Bancassurance

Product Summaries For GN Life

INDIVIDUAL PRODUCTS

Prestige Passage Plan

One of the Ghanaian family values is to provide care, respect and a decent or dignified burial of our loved ones. This policy provides immediate cash pay-out to the policyholder to cover funeral expenses of treasured ones. Thus, individuals and groups can plan adequately towards the funding of funerals of deceased members without relying on credit facilities

Product Features and Benefits:
Benefit Plan      A B C D
Benefit Amount 2,500 5,000 7,500 10,000 respectively

• Policyholder gets 100% of benefit amount whiles other lives get 60%
• Lives coverable are policyholder, spouse, children, parents/parents-in-law and extended family (siblings, foster parents and grandparents)
• Accidental death benefit pays twice the sum assured if death occurs through accident. This is only applicable to the policyholder.
• Waiver of premium benefit only applicable if policyholder took policy before age 54. Policyholder will no longer pay premiums if death should occur early or on attainment of age 65.
• 10% cash back if no claims for a period of 5 years
• Six months waiting period for Plans A and B; 12 months for Plan C and D-no claims payable within this period except for accidental death
• Age limit for policyholder and spouse is between 18-59
• Age limit for children is 21 years, and cut-off age for parents and extended family is 74
• Monthly premium payments
• No maturity or surrender benefit
• No medical underwriting
• Inflation protector; 5%, 10%, 15%,20%, 25%, 30% . These have a corresponding increase of 75% in the benefits
• Policy lapses (becomes inactive) after 4 misses in any 12-month period or 12 misses at any point from inception, and can be reinstated within three (3 years) after payment of all outstanding premium. Waiting period applies after reinstatement.


THE SMART CHILD PLAN

The purpose is to help parents and guardians secure the future education of their children and wards through the combination of an investment plan and a risk-benefit which serves as a replacement income in the untimely event of death. This plan presents a smart way for parents and guardians to fulfill the educational dreams of their children and wards.Product Features and Benefits:
• Term policy-minimum term is 5 years and maximum is 20 years
• In the event of the death of the policyholder before maturity, the policy pays out a combination of the investment value and sum assured.
• Partial withdrawals up to 50% of investment value allowed without Penalty after 3 years from inception.
• Surrender within the first two years attracts 100% penalty on the investment value.
• Monthly premium payments
• No death benefit payable upon surrendering.
• The minimum death benefit is GH¢5,000 and Maximum death benefit on policy is GH¢50,000.
• Medical underwriting required for sums above GH¢25,000.00.
• No waiting Period for risk-benefit
• Inflation Protector; 5%, 10%, 15%, 20%, 25%, 30% . These have a corresponding increase of 75% in the benefits
• Loyalty benefits for policyholders doing 15 years to 20 years. 2% for years 15, 16, 17 and 3% for years 18, 19, 20. Determined by averaging the last 36 months investment value and increasing it by the respective loyalty benefit.
• Policy lapses (becomes inactive) after 4 misses in any 12-month period or 12 misses at any point from inception, and can be reinstated within three (3 years) after payment of all outstanding premium. Waiting period applies after reinstatement.


PASSAGE PLAN (ABRIDGED)-MOBI SALES

One of the Ghanaian family values is to provide care, respect and a decent or dignified burial of our loved ones. This policy provides immediate cash pay-out to the policyholder to cover funeral expenses of treasured ones. Thus, individuals and groups can plan adequately towards the funding of funerals of deceased members without relying on credit facilities

Product Features and benefits

• Provides death and hospital benefits
• Death benefit covers policyholder, spouse and any two parents. Parents mean parents of the policy holder or their parents-in-law
• Maximum number of lives coverable at any given time is four (4)
• Entry age limits for policyholder and spouse is 18 – 59 and maximum limit for parents is 74
• Death benefit payable is GH¢5,000; policyholder and spouse get 100% whiles parents get 60% of the benefit.
• Hospital benefits only applicable to policyholder; pays GH¢20 each day a policyholder is admitted in an accredited heath facility for a maximum period of 30 days. Payout is only done when client has been hospitalised for a period exceeding 3 days.
• Waiting period of 3 months for main life and six months for other lives; no benefit payable unless as a result of accident
• 10% cash back if no claims for 5 years
• Waiver of premium benefit only applicable if policyholder took policy before age 54. Policyholder will no longer pay premiums if death should occur early or on attainment of age 65.
• 10% inflation protector
• The monthly premium is GH¢ 20.
• Policy lapses if payments are missed for four consecutive months and can be reinstated within 3 years after payment of all outstanding premiums.


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