Its aims
The plan aims to provide immediate cash payout to the policyholder to cover funeral expenses of loved ones. Our Ghanaian family values which is based on the principle of caring and respect for humanity is evident in our social lives and this underscores the need for a decent and dignified burial of our loved ones.
How does the plan Work?
The plan will only pay the lump sum if you or any member you have insured dies during the period of cover. There is therefore no surrender or maturity value.
How much will the plan pay out?
You decide how much benefit you would like this plan to pay out. There are six different cover levels and you can only select one. You cannot switch between cover levels once your application has been accepted. The cover chosen as well as your age determines your monthly premium.
Who can the plan cover?
The plan can cover the following:
- You
- Spouse
- Children (up to a maximum of 4)
- Parents and Parents-in-law
- Wider family (up to a maximum of 4)
- Step-Parents
- Siblings
- Foster Parents
- Grand Parents
Are there any age limitations?
Yes. These are the minimum and maximum ages applicable at inception and vary for the different category of lives. They are as follows:
- Insured: 18 years - 59 years
- Spouse: 18 years - 59 years
- Children: 0 years - 21 years
- Parents: 31 years - 74 years
- Wider family: 0 years - 74years
Do all the covered members enjoy the same benefits?
No. Whiles the policyholder and the spouse are covered for the full benefit of the cover level selected, the children and parents cover is 50% of the benefit. See below:
| |
Cover Levels |
| Members |
Mensuro
|
Boafo Pa
|
Anidaso
|
Agyenkwa
|
Obotantim
|
Semenhyia
|
|
Policyholder
|
GH¢ 660
|
GH¢ 920
|
GH¢ 1,200
|
GH¢ 1,520
|
GH¢ 1,860
|
GH¢ 2,220
|
|
Spouse
|
GH¢ 660
|
GH¢ 920
|
GH¢ 1,200
|
GH¢ 1,520
|
GH¢ 1,860
|
GH¢ 2,220
|
|
Children
|
GH¢ 330
|
GH¢ 460
|
GH¢ 600
|
GH¢ 760
|
GH¢ 930
|
GH¢ 1,110
|
|
Parents
|
GH¢ 330
|
GH¢ 460
|
GH¢ 600
|
GH¢ 760
|
GH¢ 930
|
GH¢ 1,110
|
|
Wider family
|
-
|
GH¢ 460
|
GH¢ 600
|
GH¢ 760
|
GH¢ 930
|
GH¢ 1,110
|
|
Can I increase my premiums and benefits anytime I want to do so?
No. However you have an option to increase your premium and your benefit automatically on every anniversary year. This will be on compound basis. If this option is not selected at inception of the plan it cannot be exercised later.
When will my cover start?
Enterprise Life will go on cover once the first premium has been received.
How long will the plan last?
You decide how long you want the cover for. It is therefore open ended.
How do I make a claim?
All claims should be reported at any ELAC Branch offices. The documents required are spelt out in the policy conditions folder. See Section D 5.
When will the plan not pay out?
ELAC will not pay a claim if:
- You do not truthfully provide all the information we ask for on your application form.
- The plan is in the waiting period. See section B in the policy terms and conditions folder.
- The plan has ceased due to non-payment of premiums.
- If death is as a result of an exclusion. See policy terms conditions folder Section D 9.
What happens when I die?
Your nominated trustee will make a claim on your life.
How do I get cover?
You must do the following:
- Give us all the information we ask for in the application process.
- Pay the required premium by the selected payment mode (i.e., debit payment or employer’s deduction) every month.
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