I just concluded my 12 months insurance package with wapic at 100,000 per month
And my total accumulated interest is at N41,000 even though the current treasury bill is at 10.6% I honestly feel cheated. Spent half an hour on the phone with their employee and she can’t seem to give me a breakdown of how the interest was calculated. Who else has worked with wapic before?

Guest911:
I just concluded my 12 months insurance package with wapic at 100,000 per month
And my total accumulated interest is at N41,000 even though the current treasury bill is at 10.6% I honestly feel cheated. Spent half an hour on the phone with their employee and she can’t seem to give me a breakdown of how the interest was calculated. Who else has worked with wapic before?

100k per month meaning 1.2 million in a year. On this note tb is better. Could have fetched u interest of over 100k instead of d 41k from wapic

You're right to feel cheated and I empathise with you on that.
However, you should note that the policy you bought isn't entirely investment but has an element of life insurance in it. As such, should death, permanent or temporary disability occur before the end of the tenure, then you or your beneficiary gets the full sum assured or part thereof.
The marketer that sold the policy to you didn't probably inform you of this

katlord:



100k per month meaning 1.2 million in a year. On this note tb is better. Could have fetched u interest of over 100k instead of d 41k from wapic

lol no be only 100k per month .

Na 10.6% per annum

@megafaraday Actually the agent mentioned that part to me.
Really I wasn’t expecting to get the full 10.6% of entire money. But From inception they mentioned that if the projected tbill is at 10.4 then my annual interest would be 4.4%(which is poor). So even at 4.4% I should be getting N52,800.

PS: my total contribution would have been 1.2m, on one particular month I paid 200k.

So total amount matured is N1,300,000 and interest value at 41,000.

If this is not scam I don’t know what to call it. There’s no transparency at all.

Onnasucs1:
lol no be only 100k per month .

Na 10.6% per annum

That's what I mean, he/she did 100k insurance per month which fetch interest of 41k only. My assertion is that if it is tb it'll which total sum is 1.2 million in a yr it'll definitely yield over 100k interest at 10.6%

megafaraday:
You're right to feel cheated and I empathise with you on that.
However, you should note that the policy you bought isn't entirely investment but has an element of life insurance in it. As such, should death, permanent or temporary disability occur before the end of the tenure, then you or your beneficiary gets the full sum assured or part thereof.
The marketer that sold the policy to you didn't probably inform you of this

Marketers are always economical with the truth about products they sell. Besides, a lot of us in Nigeria including the educated have little info about insurance investment since we don't really patronize them instead we do fix deposits, tb, target savings and all that. Me self nor understand many insurance investment. The day I'll make up my mind to do it, the marketer go explain tire lolz

katlord:



That's what I mean, he/she did 100k insurance per month which fetch interest of 41k only. My assertion is that if it is tb it'll which total sum is 1.2 million in a yr it'll definitely yield over 100k interest at 10.6%

I now understand.

Thanks for explaining