₦airaland Forum

Please if you've the intention to troll rather than helping, this thread doesn't need your comment.

Back to the reason of the thread.

Good day all, I painfully lost my dad few months ago and while I was going through his old files, I discovered a file and while I was going through it found out that my late dad invested in a life insurance scheme with AIICO insurance back then in 1987. And he made a deposit of ₦2, 980 to the insurance company with receipts through an agent working with the insurance company at that time. And it's a 21 year life insurance as the document shows. Looking at the time frame, I believe that money must have sky rocketed to what I believe is a large sum as ₦2, 980 is a lot of money envisioning the interest that has accrued then I believe so. Be aware that AIICO insurance are still in business as we speak and I need opinions of those that understand insurance and honest insurance brokers to advise. Thank you as I await responses from good people in here.🙏

usedcardealerph:
Please if you've the intention to troll rather than helping, this thread doesn't need your comment.

Back to the reason of the thread.

Good day all, I painfully lost my dad few months ago and while I was going through his old files, I discovered a file and while I was going through it found out that my late dad invested in a life insurance scheme with AIICO insurance back then in 1987. And he made a deposit of ₦2, 980 to the insurance company with receipts through an agent working with the insurance company at that time. And it's a 21 year life insurance as the document shows. Looking at the time frame, I believe that money must have sky rocketed to what I believe is a large sum as ₦2, 980 is a lot of money envisioning the interest that has accrued then I believe so. Be aware that AIICO insurance are still in business as we speak and I need opinions of those that understand insurance and honest insurance brokers to advise. Thank you as I await responses from good people in here.🙏

that should be equivalent to about 3 million naira or more now. This situation raises a few important points. Here's a direct and honest take on it:
Insurance Maturity vs. Investment


Life insurance policies—especially in the 1980s in Nigeria—were often either term life (no payout unless death during term) or endowment (pays at maturity or on death).


If it was an endowment policy for 21 years, it should have matured in 2008.


If no one claimed it in 2008, it might still be claimable, though some companies have statutes of limitation on unclaimed benefits.


Interest Accrual Expectation


Unlike savings or fixed deposits, insurance payouts are not necessarily subject to compound interest unless it was a savings-linked or investment-linked policy.


The ₦2,980 may have been a premium payment, and the maturity amount would have been predefined in the policy terms—not necessarily growing by today's inflation standards.


Check the Document Details


Does the document clearly say expected maturity amount?


Does it state sum assured?


Does it have policy number, agent’s name, and company stamp?


What To Do Next


Contact AIICO Insurance PLC directly with the policy document and receipts.


Go in person or email their claims/customer service department.


If you meet resistance or neglect, you may contact NAICOM (National Insurance Commission) for guidance.


Possibility of Claim


If the claim is valid and AIICO still recognizes the policy, they may pay.


If it matured and was never claimed, they might have placed it in an unclaimed account

Thanks a lot ayoncox

More opinions please.. A grateful heart here