Customers of Ghana Life Insurance accuse company of delaying claims payment
Some aggrieved customers of Ghana Life Insurance Company Limited are accusing the company of using delay tactics in the payment of their matured insurance policies.
The affected customers have revealed that the delay in the payment of their matured funds comes after investing in an insurance investment policy known as the Master Plan Policy for 6 years with the company.
“My Master Plan matured on April 1, 2020 hence I came around to claim my funds. They have been postponing my appointment date for the collection of my cheque. Today when I came they gave me a post-dated cheque which is almost 2 months from now, July 11, 2022. I think they are using some delay tactics to slow down the payment of our monies,” said Joel Ayerteye, one of the aggrieved customers of Ghana Life Insurance Company Limited that is unable to access his claim.
“I think the NIC needs to do something to call them to order. It’s my own money which I contributed for 6 years since 2016. I need my money. In fact I had an admission at the University of Education, Winneba. Without the money how can I go to school?,” he remarked calling on the National Insurance Commission (NIC) to intervene to ensure he ang with other policy holders receive their funds.
Responding to assertions of delayed claims payment by customers, management of the company admitted to the issue of delayed payment but attributed the challenge to the ongoing recapitalization exercise in the insurance sector.
According to the Company, their inability to meet the GHC 50 million recapitalization amount by December last year led to them being placed under enforcement action by the NIC, which barred them from selling insurance policies affecting their ability to raise revenue and service matured claims.
They, however, assured that efforts are being made to resolve the challenges with claims payment, including fresh capital injection from shareholders and an ongoing merger exercise with another company which should conclude soon.
