Stanbic strikes again, refuses to pay client on life policy

Stanbic strikes again, refuses to pay client on life policy



This Bank called Stambic

Kindly publish this for me on your platform, may be somebody from BOZ will read.

In 2009, I agreed a life insurance policy with Stambic bank where I insured my dad, mum and myself.

So Stambic bank had put a standing order on my account and deductions were being done. Three months ago my dad passed on and after the funeral i went to file a claim at the bank’s branch in Chipata.

They told me that their system didn’t show that i had a policy with them, to my surprise. I wrote a letter to the bank and their head office called me.

The bank told me that they changed their system and so the deductions stopped after 6 years of deductions. I asked them if at all they communicated to me or I wrote them a letter to stop and they said it was their system that was at fault. So they told me that they did not deduct k1400 which was the cumulative figure from the time they changed their system. I told the bank to deduct the 1400 from my account to recover the months that they did not deduct, secondly I told them to put the standing order back and thirdly we agreed that i file in the claim forms so that they can pay me according to the policy.

It has been three months now and the bank has been acting crooked. They have not done any of the things we agreed up to date. I have made several trips to their branch in Chipata and calls to their HQ nothing has been done to date.

This was supposed to be funeral relief but i have spent already a lot on fuel to Chipata and the purpose of insurance therefore is even defeated.

Many Zambians have bad experiences with insurance companies so i thought dealing with a bank will be a different experience but i get a shocker as well.

As many banks are now into insurance, let the Bank of Zambia come in and protect us from these Banks who want to take advantage of the masses through insurance which they take time to pay. The bank staff even lie that they will follow up the issue and call back and they never do. It’s like you are a burden to them. If the bank cant just pay a small amounts like a funeral policy how about huge claims??

Concerned citizen

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  • comment-avatar
    Kapala matunga 5 days ago

    This is the same bank that had crooked Copperbelt miners with high interest loans and non refund of insurance after being declared redundant and the government is watching
    You cant understand their explanation umutwe wakulakalipa fye, ifwe we have been heavily swindled

    Ex- Miner

    • comment-avatar
      Kapala matunga 5 days ago

      infact our colleagues at Mopani Mines who got these same loans are crying because they do not know when they will complete deducting loans so stanbic bank business style is based on crookedness
      Some have their loans extended up five up to ten years depending on the amount gotten
      Some have saved more than five years and yet only a very small amount have been knocked down from the amount collected
      I wish SATA was here M.H.S.R.I.P

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    Albert Chanda 5 days ago

    I am also one of the victims of such an issue.The problem started when they changed the system,i have gone through the same agony with the this bank.I wrote letters to the manager matero branch,went to Cairo road branch and head office at manda hill but to no avail,you can call me on this line 0954483095 or 0967483095 so that we talk more.

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    Millenium Chinga 1 week ago

    Surely you could have noticed that the stop order stopped reflecting. This is not to say Stanbic is right.

  • comment-avatar
    Musumali Liyunga 1 week ago

    I have been telling you that in this fake country called Zambia, there are no rules and procedures. It is a matter of who you know or where you come from.

  • comment-avatar

    Do not withhold your name if you stand on the truth. Report the matter to Bank of Zambia and seek relief.

  • comment-avatar
    Elvis 1 week ago

    They act that way because they know they have the backing of some crooked lawyers who eat with the top brass. Cry my beloved Zambia!!!

  • comment-avatar
    mukonchi001 1 week ago

    ZSIC Life worse you can wait for years until you forget

  • comment-avatar
    shu shu shu 1 week ago

    Concerned Citizen, send your letter to media houses that have a wider readership like the LT

  • comment-avatar
    True Zambian 1 week ago

    Financial institutions starting with banks to insurance firms in Zambia are very crooked and want to make money without working for it