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"How I Was Cheated By Mutual Benefits Life Assurance Ltd"

Published by Nairaland on Wed, 25 May 2016

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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