Life Insurance

The policy also provides protection against financial losses to a business concern as a result of death of “key” person, in the event of which the Sum Assured/Life Cover shall be paid.

The business of lending money is often fraught with a number of challenges, which often prevent borrowers from paying back.

Banks and Credit institutions, as part of their core business of granting loans to their clients can mitigate some of these risks by taking up a Credit Life Protection Plan. This Plan enables these institutions to recover loans which otherwise may have been impossible because of the occurrence of such risks.

The benefits under this plan are:

• Death Benefit (Natural and Accidental Causes)
• Total and Permanent Disability
• Accidental Temporary Disability
• Critical Illness
• Loss of income (Retrenchment)

The Educational Plan comes with an educational fund and life insurance benefit together with other optional benefits to enable Parents and Guardians fund their children/ wards education.

It primarily provides insurance protection for the premium-paying parent/ guardian. In this instance, should the parent/ guardian passes on or become permanently disabled before maturity of the policy, the child’s education is still fully guaranteed (in proportion to premium outlay).

The Basic Benefits of the Policy are as follows;

• Education Fund
• Death Benefit
• Accident Benefit
• Premium Waiver
• Life Support Benefit

Employees of every organization, remain the most vital asset. Every progressive organization is keen on protecting its cherished asset; thus, the wellbeing of employees becomes paramount for the sustenance of any business.

Unlike the limited Workmen’s Compensation cover, the Life Employee Plan provides a more comprehensive, adequate and substantial cover at competitive premiums. This offers a 24-hour protection to employees throughout their employment.

The Plan comprehensively covers the following contingencies:

• Death (Natural and Accidental)
• Total and Permanent Disability
• Accidental Total Partial Disability
• Accidental Temporary Disability
• Accident Medical Reimbursement
• Critical Illness
• Health Screening
• Purple Monthly Grocery Plan
• Workmen’s Compensation

The death of a/your loved one(s) can affect you emotionally and financially at the same time. The emotional stress may not be avoided, but the financial stress can be avoided when you adequately plan for it by signing on to a term assurance funeral policy.

A typical funeral policy provides insured individuals and family members or groups with adequate cash to enable them organize befitting burial and funeral ceremonies for their loved ones.

Benefits of a typical Funeral Plan Include:

• Funeral insurance quote drawn up especially for you and your needs
• No underwriting necessary.
• Covers starts immediately for accidental death.
• 20% guaranteed premium return for every 60 months.
• No premium payment upon retirement and also upon death of the policyholder
• Free insurance cover up to five children of the policyholder

Optional Extra Benefits;

• Funeral Cover for partner, additional children, parents and parents-in-law, siblings, nieces, nephews and even an additional spouse.
• Tombstone Cover that’s caters for the 1 year anniversary of the death of the policyholder and if applicable, the partner.
• Life Cover that pays a lump sum upon the death of the policyholder and if applicable partner.
• Family Income Benefit that pays a fixed monthly amount upon the death of the policyholder and if applicable, the partner
• A steady fixed income that is payable through the Monthly Provider Benefit to your loved ones for a maximum of 24 months.

What you need to know:

• You must be Ghanaian citizen or a permanent resident
• You must be 18 to 75 years old

The Hospital Cash Plan is a living benefit plan that provides financial support when you suffer some form of income loss due to the hospitalization of your dependents or yourself. One has an option to select an Individual Plan or Family Plan. The premiums starts from as low as GH¢16 per month

Covered lives may be:
Main life, Spouse(s), Children and Parents.
There is an option to add your parent to either your Individual Plan or to the Family Plan.

Age limits:
Insured, spouse and spouse: 18 to 59 years at policy inception.
Children: under 18 years.
The Plan is renewable up to age 65.

Waiting period:
There is a 90-day waiting period following the policy start date. No claim will be paid during this period.

BENEFITS:

• Daily Hospital Income
• Surgery Recovery Income
• Death Benefits
• Accidental Death Benefits
• No Claim Cash Back

The policy pays a lump sum equal to the sum assured in the event that the policyholder suffers any of the insured invents. (Critical illness, Total permanent disability or Death)

In the event of the policyholder being diagnosed with a critical illness, a percentage of the sum assured, is paid. This is an accelerated benefit, and the benefit paid on death is reduced by any critical illness benefits already paid.

In the event of the policyholder becoming permanently disabled, the full sum assured. This is also an accelerated benefit.

In the event of the death of the policyholder, the full Sum Assured as specified in the schedule is paid. This is reduced by any previous amounts paid under the critical illness or permanent disability benefits.

Every business has some key personalities who contribute significantly to the running and growth of the company. This means that they have a special skill set or substantial responsibilities that are critical to the continued profitability of the company especially when there will be some financial losses arising from their demise or disability.

This policy insures the life of a key person/personality for a monetary value ensuring that his/her company is adequately compensated in the event of the following:

• Death
• Permanent and Total Disability resulting from injury or illness

Policy Features:

• The term of the policy ranges between 1 and 10 years and it is annual renewable
• Premium is paid on an annual basis
• The Policyholder is the company or employer and is also the beneficiary of the policy

The LIFE SAVINGS PLAN guarantees a lump sum payment at the end of a policy period of ‘X’ years, whether the life insured survives to complete payment of the premiums or not.

This is a form of endowment or personal savings for individuals, designed to provide a lump sum after an agreed number of years (minimum 5 years) or on the earlier death of the life assured.

The minimum and maximum entry ages for policyholders and spouse are usually18 to 50 years respectively.

The minimum period for which this policy can be purchased is fifteen ‘X’ years and the minimum Sum Assured is usually GH¢1,000.00.

Optional Benefits:

Life Savings Plan usually offers the following additional/optional benefits:

• Death
• Permanent and Total Disability (PTD)
• Retrenchment
• Hospitalization Income
• Dreaded Disease/Critical Illness

NB:

“Dread Disease” means any disease that has adverse effect on the assured such as Stroke; Heart Attack; Coronary Heart Disease requiring surgery; Cancer; Coma; Paralysis; Kidney Failure; Major Burns; Blindness among others.

It is meant to provide cover for the immediate family, parents and parents-in-laws as well as the extended family members.

It is also an innovative life insurance product that covers a large variety of unforeseen events.

Buying a home is a big responsibility, which requires a major financial commitment. It is rather heart breaking to think that your family will lose their home in the event of your sudden demise or if you become totally and permanently disabled and as such cannot repay your mortgage loan. This is where the Mortgage Protection Policy becomes needed.

It is designed to provide protection against Mortgages/ loans in the event of death or disability. When the assured event occurs, the policy will pay off all outstanding mortgages/ loans.

Scope of Cover:

• Death (Natural or Accidental)
• Permanent Total Disability
• Retrenchment/redundancy cover

Policy Features:

• Flexible medical free cover limit
• Policy ceases after loan term
• Decreasing term policy where the sum assured and premium decreases every year over the loan period.

This plan pays out cash benefits at your retirement from active service.

It is essentially an additional pension plan an individual takes to his or her statutory pensions. It has investment and protection benefits put together to provide cash benefit at maturity or to a named beneficiary when death occurs before maturity.

The investment aspect of the plan is specially packaged to provide a hedge against inflation. This ensures that the value of money invested is maintained.

The minimum monthly contribution is GH¢ 50.00 and is available for individuals who earn regular income between the ages of 18 and 55.

Benefit Options;

A policyholder may choose any of the benefits upon leaving or retiring from service:

Gratuity: A lump sum of money is payable outright upon maturity of the policy

Annuity: Income payable for life at scheduled intervals such as quarterly, bi- annually or annually guaranteed for 5years.

Hybrid: A combination of (gratuity and annuity) with 50% of the principal sum payable as end-of-service benefit and the remaining part payable as annuity for life and guaranteed for a period of 5 years.

Additional Benefits;

Additional benefits to be enjoyed from the sixth month of inception of the policy are follows:

• Death
• Hospitalization Cash Income
• Accident Indemnity

Whether you’re making a business travel, a last minute getaway, heading off on the annual family shindig or embarking on an exciting around-the-world adventure, travel insurance is a must. It provides protection against the risks involved in travelling abroad and ultimately ensures you aren’t left stranded and destitute if the worst should happen.

Most of the travel policies currently are provided in partnership with foreign insurers, which make it an international policy that covers any risk you face when travelling outside of this country. This partnership gives you access to one of the largest global medical assistance networks in the world in event of a medical help while you are away.

Though there is customised limit of cover up to about $150,000.00, most Travel Insurance pay up to a maximum of EUR 30 000, for the following benefits:

• Medical expenses and hospitalisation abroad
• Transport or repatriation in case of illness or accident
• Emergency dental care
• Repatriation of family member travelling with the insured
• Travel of one immediate family member
• Repatriation of mortal remains
• Emergency return home following the death of a close family member
• Delivery of medicines
• Relay of urgent messages
• Advance of funds
• Legal defence
• Loss of passport, driving license or national identity card abroad
• Compensation for delay in the arrival of luggage
• Location and forwarding of baggage and personal effects
• Delayed departure

Wealth Creation Plan is an endowment policy, usually designed to provide an avenue through which policy holders would create wealth by way of investments for future security and in addition, to provide protection for family income in case of untimely death. The policy therefore provides a lump sum payment at the end of the term or on an early death.

The main objective is to facilitate the growth of wealth through regular premium payment.

Benefits:

• Sum Assured at the end of the term of policy (maturity) plus interest.
• Death benefit equals the sum assured payable upon an early death of the policyholder.
• Increase Cover Option
• Permanent Disability Benefit
• Hospitalization Benefit
• Loan Benefit

This is essentially a supplementary pension plan that has Investment and Protection packaged together with other benefits such as partial withdrawal and loans such as; housing loan, personal loan, car loan, to assist interested members of the scheme acquire a property.

The special protection benefits ensure payment of substantial sums to members or their beneficiaries in case of death and disability resulting from accident. The death protection cover extends to the dependents of the members of the scheme.

The investment aspect of the plan is also specially designed to provide a hedge against inflation so as to ensure the value of members’ investment being maintained and sustained.

The Welfare scheme Plan is designed for Group, Association, Professional Bodies, etc. with members whose ages range from 18 to 59. The group may determine the total amount to be contributed by members on monthly basis for both the investment and protection premium.

Members aiming at having substantial sums of money for a comfortable retirement may make additional voluntary contributions, which shall be reflect in their statements of account.

Protection Benefits:

• • Death Benefit (members)
  • Death of Spouse Benefit
  • Death of Child Benefit
  • Accident Benefit (members only)
  • Medical expenses resulting from accident (members only)
  • Terminal (Dread) Disease Benefit (members only)

Investments benefits:

• • • Personal loans
    • Car loan
    • Housing project loans
    • Loan for rental purpose

A member may apply for 50% of his investment contribution after contributing for a period not less than 3 years to meet his or her financial needs.

All benefits are payable through the applied body unless otherwise directed to be paid directly to the member (claimant).