Its aims
This product provides a means of saving money towards the growing financial needs of a family at each stage of their lives.
How does the plan Work?
You create an investment account by investing a fixed amount every month. It is open ended after 10 years at which time the Life Assured can mature the policy and claim the tax-free proceeds or may choose to continue with the policy. In the unlikely event of the Insured’s early death, a lump payment is made to your family.
How much will the plan pay out?
You decide how much benefit you would like this plan to pay out. There are three different cover levels and you can only select one. You cannot switch between cover levels once your application has been accepted. There is no maximum premium, you must however invest a minimum monthly premium of GH¢5.5. The life cover is the minimum sum guaranteed to be paid in the event of death and these are the choices available:
- Low Life Cover – 5 times your yearly premium
- Medium Life Cover - 10 times your yearly premium
- High Life Cover - 20 times your yearly premium
Are there any age limitations?
Yes. The Insured must be at least 18 years and cannot be older than 54 years. This is applicable at inception.
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.
What if I happen to lose my job before the maturity date of the policy?
You do not have to necessarily cancel the policy, you can apply for a suspension and ELAC will give you up to 12 months during which time you will have a GH¢ 200 accidental death cover. Better still, your accumulated investment account can be loaned to your policy for premium payments.
Are there any more benefits to be enjoyed?
Yes. You can also select a funeral cover option, which provides payment within 24hrs of submission of evidence of death for burial cover for yourself, your spouse and your children at an additional premium. The cover levels are as follows
| |
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
|
|
You can also have a Cash Bonus. This benefit provides an additional investment facility under the policy with a minimum and maximum contribution of GH¢ 1.5 and GH¢ 5 respectively. Regular withdrawals can be made after the 3rd year.
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 G 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 has ceased due to non-payment of premiums.
- If death is as a result of an exclusion. See policy terms conditions folder Section G 7.
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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