Enterprise Insurance Company Ghana Life Time Needs Plan
Life Time Needs Plan
The Lifetime Needs Plan is designed to provide the member with the means of contributing to an investment fund which can meet the members life needs such as child education, retirement etc. and in addition also provide a life cover which becomes payable to the beneficiary in the event of the demise of the Life assured.
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:
a) Funeral Cover Benefit – which provides burial cover for the Life assured, spouse and children only which has a six month waiting period restriction, and;
b) Cash Bonus – which is purely investment, a structured, disciplined way to save, at good returns.
c) Lump sum payment – The policy holder has the opportunity of making a lump sum payment into the investment account of the policy whenever he or she wishes to do so.
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.
When will my cover start?
Enterprise Life will go on cover once the first premium has been received.
How long will the plan last?
Once the policy reaches its term, the client qualifies for the full encashment value. The term of the policy is the duration of the policy. The plan is open-ended without a maturity date. Policies terminating after the 10th year will be treated as maturities whilst those terminating before the 10th year will be treated as surrenders. The policy shall terminate on the policy anniversary preceding the policyholder’s 70th birthday.
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 G5).
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 if it has the funeral cover benefit option.
• The plan has ceased due to non-payment of premiums or surrender
• If death is as a result of an exclusion. (See Section G.7).
What happens when I die?
Your nominated trustee will make a claim on your life, and any other future claims if applicable, (seesection C 1).
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 through your employer
Can I afford the monthly premiums?
The minimum premium for the Life Time Needs Plan is only GHË15.00. This excludes the GHp.50 policy fee that the company charges for administering the policy (plan).
The plan aims to provide immediate cash pay-out 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.