Ghana Life Insurance Company was established in February 1980 as a specialist life insurance firm.
From very humble beginnings, Ghana Life is now among the top 10 insurance companies in Ghana and has been a member of Ghana Club 100 for four consecutive years.
Ghana Life, a member of African Insurance Organization (AIO), Ghana Insurers Association (GIA) and Life Offices Association (LOA), among others, has attracted core investors to invest to boost its capital base and enhance its expansion.
Ivan Avereyireh Abubakar is Managing Director of Ghana Life Insurance.
Commenting on some of the company’s products, he said his outfit carefully fashioned them in order to provide an all-round insurance package for customers.
The Children’s Welfare Plan, for example, is a pure endowment policy that provides three distinct benefits for which a proposer may choose any combination thereof.
The policy has an-inbuilt annual income benefit (unique) of 2 percent of sum assured to take care of the child from the date of death of the sponsor to the maturity date of the policy.
Its benefits include the payment of a lump sum to finance the child’s SHS and university admission costs at maturity.
It also takes care of their termly SHS school fees for a maximum of 4 years.
If the sponsor dies before the vesting age of the child, Ghana Life waives the premium payment and keeps the cover in force until the child is ready for the school for which the policy was bought and pays out. Thus, dead or alive, the policy ensures the child’s education is protected. Two percent of the sum assured will be paid to the sponsored child annually on the death of the sponsor.
Sideline Occupation Policy: This is a with-profit endowment policy that can be purchased for a period of 5, 10 or 15 years. The policy intends to assist the assured to establish a sideline business to the normal business of the assured, to serve as another source of income while in employment and also as an employment for the assured on retirement. The minimum age of entry is 18 years and the maximum maturity age is 75 years.
Concerning benefits, the policy pays out the guaranteed sum assured together with accrued bonuses at maturity if the insured survives the policy term.
Retirement Insurance Plan: This is a complimentary policy recommended for everybody, employee or self-employed to supplement the SSNIT pension or as a pension for entrepreneurs.
Benefits include a lump sum payment when the policyholder attains the retirement age. Annuity is also paid when the policyholder attains the retirement age. Also, if the life assured dies before the retirement age, accumulated premium paid up to the date of death and with interest of 5 percent per annum will be returned to the named beneficiaries or the legal representatives of the deceased life assured.
Funeral Plan: This is a whole life plan for individuals and groups to provide funds to finance burial and funeral expenses. The insured will pay premium up to age 65. The maximum age of entry for a policyholder and spouse is 60 and 75 for parents. The sum assured at the option of the policyholder can be increased by 5 percent each year. There is a waiting period of three (3) months from policy inception before rights to benefits accrue except accidental death. The policy can be extended to cover spouse, children, parents and in-laws.
The policy pays out 75 percent of sum assured on death of parents and in-laws covered. The policy pays out 25 percent of sum assured on death of a covered child.
Credit life assurance is designed to offer protection to policyholders from the financial consequences of their inability to repay the outstanding loan due to death, disability and loss of employment due to redundancy.
The sum assured depends on the repayment pattern but is linked with the amount outstanding (principal and interest) on the loan at any point in time.
Benefits: The policy pays when the policyholder dies or become disabled (total and permanent). It also pays out on diagnosis of critical illness and loss of job through redundancy with evidence (letter).
In the event of death, disability or loss of employment as defined by the policy within the policy term, the outstanding loan at the date of death is paid to the lender from the sum assured.
The dependants/next of kin of the life assured/borrower will be paid any balance after the outstanding loan balance has been paid.