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OBJECTIVE
An easy and efficient way to give yourself or your children the chance to pursue a higher level of education. This plan is created to satisfy the policyholders' or their children's educational needs.
FEATURES
- Entry Age: 18 - 50 years
- Term: 10 - 20 years subject to age 60
- Premium: Monthly minimum of GH¢60 with minimum benefit of GH¢5,000.
- Sum Assured: Minimum of GH¢5,000
- Inflation Protector Factor: An annual premium increment ranging from 5 to 30% will trigger a relative annual increase in the Sum Assured to protect the insurance cover from eroding due to inflation.
- Partial Withdrawal: Access up to 60% of accumulated fund.
BENEFITS
- Death Benefit
- Maturity Benefit
OBJECTIVE
Provides immediate cash out to meet the funeral expense of anyone covered by the policy.
WHO IS COVERED UNDER THE PLAN?
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
• 2 Parents of Maximum entry age 75
• 2 Parent-in-laws of maximum entry age 75
• 2 Uncles/Aunties/Brothers/Sisters of maximum entry age 75
• 4 children of maximum entry age 21
FEATURES
- Premiums are payable till age 60 if the Policyholder purchased the policy before age 50.
NB: Policyholders who purchase the policy after age 50 will pay premiums for 10 years
- Cash Back Payment being 15% of the total last 3 years premium paid subject to no claims.
- Waiver of Premium for secondary assured after a waiting period of six (6) months or accidental death.
- Inflation Protector to safeguard benefit pay out from inflation.
BENEFITS
- Death Benefit paid in the event of the death of the Policyholder after a 6-month waiting period and/or any of the insured members after satisfying a waiting period of 12 months.
- Optional Benefits exist after the demise of the Policyholder or Spouse, Parent/Parent-in-law
- 1 week celebration
- 40 days celebration
- 1 year Anniversary
- Savings Fund - Extra premium can be paid into the savings fund where the policyholder can access a maximum of 80% withdrawal once a year.
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
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.
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).
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.
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.
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.
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.
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.
OBJECTIVE
A two-year renewal ‘susu’ scheme with a life insurance cover for the informal sector which aids contributors to accumulate funds for their businesses.
FEATURES
- Eligibility: Healthy individuals between the ages of 18 and 70 years who are actively working, particularly in the informal sector
- Premiums: Can be paid daily, weekly, fortnightly or monthly, subject to a minimum daily
- Collection is done at the doorstep of the contributors by our Sales Executives
- Sum Assured
- GH¢ 1,000 for policyholders who pay less than GH¢50 cedis a month
- GH¢ 2,000 for policyholders who pay more than GH¢50 a month
- Partial Withdrawal
Contributors may access a percentage of their funds as partial withdrawal. The percentage to be withdrawn is subject to the duration of as given below:
- 30% - after 4 months
- 60% - after 7 months
- 100% - after 12 months
BENEFITS
- Maturity Benefit
- Death Benefit: A lump sum, which comprises of the sum assured in addition to the fund value as at the time of death, is paid as a death benefit.
- Interest on contribution
CONTACT ACCREDITED SALES EXECUTIVES OR ANY SIC LIFE OFFICE NEAR YOU:
| Accra | 0302-662742 | |
| Kasoa | 0501-602405 | |
| Tema | 0303-207328 | |
| Kumasi | 0322-029289 | |
| Techiman | 0352-091668 | |
| Takoradi | 0312-024508 | |
| Cape-Coast | 0559-275521 | |
| Koforidua | 0342-021078 | |
| Akim-Oda | 0542-050064 | |
| Customer Service |
030-2750151/050-1570652 / 050-1456983/050-1694554 (call/whatsapp) |
OBJECTIVE
With this plan, the policyholder can save money while having life insurance coverage. It allows you to accumulate wealth for your family’s future security.
FEATURES
- Entry Age: 18 - 55 years
- Term: Up to the policyholder attaining the age of 60 years
- Premium: Monthly minimum of GH¢60
- Sum Assured: GH¢5,000 - GH¢20,000
- Inflation Protector: An annual premium increment ranging from 5 to 30% will trigger a relative annual increase in the Sum Assured to protect the insurance cover from eroding due to inflation.
- Policy Loan: Access up to 80% of accumulated fund.
- Partial Withdrawals: Access up to 50% or 60% of accumulated fund.
- Surrender charges are applicable depending on the number of years from inception
BENEFITS
- Maturity Benefit
- Death Benefit
- Optional Benefits
- Personal Accident - Total Permanent Disability (TPD) / Total Temporary Disability (TTD)
- Critical Illness (CI)
- Hospitalisation
SETTLEMENT OPTIONS AT RETIREMENT (age 60)
- Lump Sum
- Periodic payments as advised by the policyholder
For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.