Some disgruntled customers of Ghana Life Insurance Company Limited are accusing the company of using delay tactics in the payment of their matured insurance policies. According to the customers the delay in the payment of their matured funds comes after investing with the company for about 6 years.
Most of the customers Citi Business News engaged were holders of an insurance investment policy known as the Master Plan Policy for 6 years with the company.
Ghana Life Insurance Company Limited has been operating as a life insurance firm since 1980 without any issues, offering products such as their educational, funeral and retirement policies, as well as their masterplan investment policy among others.
But according to some of their policy holders like Joel Ayerteye, the company has unduly delayed in the payment of their matured policies.
“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.”
According to Mr. Ayerteye the delay in the payment of their matured claims, is causing major issues in their lives, and is thus calling on the National Insurance Commission (NIC) to intervene to ensure they receive their funds.
“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 ?”
Another policyholder Daniel Kekey Ofoe said the education of his kids are being affected.
“I’m hoping to get the money to use it for some important things. One of my wards’ school fees needs to be paid. Another son is getting ready to write his BECE and he needs to pay for his registration fee. I need to take care of all these things.”
When Citi Business News contacted management of the company, they admitted to the issue of delayed payment but stated that it was due 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.