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INSURANCE

GCB Wealthmaster Insurance Plan

GCB WEALTHMASTER  INSURANCE PLAN 

It is an endowment plan (a hybrid plan made of investment and a substantive life insurance cover) to enable people achieve their short to medium term goals in life. If you have the plan of building, getting a plot of land, going back to school, expanding your business then wealthmaster is the right plan for you.

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WealthMaster Plan is an endowment and investment plan that secures bancassurance customers future finances, by making provision for their medium to long term aspirations such as a house, car or business capital.

WHO CAN APPLY FOR THIS WEALTHMASTER?

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1. GCB customers between the ages of 18 and 64years.

2. He/she must be a regular income earner

3. He/she must have an active account with GCB

4. The person must be in good health

WHO CAN APPLY FOR THIS WEALTHMASTER?

1. GCB customers between the ages of 18 and 64years.

2. He/she must be a regular income earner

3. He/she must have an active account with GCB

4. The person must be in good health

 

WHAT ARE THE BENEFITS OF THE WEALTHMASTER PLAN?

1. Provides the account holder a great peace of mind

2. Ready cash benefit when plan matures

3. An opportunity to place funds in an annuity if one is not in need of funds at maturity

4 Wealthmaster policy holder is entitled to 50% of promised sum assured if he/she suffers total and permanent disability and the remaining 50% is paid at maturity

5 . Stoppage of premium payment when wealthmaster policy holder suffers total and permanent disability.

6. Promised full sum assured is paid to beneficiaries when wealthmaster policy holder is no more

7. A (certificate) document is given to wealthmaster policy holder after verification and payment of first premium. This certificate can be used as a collateral for a loan facility.

CAN THE PROMISED AMOUNT BE INCREASED

Yes, the promised amount can be increased if you select benefit increase option at inception. This will hedge your promised amount against inflation by a continuous increase in premium with a corresponding increase in the promised amount yearly.

CAN I CHANGE MY PREMIUM IN THE FUTURE?

No. The chosen premium cannot be changed

HOW MUCH DO I NEED TO CONTRIBUTE?

The account holder elects how much to contribute monthly. However, the minimum contribution is GH¢50.00. It is very important you choose an amount you can pay throughout the chosen policy term.

HOW OLD SHOULD THE PLAN BE TO QUALIFY FOR A CLAIM?

The minimum policy term is 4 years and the maximum is 10 years. You will need to make your monthly contribution regularly up to the end of your chosen term to make a claim.

Waiting period for natural death is 90 days after which if account holder passes on the promised amount will be paid to the beneficiaries as claim immediately.

NOTE: However, in case of accidental death e.g. motor accident, claim is paid immediately irrespective of how long one has signed on to the policy once the first premium has been paid and policy is current.

HOW CAN I APPLY FOR A CLAIM
Visit any GCB branch and complete the required claim form.

At maturity, you will complete maturity claim form and add your policy document to it. Your benefit as indicated at the outset of the policy will be paid into your account within 48 hours

For total and permanent disability claim, medical report from a registered medical practitioner will be needed

For death claim
A valid Medical Certificate of Cause of Death
or

Medical history of cause of decease
or

Medical history of cause of decease
or

A police report (in case of a accidental death)
and

Evidence of coverage (Policy document) and valid National Photo ID of the claimant.

IS THERE A ‘GRACE PERIOD’?

Yes there is. A grace period is a free period given for an account holder to pay unpaid contribution. It is usually 31 days. During the grace period the plan is valid and claims are payable less overdue contribution.

WHAT HAPPENS IF I AM UNABLE TO PAY ALL THE CONTRIBUTION AT THE END OF THE CHOSEN TERM?

You will get a reduced benefit proportionate to the promised amount.

CAN I ACCESS LOAN FACILITY UNDER THIS PLAN?

Yes. You can use the policy as a collateral/investment under the GCB facility against investment product to take a loan. This option can be exercised after paying all premiums for two years.

CAN I STOP ALONG THE WAY FOR MY CONTRIBUTION?

After 24 months you can surrender for the surrender value. However, there are significant surrender charges