Pensioners shocked by meager sums of money insurance companies are paying them
Published: 2013 February 08 09:05:02 (4817 Views)
Zimbabwe Pension and Insurance Rights Trust (ZimPIRT) and pensioners in Bulawayo have accused insurance companies of ripping them off their hard earned money.
Most of the pensioners complained that they were earning between $8 and $40 despite the fact that they had contributed for many years towards their pensions.
One of the pensioners, Mr Joshua Weller said insurance companies were using pensioners’ money to invest in properties but the owners of the money were not benefiting from the investments.
“There was a time when it was an honour to have an insurance policy because it meant a better life on retirement but it is a different story now. People are shocked when they try to claim their benefits from the companies.
“They have buildings all over the country and we know they are using our money to construct or buy these buildings but we are not benefiting from the investments,” said Mr Weller.
He said he invested his money in 1994 and 1998 with one of the insurance companies in the country and was shocked when he was told that he would receive about $8 a month in return.
“I decided to invest $56 000 and $36 000 in 1994 and 1998 respectively and expected to get a lump sum last year, but I was shocked when I was told that I would get $5.31 and $2.61 for the two policies due to the dollarisation.
“We want to know how these figures are calculated. We were investing our hard earned money with insurance companies on the understanding that we would benefit, only to discover that there is nothing to benefit,” said Mr Weller.
ZimPIRT general manager, Mr Martin Tarusenga said insurance companies were ignoring insurance policy contract terms, which is the reason why pensioners are suffering.
He said the Trust was in the process of engaging lawyers to help its members claim and receive benefits commensurate with their contributions.
“Insurance companies are not complying with established pension and insurance management practices.
“We have since decided to appeal to the courts and the Insurance and Pensions Commission (IPEC), the regulator of pensions and insurance operations in Zimbabwe, for arbitration in the event that the insurance companies do not respond satisfactorily,” said Mr Tarusenga.
He said the objective of the workshop was to assist members to advocate for transparent management, regulation and supervision of pension and insurance funds.
“We want to launch an awareness campaign meant to educate pensioners, insurance policy holders and affiliated pressure groups such as consumer groups, trade unions and others on how to calculate and claim benefits,” said Mr Tarusera.
- chronicle
Most of the pensioners complained that they were earning between $8 and $40 despite the fact that they had contributed for many years towards their pensions.
One of the pensioners, Mr Joshua Weller said insurance companies were using pensioners’ money to invest in properties but the owners of the money were not benefiting from the investments.
“There was a time when it was an honour to have an insurance policy because it meant a better life on retirement but it is a different story now. People are shocked when they try to claim their benefits from the companies.
“They have buildings all over the country and we know they are using our money to construct or buy these buildings but we are not benefiting from the investments,” said Mr Weller.
He said he invested his money in 1994 and 1998 with one of the insurance companies in the country and was shocked when he was told that he would receive about $8 a month in return.
“I decided to invest $56 000 and $36 000 in 1994 and 1998 respectively and expected to get a lump sum last year, but I was shocked when I was told that I would get $5.31 and $2.61 for the two policies due to the dollarisation.
“We want to know how these figures are calculated. We were investing our hard earned money with insurance companies on the understanding that we would benefit, only to discover that there is nothing to benefit,” said Mr Weller.
ZimPIRT general manager, Mr Martin Tarusenga said insurance companies were ignoring insurance policy contract terms, which is the reason why pensioners are suffering.
He said the Trust was in the process of engaging lawyers to help its members claim and receive benefits commensurate with their contributions.
“Insurance companies are not complying with established pension and insurance management practices.
“We have since decided to appeal to the courts and the Insurance and Pensions Commission (IPEC), the regulator of pensions and insurance operations in Zimbabwe, for arbitration in the event that the insurance companies do not respond satisfactorily,” said Mr Tarusenga.
He said the objective of the workshop was to assist members to advocate for transparent management, regulation and supervision of pension and insurance funds.
“We want to launch an awareness campaign meant to educate pensioners, insurance policy holders and affiliated pressure groups such as consumer groups, trade unions and others on how to calculate and claim benefits,” said Mr Tarusera.
- chronicle
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