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50Plus!PROVIDENT SECURITY PLAN DESCRIPTION
This is designed to offer financial support for the client’s family in the event of an untimely death insofar as the policy has been held for over one year.
It’s aim
The aim of the 50Plus! Provident Security Plan is designed to provide a fixed cash sum of money on death or to leave you a Cash Sum when the worst happens to you. This cash sum could help your family or loved ones at an undeniably difficult time or even help pay towards your funeral costs.
BENEFITS OF THE 50plus!Provident Security Plan Description
From the moment an application form is received, the client will be insured against road accidental death;
Provides a tax-free cash sum for the client’s dependents after death; and
There will be no need to tender medical history neither will there be any need for a doctor’s report.
Can be hedged against inflation
Protection for the Whole of Your Life (Cover For Life).
Provided you are aged between 50 and 80 years, resident in Ghana, in reasonable health, you can apply for 50Plus! Provident Security Plan, which is a whole of life, without profits life policy.
In return for paying a fixed monthly premium for the rest of your life, the Provident will pay out a fixed cash sum on your death after the first year. However, the Provident will pay the cash sum benefit in the first year if your death is caused by an accident on the road and if you die from non-accidental cause (natural accident) in the first year, we will return your premiums
No Medical Examination
We won’t ask you to take a medical examination, so you can rest assured you will not be turned down for this Plan on this basis.
Risk factor
There is no cash-in value at any time.
No Rise in Premiums.
With this plan, you’ll always know where you are – the monthly premium you start paying is fixed for life so it won’t increase. But note that inflation over time will reduce the buying power of the cash sum payable on your death.
Another feature of the plan you can rely on is that the level of life insurance cover it provides will never decrease, whatever happens to your health, as long as you keep paying premiums.
If you live long enough the total Premiums paid will eventually may be greater than the amount payable cash Sum on death.
Your circumstances may change and you may need to stop paying premiums, which will result to the cancellation of your cover.
At the start of the contract, the client determines how much money he can conveniently contribute monthly i.e. 5 or 10% of monthly salary.
This contribution will purchase a correspondent death benefit (sum assured) of several multiples of the monthly contribution.
Your Personal Quotation
The younger you are when you take out a plan the more cover you will receive for the same premium as illustrated by the premium.
Example
------- Man aged 60 ---------
1.Monthly premium of GH¢50.00
2. Life cover =GH¢477.17
3. Life cover on traveling (from year 1) =GH¢477.17
------- Woman aged 60 ---------
1. Monthly premium of GH¢50.00
2. Life cover =GH¢ 632.29
3. Life cover on traveling (from year 1) = GH¢632.29
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