AIICO Faces Backlash as Policyholder Loses Over ₦1.1M on Surrender
A Nigerian investor says AIICO Insurance misled him on its Flexible Endowment Plan after he paid about ₦4.15 million in premiums between 2020 and 2026. He claims a break in payments led to an ₦811,000 reinstatement fee. When he decided to exit in February 2026, AIICO offered just ₦3.835 million, leaving him over ₦1.1 million down from his contributions. He describes long customer-service silences, opaque deductions for life-cover premiums, and a sudden hike in penalties. Regulators have been tagged but have yet to respond. The case echoes a 2025 complaint where another policyholder lost millions on surrender. Many Nigerians are now calling for clearer disclosure of insurers’ fees and penalties.
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