Wasiu Adekola, a banker based in Oyo State, has told how Standard Alliance, a Nigerian insurance company, has refused to pay him his policy funds worth N140,000 since it was terminated in 2020 .
Adekola told FIJ that he took out an insurance plan with the company in January 2017 and it was to last until January 2022.
“I decided that I was going to put N5,000 per month into the plan. I have also placed a standing order in my bank account so that the money will be deducted at source on the 20th of each month,” Adekola said.
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“It went on for three years until another subscriber told me that the company refused to pay him his money after his plan had matured.
“I got scared and called the agent attached to my plan that I wanted to cancel my policy. This was in 2020 after three years of subscription.
Adekola said the trader has processed his request and that Standard Alliance will also send him a release note later.
“Standard Alliance Insurance sent me the waiver slip stating that I would not receive full insurance entitlement because they would be deducting a penalty charge which was about 30-40% of my savings.
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“The termination drew accusations because I didn’t let my insurance plan mature. I told them I didn’t mind the fees, I just wanted my money. The amount stated in the release slip was N139,500.
“My bounty would have been 180,000 naira less penalty charges.
“However, after requesting the termination of my policy, Standard Alliance Insurance continued to deduct my money based on the original standing order that the policy was to be funded on the 20th of the month.
“I was debited twice after receiving my discharge voucher which should bring my full premium to N149,500.
“Since I terminated the policy in 2020 I have made several calls to Standard Alliance. I have also emailed and even visited one of their offices but they have not accepted to pay my fees,” he said.
On May 21, the IFJ had reported how the insurance company failed to pay an investor his insurance benefit of N1.7 million after maturity.
FIJ emailed Standard Alliance Insurance through its platform’s messaging system, but had not received a response as of press time.