Enterprise Insurance Company Ghana Educare Plan
The policy provides 5 annual benefit payments, during the last five years of the policy term, which is to be used to cover the education expenses of the policyholder’s child.
HOW DOES THE PLAN WORK?
The policy pays five annual benefits. These are equal to the following percentage of the total fund value
|PAYMENT||PERCENTAGE OF FUND|
|1st Payment||25 %|
|2nd Payment||30 %|
|3rd Payment||35 %|
|4th Payment||50 %|
|5th Payment||100 %|
WHO CAN THE PLAN COVER?
The life assured is the only member who can be covered and must be aged 18-60 years. However beneficiaries are nominated to benefit under the policy.
In the event of the policyholder dying, all future premiums are waived and covered by the insurer. There is a 6 month accident only waiting period on the waiver of premium benefit.
ARE THERE ANY AGE LIMITATION?
Yes. The minimum age to entry is 18, and the maximum age to entry is 60. Cover ceases at age 70. This limit also defines the maximum term available for each age e.g. for a 60 year old, the maximum cover term is 10 years.
If the age of any of the Life Assureds is incorrect any benefit that becomes payable will be recalculated. This condition is not applicable to ages outside ‘age at inception’ limits. Benefits payable would be repudiated if actual of any life assured is outside the ‘age at inception’ limit.
CAN I INCREASE MY PREMIUMS AND BENEFITS ANYTIME I WANT TO DO SO?
No, you cannot increase your premiums and benefits once you choose your plan. However you have an option to increase your premium and your benefit automatically on every anniversary year when you opt for an automatic premium update. This will be on compound basis. This option must be selected at the inception of policy.
WHEN WILL THE PLAN START?
Enterprise Life will only go on risk once the first premium has been received.
HOW LONG WILL THE PLAN LAST?
The policy will cease when it reaches its term. The minimum term is 7 years and the maximum is 18 years. Choose the term that meets your child educational needs.
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.
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.
• The plan has ceased due to non-payment of premiums or surrender
• 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, and any other future claims if applicable.
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 every month through your bank or from your employers
CAN I AFFORD THE MONTHLY PREMIUMS?
The minimum premium for the Educare Plan is only GH15.00 and the maximum is GH200.00. This excludes the GHp.50 policy fee that the company charges for administering the policy.
How does the plan work?
There are three options available for the member to choose from. This has varying compositions of both the life cover and the investment element.
Who can the plan cover?
The Life assured is the only member who can be covered and must be aged 18-54 years. However trustees and beneficiaries can be named
There are two optional add-on benefits available: