Life Insurance
Business Loan & Keyman Plan
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.
Child Care Plan
It also provides benefits when the child is hospitalized for a period of 3 days and above and a benefit to the parent prior to the loss of the child.
Having child care insurance provides security and peace of mind towards your child’s education and health.
Credit Life Protection Plan
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)
Educational Plan
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
Employee Benefit Plan (Employers Liability)
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
Funeral Plan (Individual/Family/Group)
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
Hospital Cash Plan
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
Income Protection Plan
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.
Keyman Plan
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
Life Savings Plan
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
Master Plan
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.
Mortgage Protection Plan
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.
Pension Provider (End-of-Service Benefit)
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
Travel Insurance
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
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
Welfare Scheme Plan
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 loans
- Housing project loans
- Loan for rental purpose
All benefits are payable through the applied body unless otherwise directed to be paid directly to the member (claimant).
Frequently Asked Questions
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What are the types of insurance?
General Insurance – General Insurance provides financial security and protection for your movable & immovable assets and investments. It could be your house, vehicle, office assets, business operations, personal belongings, etc.
Types: Motor Insurance, Travel Insurance, Home Insurance, Personal Liability, Business Insurance, Property Insurance and more.
Life Insurance – Life Insurance plan(s) pays a certain amount of money (lump sum or part) to the insured person as per the plan term or to his or her beneficiary in the event of the death of the insured. Types: Term Plans, Income Replacement, Child Plans, Retirement Plans, Tax Saving Plans, Money-Back Plans, Monthly Income Plans, Funeral Plans, Short Term Guarantee Plans, Systematic Investment Plans and more.
Health Insurance – Health Insurance gives coverage for the insured’s medical or hospital expenses.
This assures that you and your family will have enough money to pay for expenses if ever you get ill and are hospitalized. Types: Individual Health Plans, Family Health Plans, Corporate or Group Health Plans, Critical Illness Plans, Preventive Health Plans and more.
Micro-insurance – Micro-insurance as the name suggests, encompasses of life, health and general insurance but offers coverage to low-income households or individuals who have little savings. It is tailored specifically for lower valued assets and compensation for illness, injury or death. Some of these risks include agricultural insurance, insurance for theft or fire, health insurance, term life insurance, death insurance, disability insurance and insurance for natural disasters and more.
How to choose an insurance company
Here are some of the things that you need to consider before choosing an insurance plan, hence a company:
• The reputation of the insurance company
• Compare the benefits and coverage of their policies.
• Is it the right type for your needs?
• What is the claims settlement ratio?
• Terms and Conditions of their policies.
• Policy serving and claims handling (are they prompt and efficient).
• If you are ready to explore your options, then let the experts assist you!
How to choose the best insurance plan
1. First, understand your requirements (future financial needs, your child’s education, marriage, or some other requirement).
2. Second, calculate how much premium you can pay every month or quarterly or half-yearly or annually.
3. See what benefits the Plan gives (each insurance company gives different benefits, so compare).
4. Decide on the tenure of the Plan.
5. See whether it is value for your hard earned money.
6. Decide the Sum Assured, the more the sum assured, the more the benefits.
7. Read the Terms and Conditions of the Plan.
8. Find out how prompt the insurance company is in settlement of claims for the plan.
What is insurance excess / deductible?
An example; If a motorist had a car insurance policy that has a policy excess of 10% and files in a claim for damage to his/her vehicle amounting to GH¢10,000, he/she would have to cover the first GH¢1,000 (ie.10% of the claim amount), with the insurer covering the remaining GH¢9,000.
It is possible to opt for zero excess or buy the excess off…however; the insurer has the prerogative in accepting or even increase it depending on the risk in question.
What is an insurance policy?
What is a quote?
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