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.
SCOPE OF COVER
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
BENEFITS
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
EXCLUSIONS
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.
WHY THE NEED FOR A LIFE COVER
✓ 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
OBJECTIVE
Centered on employers by protecting the employer/group against demise or disability of insured employee (s)/members.
FEATURES
- Annual renewable policy
- Policyholder: Affinity Groups, Company or Employer
- Individuals who are fully employed or on contract or is a member of the policyholder
- Minimum number of people required as a group to purchase the policy is 10. A group of less than ten 10 attracts individual rates on age basis.
BENEFITS
- Death benefit paid to policyholder/beneficiaries of insured members in the event of death..
- Optional (rider) benefits:
- Permanent Disability: Provides a 24-hour protection for all members and pays compensation based on degree of incapacitation.
- Medical Expenses Cover: This covers costs associated with the treatment of injuries or reimbursement for medical expenses related to accidents sustained by members below 60 years.
- Critical Illness: Members are covered for a defined sum assured in the event of a member contracting one of the specified conditions 60 days after inception of the policy.
- Dependants Benefit: Death cover is extended to the insured members direct dependants (i.e. Spouse, Children and/or Parents).
OBJECTIVE
The Policy has been developed to pay the outstanding loan or balance 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. This plan reduces the default risks (non-payment of loans) of financial institutions in the administration of their Consumer/Retail Loans.
FEATURES
- Eligibility: Persons aged between 18 and 60 years and in good health.
- Premium Payable
The premium payable is dependent on some factors such as: - - The insurable events covered
- The repayment term of the loan
- The interest rate chargeable on the loan
WHAT DOES IT COVER?
- Death Only: The Policy pays the principal outstanding only when the borrower dies within the repayment term of the Loan.
- Death , Total and Permanent Disability: The financial institution receives the principal outstanding when the borrower dies or suffers total and permanent disability, within the repayment term of the Loan.
BENEFITS
- 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 and Medical evidence of total and permanent disability/ incapacity.
