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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