Insurance in Nigeria is a scam which have gone unchecked. The govt need to really look into this sector. The scam and fraud there is too much.

Insurance na theif...if you no open yah eye well

Also having a bitter experience.... Asking for documents out this world for them to pay life insurance benefit, even after 3years. Very insensitive and unbecoming..left it to them ,moved on with my life, learnt one or two lessons and avoiding them bringing back sad memories

walexy14:

Penalty for terminating an investment should only affect the interest rate and not the principal. But from the name of this saving plan you did, i doubt if it's the normal saving plan . So the mistake might be from you , for not going tru the terms and conditions properly or the Sales Executive didn't tell you that, cos you might not buy the product again

leave all this shit... Image givn some 60000k and later recieving 312k... How would u feel... Money is hard to get. If this was abroad he would probably sue dem for that.

Pls copy cpc

Sorry! Same experience with leadway...had a total savings of 40,000naira eventually #30,000 was given back...wetin man go do...itx so annoying...they wont tell one what the plan is all about ...at the end of the day u cant sue them because all those charges are always written in dose deir foolish leaflets.

Awon ole jati jati

I cannot blame the insurance company cos there must be buyer be ware situation in the contract but we tend to look the other way out. First you bridged the contract and you re not entittled to any indeminity. There re penalties. Moral lessons don't change the goal post in the middle of the match. I feel pain for ur loss is totally a waste of time considering the fact that u ve to wait that long to get ur fund. They ve used ur fund to create wealth that didn't add value to ur fund.

OP, thanks for this information. Honestly, I will shoot the next insurance guy I see in my office. One of them has been so consistent, that he sends me goodwill messages(sms) for every holiday imaginable, even Sundays.

Now I feel you were guilty of breach of contract. I wouldn't want to take sides or anything, but let me speak in defense of Mutual Funds. I was approached by a salesman in 2015 who convinced me to open a policy with them. Now the salesman was magnanimous enough to spell out the policy and explain all details. You do not get your full amount in the event you liquidate prior to the exhaustion of the facility. Now, I was told all this. I decided to make 20k payments every month. I even defaulted in some months and had to make up in subsequent months. I was also duly issued receipts for all my payments. When I eventually wanted to liquidate the facility after a year, I tendered my application and was duly paid as promised three weeks later. There was even a slight delay of a few days and I was sent a text message apologizing for the delay. I would say in my words that Mutual funds is very ok. Find below the text that was sent to me.

Oblak:
Please I want to ask. I get confused when someone says 'I hope this makes
front page'. I thought front page is where the topics are all outlined. Is it not
from there we open a thread? Is that not the front page? If not, please when
reading a thread, what does it mean to move that topic to front page again? I
will be glad if any answer is given. Thanks Nairalanders

Frontpage is the home. What you see when you click or enter Nairaland.com it's not where topics are created, that is known as the category.

Oblak:
Please I want to ask. I get confused when someone says 'I hope this makes
front page'. I thought front page is where the topics are all outlined. Is it not
from there we open a thread? Is that not the front page? If not, please when
reading a thread, what does it mean to move that topic to front page again? I
will be glad if any answer is given. Thanks Nairalanders

All these topics u see ar posted in various sections, it is d mod that moves them to frontpage for wider coverage.. there are thousands of topics in nairaland out of which d mods have to select a few worthy of frontpage thereby givin it a wider coverage.. so all thos topics u se on d frnt page were put ther by d nairaland moderators..while the other topics ar in the various section in which they were posted by d user..

Ryder306:
So sorry for your case, I feel ur pain, its really sad. That's so unfair n unacceptable. lets assumed u had saved or left the money in one of ur savings account sef, the interest that would have accrued should feed a family of 5 for at least a month. Really not fair. lesson learnt n will share your story for others to beware n watch out for this scam.

Bro, that type of insurance does not pay at all ooo

My dad retired from an insurance Company. The capitalize of people's ignorance not to pay claim. it good you pasted the info here cos I know they will loose far more than they withheld from you. am sure if they have been detailed enough to explain the basics and what happens should you choose to discontinue, all this will not be necessary. If they are indeed not scammers, they should have provided a breakdown of the interest and debits over the years. they r scammers. they just want to make money. that's y only few insurance coys r triving in Nigeria

Untainted007:


Bros, come to think of it, some companies are meant to reap their clients off their hard earned money. I did same Individual savings with MANSARD INSURANCE now AXA MANSARD in 2014, N25,000 which I projected to go for 24 months (2years). I was only able to save with them just for six(6) months. After the sixth month, I had to withdrew N100k to cater for an unplanned events, and I stopped contributing. When it was matured for me to collect my money in 2016, I told a friend who works with Mutual Benefits and he said the money would have been deducted, I was discouraged to approach MANSARD, but thank God for my wife, she encourage me to give it a trial because I was already to let go of the money. When I got to MANSARD office I was surprised to still have addictional N6k plus as interest for leaving the money with them. Mutual Benefits does not have good motives when it comes to refunding back, I have a proof because I did my car comprehensive insurance with them and for them to pay ehn, you will look as if you are begging. My advise is dat before you make you saving with any firm ensure you ask from neutral people have saved with them before.

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)?

Oblak:
Please I want to ask. I get confused when someone says 'I hope this makes
front page'. I thought front page is where the topics are all outlined. Is it not
from there we open a thread? Is that not the front page? If not, please when
reading a thread, what does it mean to move that topic to front page again? I
will be glad if any answer is given. Thanks Nairalanders

My Brother, the topics you read on front page are selected from different sections like politics, Romance, sports etc. You can't create a topic directly on front page.
Lalastica is the guy that selects interesting topics from different sections and place them on front page. Try click on Romance hyperlink u will see lots of topics not on front page. The same applies to other hyperlinks.

Actually, u did not adhere to the T&C. Mutual benefit is a body corporate and they will never violate their memorandum of Association.

The condition is that u are entitle to initiate a claim (withdrawal) of 50% if you have saved for a minimum of two years. From your report I observed that you have defaulted the T&C which has attracted a penalty.
Though its not easy to sustain the policy, but agreement is agreement.
As for me, I am trying my best to keep to the T&C up to date.
Graciously, I initiated a withdrawal 2weeks back, lo and behold I was credited today.

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

everydayperson:
@Op did you check the contract? there is always one before you sign up. Mutual Benefits still owes my wife nearly N680,000 Federal Palace Hotel. they are scammers. I had a similar experience with AIICO and it took threats of legal action before they gave me my money back. coincidentally N140,000. I was told that only death or accident that involved me losing my legs or arms can grant me access to my savings over the coming 15years and if I defaulted, i would lose all I had saved.

LIFE INSURANCE Companies have free-agents who are not staff of the company who use all sorts of tricks to make you pay and lose because they get a commission for a new sign-up and also loss for a signee who pulls out. SCAMMERS

Pls do u have an idea if Leadway assurance does this too? I have a pension acct with them (Leadway Pensure), d earlier i know d better because d money i have with them isnt dat much for now. Pls if u do help out with info.

@OP, you can claim the premium for your life policy from your tax. It is an allowable expense for PAYE purposes.

The fault is not only from the sales man but also from you for not going through the documents properly. Let me tell you how life insurance works... You are saving 20000 per month... Part of this money is used to buy a life cover for you. Where do thing the money wld come from if in event anything happen to you (death or permanent disability). Your beneficiary wld be paid 1.4million naira if anything happens to you even if u have saved for only one or two months. Its actually a good one if you love ur loved ones and u dnt want anything to happen to them in event of death.anyway if u feel u have been scammed there is an organization call NAICOM u can go and report Ur case. Its totally free of charge. But make sure u go over your policy document and be sure u have really been scammed.

You are lucky you are getting 85K, some will disappear and they will put up a sign "This Office Space is for LET".

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)?

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.

CzarChris:
OP, thanks for this information. Honestly, I will shoot the next insurance guy I see in my office. One of them has been so consistent, that he sends me goodwill messages(sms) for every holiday imaginable, even Sundays.

Lmao.....

These insurance companies are all the same however my experience was through African Alliance. I started in 2012 and was contributing 200,000 monthly with a payout of 24 million in the event of my death. Well ...I didn't die in the 2 years and 1 month I was contributing so I decided to cash out and move my money to other things considering it wasn't generating any interest and all. The broker told me when I was signing on that I could cash out after two years without penalty. Alas, when I did, I got on 4,790,000 instead of 5 million . When I confronted the broker, he offered to forfeit his commissions which I later told him not to. It seems like the broker got a commission from my monthly payments. The thing is I never even defaulted, rather I even paid for months ahead.

Ali929:


Pls do u have an idea if Leadway assurance does this too? I have a pension acct with them (Leadway Pensure), d earlier i know d better because d money i have with them isnt dat much for now. Pls if u do help out with info.

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

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.

Thanks.

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

Ok, thanks.

Ali929:


Pls do u have an idea if Leadway assurance does this too? I have a pension acct with them (Leadway Pensure), d earlier i know d better because d money i have with them isnt dat much for now. Pls if u do help out with info.

I use Leadway for my Car(s) insurance.. so far they are good. no claims yet but they have been professional so far

Sorry you got more than me. I saved 20k totalling 140k but when my chq came out it was 69000

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

AIMS is a scam thank God they have been proscribed and banned. I know a salesman who worked there, as soon as contributions arrived, they are shared into staff accounts straight-away