₦airaland Forum

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.

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.