GLICO END-OF-SERVICE
BENFFIT PLAN |
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Every employee would like
to be financially secure during and after his working
years. Yet only a few are fortunate enough to attain
this sought-after-goal, particularly after the end
of their employment.
Why? Because most people do not plan
their retirement, or fail to make adequate provision
in their plan to meet their end-of-service financial
security due to the following: |
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The assumption that financial planning is confusing
and time consuming |
|
The lack of awareness of end-of-service financial
plans capable of meeting their financial goals. |
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Delayed retirement planning until it is too late. |
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| GLICO has an innovative, economical and
flexible financial protection plan, the “GLICO
END-OF-SERVICE BENEFIT PLAN”, specially
designed to meet your current and future financial needs. |
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| THE PLAN |
| The GLICO END-OF-SERVICE BENEFIT
PLAN is essentially a supplementary pension
plan that has Investment and Protection benefits put
together. The investment aspect of the plan is specially
packaged to provide a hedge against inflation to ensure
that the value of your investment is maintained. |
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| MAIN BENEFITS |
| Upon leaving or retiring from service,
the policyholder may choose any of these benefits: |
|
Gratuity Benefit: A lump sum of money payable outright
at the end of service. |
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Annuity Benefit: Annuity income payable for life and
guaranteed for five (5) years. |
|
Hybrid Benefit: A combination of both (1) and (2)
with 50% of the principal sum payable as end-of-service
benefit and the remaining part payable as annuity for
life and guaranteed for a period of five (5) years. |
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| ADDITIONAL BENEFITS |
| (1) Death Benefit |
| If the policyholder dies during the term
of the PLAN, the sum assured payable under the Term
Insurance Benefit shall be paid to his beneficiaries. |
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| (2) Hospitalization Income Benefit |
| If the policyholder is hospitalized,
an amount of money shall be paid daily as In-Hospital
Cash Income Benefit for the number of days spent in
hospital for a Maximum period of 365 days. |
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| (3) Accident Indemnity Benefit |
| If a policyholder sustains bodily injuries
in an accident GLICO shall pay the amount of money payable
under the accident indemnity benefit. |
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| EXTRA BENEFITS |
| The GLICO END-OF-SERVICE BENEFIT
PLAN also enables the policyholder to obtain
finance to meet his recurring short-term obligations
such as school fees and other commitments through: |
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| (1) Policy Loans |
| A loan granted to the policyholder based
on the accumulated value of the investment account of
the plan. |
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| (2) Partial Withdrawal |
| The policyholder can withdraw a portion
of his accumulated cash value form the investment account
of the plan. |
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MINIMUM CONTRIBUTION |
| The minimum monthly contribution is fifteen
thousand cedis (¢15,000). |
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| WHO CAN JOIN THIS PLAN |
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| (1) An employee or a director in a public
or private company |
| (2) A partner in a professional organization
or business partnership |
| (3) A self-employed person in any type
of business. |
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| AGE LIMIT |
The GLICO END-OF-SERVICE BENEFIT PLAN
is available for ages 18 to 55 years
Special Cover exists for ages 56-59 |
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METHOD OF CONTRIBUTION |
Contribution to the PLAN
may be made by one of these methods. |
| (1) |
Employee only – Payment through salary deductions
by the employer. |
| (2) |
Employee and the Employer – Payment by both
the employee and the employer (Joint Contribution) |
| (3) |
Employer only –The employer alone provides
the contribution for the
employee. |
| (4) |
Self-employed – Payment by the individual applicant. |
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| HOW TO JOIN THE PLAN |
| To assist you to join the PLAN, we would
like to come over to discuss the full details with you. |
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