Personality Pension and Investment Plan and continue saving? If yes, how can I do that?

Reply:
Try and go to any mutual benefits office near you, lodge your complaints and they will be at your service. But I advise you not to terminate, just be focus and don't be distracted, you will laugh at end. If you have spent more than two years on the policy, you are having chance for partial withdrawal (50% of your account balance) and after the maturity, you will collect your balance together With the bonus over it.

In 2010, I subscribed to same policy for 15k monthly for a period of 5 years. I paid judiciously throughout and at maturity by 2015 I have contributed 900k. However, I was paid 1.30m just 130k interest. Thank God I got my money back atleast.

I just got scammed by mutual benefit assurance too. Please be warned before taking step to do anything with this firm. After saving with them for 5 years, all I got was a deduction from my savings. I learnt the hard way.
Keep you money in banks rather than all these packaged scamming firms.

Here is a complete list of insurance companies in Nigeria and their coverage.
Top among the list are AIICO, Leadway, AXA Mansard, Custodian and Allied, Cornerstone, etc

Complete List of Insurance Companies in Nigeria

I am sorry brother Mutual Benefits Life Assurance has been an household insurance company that has been recapitalised,stood out among their contemporaries for over 25years.Their core values:integrity,professionalism and dynamism are still intact.I have done their :Individual Savings and protectio and Child Education Plans (5years respectively) and i got all my money inclusive interest at the end because i read their terms and conditions adhering to them.They are not scammers i think your account officer did not inform you well and you defaulted thats why you got that.They have lots of plans that are good to suit your needs with great benefits.They are real.

Judeddon:
In 2010, I subscribed to same policy for 15k monthly for a period of 5 years. I paid judiciously throughout and at maturity by 2015 I have contributed 900k. However, I was paid 1.30m just 130k interest. Thank God I got my money back atleast.

Time value of naira had eaten that money.
Our naira must be visited.

Slimgold2019:
I am sorry brother Mutual Benefits Life Assurance has been an household insurance company that has been recapitalised,stood out among their contemporaries for over 25years.Their core values:integrity,professionalism and dynamism are still intact.I have done their :Individual Savings and protectio and Child Education Plans (5years respectively) and i got all my money inclusive interest at the end because i read their terms and conditions adhering to them.They are not scammers i think your account officer did not inform you well and you defaulted thats why you got that.They have lots of plans that are good to suit your needs with great benefits.They are real.

Irrespective of any plan, there must not be deterrent to the principal invested. It's called fraud!
You sound like a staff.