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Ultimate Life Plan

What does the ultimate life plan provide?

The policy provides the following:

A) Life cover: In the event of untimely death, the policy will pay out the Sum Assured or a higher amount of Death Benefit based on accumulations in your INVESTMENT ACCOUNT.


  • Rapid accumulation of funds through periodic savings;
  • Attractive returns on savings;
  • Hedge against inflation.
  • Easy accessibility to loans.

NB: YOU CAN MAKE PARTIAL WITHDRAWALS from the accumulated account after TWO YEARS.

B) Personal accident cover: It provides financial compensation for death, or permanent disability or bodily injury through accidental means.


  • Provides 24-hour protection daily;
  • Prompt payment of the compensation in case of injury;

What is the minimum contribution that can be made?
Currently the minimum monthly contribution is Sixty-one Ghana cedis (GH¢61.00). But it would be advisable to consider higher values that will enhance accumulation in the investment account.

Furthermore, additional payments can be made at any time to accelerate the growth of the investment account.

How can I know the balance of my account?
On each anniversary of your policy, you will be provided with a STATEMENT OF ACCOUNT on request which will show, among other things, the Total Contributions, amount of Death Benefit, Cash Value and Interest accrued on the INVESTMENT ACCOUNT.

What happens when death occurs?
In the event of death from natural causes, the applicable Sum Assured or death benefit under the Policy will become payable to the named beneficiary.

The additional Sum Assured under the Personal Accident cover will be payable where death results from accidental causes.

How will the proceeds from the investment be paid?
The settlement option:

  • A Lump Sum payment;


For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.

Download Proposal Form

Download Direct Debit Form

Request for change of beneficiary

Request for Change of Name, Address, Signature, face amount , premium and plan

Education Plan Plus

  • It is a special Policy designed to meet the educational expense needs of Policyholders or their children.
  • It provides an easy and effective way to give yourself or your children that chance to attain the higher level of education.
  • The primary intention of the product is for a life protection cover and also to ensure that the account value at maturity is substantial enough to meet educational expense needs.
  • The plan offers healthy savings returns and other attractive benefits.


  • Death Benefit
    The nominated beneficiary(ies) shall be paid the updated Death Benefit.
  • Maturity
    At maturity, accumulated value is payable without charges
  • Surrender
    The policy has a surrender benefit payment subject to thirteen (13) months premium payments or a lump sum equal to 13 months premiums having been paid.
  • Partial Withdrawal
    Withdrawal is permissible after twelve (12) months continuous payment of premiums subject to a maximum withdrawal of 60% of the Cash Value.
  • Inflation Protector
    Inflation protector to safeguard benefit pay out from inflation.
Annual Premium Increase Annual Benefit Increase
5% 3.75%
10% 7.50%
15% 11.25%
20% 15.00%
25% 18.75%
30% 22.50%

Any person from age 17 (next birthday 18 years) up to 49 (next birthday 50 years) can take this policy.

The policy is allowed to run for a minimum term of 10 years and a maximum term of 20 years subject to a maximum age of 60 years.

Minimum premium is GH¢ 60
Minimum Sum Assured of GH¢ 5,000.


  • Source Deduction
  • Bank Direct Debit
  • Cheque

Yes, at inception you can select the inflation protector option to safeguard the Sum Assured from deflation.

SIC LIFE will pay the death benefit which will be the higher of the Sum Assured plus inflation Protection factor or the Fund Value as at the time of Death. The applicable benefit will be paid within 48 hours upon receipt of all relevant documents

Upon request, you will be provided with an easy to understand statement detailing your contributions, death benefit, cash value and interest accrued.

“Take Education Plan Plus TODAY and experience absolute peace of mind!!!”

Call our customer service: 0302750151 / 0501570652
WhatsApp: 0501456983

Family Security Plan

This plan has the major advantage of securing a FLEXIBLE financial plan with a variable mix between investment (or savings) and life cover (or protection).

The plan provides the following:-

  • Death Benefit
    In the event of your untimely death, the policy will pay out the sum assured (where the Investment Account is less) or an amount in excess of the Investment Account (where the investment account is more than the initial sum assured.)
  • Capital accumulation through periodic savings.
  • Good returns on savings
  • Easy access to funds
  • Hedge against inflation
  • Flexibility in Premium Payment:
    You are offered the ability to start, stop and resume premium payments whenever you wish, provided there is enough money in your Investment Account to cover your insurance costs.

*** ONE MAJOR ATTRACTION is that you can choose your own initial sum assured within certain limits.
However, the higher the value of sum assured the more premium that goes into protection rather than into investment

How does the plan work?
Your Policy is an INVESTMENT ACCOUNT. You deposit your monthly contributions. SIC Life will deduct the cost of your insurance protection and any administrative expenses from the account. The INVESTMENT ACCOUNT earns interest at a declared rate. We guarantee a minimum interest rate fixed at 5 percent (5%) per annum.

How can I know the balance in my account?
You will be provided with an easy-to-understand statement of account which will keep you informed of your INVESTMENT ACCOUNT status on request. The statement will, among other things, show your total contributions, death benefit, cash value and interest accrued so far. It will also give details of any credits or debits during the past year.

What is the minimum contribution that can be made?
The minimum monthly contribution that can be made by a policyholder is Sixty Ghana Cedis (GH¢60.00). Extra payments can also be made at any time irrespective of the regular monthly contributions. The growth of your INVESTMENT ACCOUNT depends on how much you put in. The more you put in, the faster your Investment Account grows.

When can I come for part or all of my investment account?
You are allowed to withdraw part of your investment after contributing for two years.
You could surrender your policy for the cash value of your Account without charge after you have contributed for ten (10) years or more.

Will I be eligible for a policy loan?

You are eligible to take a policy loan with the INVESTMENT ACCOUNT as collateral after you have contributed for at least a year. The loan amount shall not exceed the cash value of your account.

What happens if death occurs before retirement?
If death occurs before retirement, a death benefit becomes payable to the beneficiary (ies) on record. If your INVESTMENT ACCOUNT is higher than the sum assured, the INVESTMENT ACCOUNT will be further increased before being paid out to your beneficiary (ies).

Can I use this policy as a supplement to my Social Security & National Insurance pension plan?
Yes, FAMILY SECURITY PLAN can be used to supplement your SSNIT and other pension plans.

What are the settlement options available to a policyholder at retirement?
The following settlement option is available:
- Lump Sum
At retirement, the maturity benefit or the cash value of your INVESTMENT ACCOUNT can be made payable to you.

What are the other advantages that can be derived from the policy?
You have the choice of increasing premiums each year to fight inflation and to increase the policy benefits. The plan can be tailor- made to suit your particular purpose.

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.


Final Journey Plan Plus

This plan is to provide immediate cash out to meet the funeral expense of the assured or any of the secondary assureds.

Insureds covered under this plan can be as many as twelve (12) persons
• Primary Assured of Maximum entry age 55
• Spouse of Maximum entry age 75
• Two (2) Parents of Maximum entry age 75
• Two (2) Parent-in-laws of maximum entry age 75
• Two (2) Uncles/Aunties/Brothers/Sisters of maximum entry age 75
• Four (4) children of maximum entry age 21

Death Benefit
A lump sum payment equal to the sum assured as stated in the Policy Schedule will be paid to you/ beneficiary (ies) in the event of the death of any of the insured members.
Cash Back Payment
15% of the total last three (3) years premium paid subject to no claims.
Waiver of Premium
After a waiting period of six (6) months or accidental death, premium will be waived for secondary assureds.
Inflation Protector
Inflation protector to safeguard benefit pay out from inflation

Annual Premium Increase Annual Benefit Increase
5% 3.75%
10% 7.50%
15% 11.25%
20% 15.00%
25% 18.75%
30% 22.50%

Additional Supplementary Benefit
Optional supplementary benefits exist after the demise of the Primary Assured or Spouse, Parent/Parent in-law
• One (1) week celebration pay-out: 30% of the Sum Assured.
• Forty (40) days celebration pay-out: 50% of the Sum Assured.
• One (1) year Anniversary pay-out: 50% of Sum Assured.
• Savings Fund - Extra premium can be paid into the savings fund where policyholder can assess a maximum of 80% withdrawal once a year.


Assured Benefit per person
Primary Assured Max cover of up to GH¢50,000
Spouse Max 100% of Primary Assured Benefit
Parents/Parent in-laws Max 100% of Primary Assured Benefit
Max 50% of Primary Assured Benefit
Child Max 50% of Primary Assured Benefit

Minimum initial risk premium of GH¢50 for Total Death Benefit
Additional riders come with a cost which will be charged appropriately upon selection.
Additional savings premium can be paid once the option is selected.

Yes, at inception, Primary Assured can select the inflation protector option to safeguard the Sum Assured from deflation.

Premiums are payable till age sixty (60) if the Primary Assured purchased the policy before age fifty (50)
However, Policyholders who purchase the policy after age fifty (50) will pay premiums for ten (10) years.


  • A waiting period of six (6) months for the Primary Assured and twelve (12) months waiting period for other lives.
  • If the policyholder dies during the waiting period in case of natural death, the total premium would be refunded to his beneficiaries except if the death is caused by an accident.
  • After the waiting period, when any individual covered under the policy dies, the applicable benefit will be paid within 48 hours upon receipt of all relevant documents.

You will receive the applicable benefit when any of the members covered under your policy dies.
In the case of your own benefit, it will be paid to a nominated beneficiary (ies) whom you will be required to nominate at the inception of the policy. You can change the beneficiary (ies) at any time.

Customer Service: 0302750151/0501570652
Whatsapp: 0501456983
Facebook/ Twitter/ Instagram@siclifeghana


GES Group Life Insurance Policy

What is the GES Group Life Policy?

This is a comprehensive Group Life Insurance package for all staff of GES nationwide. This Plan takes care of the future. Your dream and that of your dependants will not be cut short by death, illness or accident.

This Plan also provides benefits that give your dependants a sense of stability as they may face a future without you.

i. Death Benefit (Natural or Accidental)
The cover offers a death benefit payable to named beneficiaries of any staff of GES who passes on. The policy will pay out the benefit in the event of death as a result of natural or accidental means within the policy period.

ii. Permanent Disability
This provides a 24-hour protection cover which will pay a determined amount to any staff of GES who suffers bodily injury through an accident. Accident or injury is not limited to periods during which the employee is at work. Neither does it have any geographical limitations. Payment of actual compensation is based on degree of incapacitation.

iii. Critical Illness
This provides benefit for any staff of GES who is diagnosed with the following list of critical illnesses:

  • heart attack
  • stroke
  • deafness
  • cancer
  • kidney/renal failure
  • loss of sight
  • loss of speech
  • paralysis

The diagnosis must be certified by a qualified Medical Doctor of a Ministry of Health approved hospital within Ghana.

Who is Eligible for cover?

  • All staff of GES who are in active service and must not have attained the age of 60 years.

How much Premium will I pay?

  • A minimum monthly premium of GH¢10.00

How are Premiums Paid?

  • Deductions will be done at source


The following benefits are available under the policy;

  • Death - 18,000.00
  • Permanent disability - Up to 18,000.00
  • Critical illness - Up to 9,000.00

Claim will not be paid for death, permanent disability and critical illness for events resulting from;

  • Suicide or self-inflicted injury.
  • War insurrection or civil commotion
  • Criminal action or intake of narcotic drugs.
  • Aviation other than as a passenger recognized airline.

Claim Documentation Requirements

  • Written letter of notification from GES /Unions.
  • Completion of death or injury form

In addition to the above, any of the following proof of death will be required;

  • Medical certificate
  • Death certificate
  • Mortuary and burial documentations
  • Coroner’s report
  • Police report in case of accident.

In cases of permanent disability and critical illness
• Comprehensive medical report stating the cause and severity of injury or illness will be required.

✓ You’re the primary bread winner in your family
✓ Your family would have trouble living comfortably without your income
✓ You want to provide your family with that extra financial security in the event of death, disease or disability.
✓ You have dependants

For further details, please call our customer service number or contact any of our branch office near you


Guaranteed Endowment Plan

The Guaranteed Endowment Policy offers you a guaranteed insurance protection and also provides a mechanism for income-earners to dedicate themselves to a savings plan aimed at accumulating funds. The policy is available for 5 to 20 year terms provided that the maturity age is not more than 65.

What benefits are available?

  • You will be paid a handsome endowment (comprising the guaranteed Sum Assured plus Terminal Bonus, if chosen) at the maturity of the policy;
  • Beneficiaries will be paid the guaranteed Sum Assured when the policyholder dies before the maturity date;
  • It includes an optional rider to stop further payment of premiums till the maturity of the policy, should the policyholder become permanently and totally disabled any time after the policy has been in force for duration of six (6) consecutive months involving the payment of six (6) monthly premiums.
  • In the event of waiver of premiums, the Sum Assured plus the Terminal Bonus will be paid to you if the policy is allowed to run till the maturity date.
  • After one year, you may choose to increase the Sum Assured subject to satisfaction of underwriting requirements.

How different is this policy from the others on the market?

  • This policy will pay you a TERMINAL BONUS in addition to the guaranteed value of the Sum Assured when the policy remains in force to the maturity date.
  • The AUTOMATIC PREMIUM PAYMENT PROVISION ascertains that the policy remains in force even if you cannot pay premiums, provided the outstanding value of the policy can sustain premium deductions.
  • No policy loan is allowed until the policy has run for five (5) years. This means that while no policy loan is grantable on the five (5) year plan; policy loans will be available on the rest of the plans.

How are premiums paid?
You can pay your premiums in any of the following four ways to the Company.

  • by employer deducting it from member’s salary and remitting it;
  • by authorizing the bank to remit it;
  • Mobile money
  • Cash/Cheque

How regular should I pay my premiums?
Premiums may be paid;

  • monthly,
  • quarterly
  • half-yearly, or
  • yearly as may be desired.

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.


Keyman Assurance (Key-Person Loan Policy)

Product overview
Some businesses are operated primarily by one person or by a small team of executives whose expertise are the lifeline of the business. The premature death of a key person could signal the premature death of the business.

Business owners insure their factories, machinery, company vehicles, etc. to mitigate the risk of loss to business in case of loss/damage to these properties.

However they often forget to insure their key human resources. With our Keyman life insurance policy, your business can increase the chances of survival if it were to lose a key member of the organization.

What is Keyman assurance?
It is a term policy which guarantees the life of a Key-person against business loans or banking facilities taken for the purposes of;

  • Starting a business
  • Business expansion

It is also a policy designed to protect sole proprietor or owner of an enterprise against loans granted to the enterprise.
What does the policy cover?
Cover is provided in two main options:

  • Death only
  • Death and/or permanent total disability

Why do we need a Keyman cover?
It provides a financial cushion to the Company for:

  • delay or cancellation of any business project that the keyman is working on
  • the loss of opportunity to expand in the future
  • reduction of credit worthiness/recall of loans guaranteed by the keyman.

How beneficial is the policy to my / your business?

  • The policy insulates the risk of financial loss of a key person
  • it is a positive measure to improve the retention of the keyman in the company

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.

Loan Protector

This plan is designed to reduce considerably, the default risks of financial institutions in the administration of their Consumer/Retail Loans.

How does the policy work?
The Policy has been developed to pay the outstanding loan and or with interest when the borrower (loan beneficiary) dies or suffers total and permanent disability arising out of illness or accident. The outstanding loan does not include unpaid scheduled payments before death or disability.

What does it cover?
There are three principal types of coverage and these are as follows:-

  • Death Only
    The Policy pays the outstanding balance only when the borrower dies within the repayment term of the Loan.
  • Total and Permanent Disability Only
    The Policy pays the outstanding balance to the financial institution only when the borrower suffers total and permanent disability, arising out of an accident or illness, within the repayment term of the Loan.
  • Death or Total and Permanent Disability
    The financial institution receives the outstanding balance when the borrower dies or suffers total and permanent Disability arising out of an accident or illness, within the repayment term of the Loan.

Who can be covered?
Every client/beneficiary of the Consumer/Retail loan portfolio, aged between 18 and 60 years and in good health, is eligible for coverage.

How are benefits paid?
Benefits payable under the policy shall be made to the Financial Institution. Every legitimate claim shall be paid within one week, on receipt of all the appropriate claim documents evidencing that the insured event has occurred.

These include:

  • Death Certificate;
  • Medical evidence of total and permanent disability/ incapacity

Premium Payable
The premium payable is dependent on some factors such as: -

  • The age of the client;
  • The repayment term of the loan; and
  • The interest rate chargeable on the loan.

The applicable rate, (to be agreed upon by SIC Life and Institution) based on the age of the loan client and the repayment term of the loan, is applied to the loan amount to determine the premium payable over the loan term.

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.


Mortgage Protection Plan

This is a term assurance with a sum assured which reduces each year by a stated amount and decreases up to nil at the end of the policy term. It is normally used to cover the outstanding loan on a house purchase mortgage.
Although the cover decreases each year, the premium remains constant and is normally payable for a shorter period than the policy term.
NB. Group Mortgage Schemes are available to cover beneficiaries of mortgage scheme operated by organizations for the benefit of their employees.

School Fees Protection Plan

This policy is designed for you to pay the school fees of a child or ward, in the event that an insured parent or guardian passes on or becomes permanently and totally disabled.

In such circumstances where the ability to pay subsequent fees would otherwise no longer exist, the child or ward will not suffer the misfortune of having his/her education interrupted or altogether terminated.

What does the policy cover?
It is a 3 year term policy which covers the duration of your child’s (or ward’s) education in an institution of learning, e.g. Senior High School;

The policy can only be bought upon confirmed admission to an educational institution e.g. SHS;

The policy pays only school fees that become payable after the death or permanent and total disability of a parent or guardian wholly, responsible for the payment of school fees.

Who is eligible to take this policy?
Parents or guardians who are wholly responsible for the payment of the school fees of their child(ren) or ward(s) can take the policy.

The parent or guardian must not be older than 65 years at the time the policy is taken out (i.e: when the child or ward gains admission into the educational institution, or at the commencement of the second (2nd) or third (3rd) year of the policy.).

What do I need to sign on to the policy?
You must produce the Admission letter issued by the educational institution to which your child or ward has been admitted.

Additionally, you must have a fairly good idea of the amount of school fees likely to be paid for the duration of the schooling period, so that the policy will pay adequate amounts to meet the remaining cost of fees, in the event that you pass away or become totally disabled and unable to work to earn any income.

What guarantees are available that school fees will be paid?
You can nominate a trustee (whose integrity is without question) to whom the amount insured will be paid termly and who in turn will remit the fees to the Educational Institution.
Or, you can entrust this responsibility to the SIC Life Company which will ensure that any amounts due are paid promptly and fully, without fail. (A small charge will be made if you choose this option).

How are claims paid?
The Trustee will furnish satisfactory evidence of the death or permanent and total disability of the parent or guardian to SIC Life Company Ltd.
When the evidence meets the requirements, the Policy will pay the insured TERMLY BENEFIT commencing from the school term following the death or permanent and total disability, either:

  • to the Trustee for onward remittance to the educational institution in question; or
  • directly to the school in question, upon demand of an official bill.

NB: The policy will not pay any fees that have become payable or any arrears during the active lifetime of the parent or guardian.

Excess in the termly benefit and the actual fees payable
The Trustee or SIC Life Company may turn in any excess over to the child or ward for his/her use. Alternatively, the Trustee or SIC Life will keep any excess funds that will accrue over the entire duration and turn it over to the child or ward at the end of the schooling period.

These amounts may become useful in procuring essential logistics, especially for the final examinations or in preparations towards the next stage of education or training.

What happens if beneficiary child/ward dies?
You will be paid 50% of the amount insured (ie. TERMLY BENEFIT) to the parent or guardian as a death benefit.

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.


Sika Plan (Okum-Ka)

This is a two-year renewal term policy structured in the form of a ‘susu’ scheme. The daily minimum contribution is GH¢5.00 and it is backed by a life insurance cover.


  • Savings.
  • Premiums can be paid daily, weekly, fortnightly or monthly.
  • Collection is done at the doorstep of the contributors by our Sales Executives.
  • The Scheme has a period of one year but contributors may access sixty percent (60%) of a partial withdrawal of the attained funds value from the beginning of the seventh month after the inception of the policy and 30 percent at the beginning of the fourth month.
  • Interest on contribution.


Maturity Benefit:

The Maturity Benefit is the Accumulated Account Value at that time. The owner shall be paid the proceeds in a lump sum.

Death Benefit:

In the event of DEATH of the policyholder in the first month, ONLY the total contributions shall be refunded to the Beneficiary(ies).

In the event of DEATH of the policyholder at any time after the first month, the Attained Fund Value at the time of death and the Sum Assured shall be paid to the beneficiary(ies) designated by the policyholder.


  • It has been well packaged:- a handy passbook with details of payments
  • We continue to consistently rebrand the scheme to ensure customer delight
  • Prompt payment of claims to clients
  • The needs of clients are always met timely
  • It assists all contributors to build up savings for debt settlement, school fees, rent advance, expansion of business etc.


 Any healthy individual between the ages of 18 and 70 actively working, particularly in the informal sector is eligible for coverage:

  • Businessmen and women
  • Traders
  • Artisans


Accra - 0302-631329 / 631245
Kasoa - 0302-863955 / 56
Tema - 0303-207328 /207324 /207329
Kumasi - 0322-029289
Techiman - 0352-091668
Takoradi - 0312-024508
Cape-Coast - 0332-137719
Koforidua - 0342-021078
Akim-Oda - 020-7274654
Customer Service - 030-2750151/050-1570652 / 050-1456983