LOAN PROTECTION PLAN
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| “FOR PEACE OF MIND, THE PROTECTION OF
LOVED AND VALUED CUSTOMERS AND THE BANK’S REPUTATION
AGAINST THE EFFECTS OF UNPAID CREDIT ADVANCES.” |
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To achieve a decent lifestyle for
oneself and family many are those who have had to
look up to the financial institutions such as the
banks for assistance in the form of loans, overdraft,
credit facilities, etc.
It is also a fact that beneficiaries
have never stopped to think of what would happen in
the event of death, disability, or dread disease.
The question is can loved ones manage
to carry on paying the monthly commitments on loan
or credit facilities?
If commitments are unpaid because an
accident or illness prevents the individual from earning
his usual income, then comes the much-dreaded solution
to recover or settle the obligation in such event; |
• assets might have to be sold
• family
home may have to be put on the market
• etc |
| It is for the above reasons and their attendant unsavory
occurrences that GLICO has developed this Loan Protection
Plan to protect both the Bank and the Customer. |
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| 2. KEY FEATURES OF PLAN |
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| i. Direct Cash Benefit |
| Cash will be paid direct to the Bank on the occurrence
of any of the following assured events before the life
insured (customer) attains age 60 and/or before the
expiry of the term of the loan/mortgage. |
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| ii. Death Benefit |
| The Balance of indebtedness will be paid assuming
that all instalments due from the commencement of the
loan agreement have been paid or the full sum insured. |
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| iii. Lump Sum Total and Permanent Disability
Benefit |
| If the life insured is disabled by bodily injury such
that he can no more do own occupation or any other occupation,
the sum insured or balance of indebtedness shall be
payable. |
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| iv. Temporary Total Disability Benefit |
| If illness or bodily injury disables the life insured,
after a deferred period of 30 days (one month), the
monthly instalment amount shall be paid by GLICO until
the recovery of the life insured. |
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| v. Dread Disease Benefit |
| If the life insured suffers from heart attack, stroke,
cancer, renal or kidney failure, paraplegia, blindness,
major organ transplant, coma, major burns, loss of speech,
and HIV through blood transfusion, then the sum insured
or balance of indebtedness shall be paid by GLICO. |
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| vi. Loss of Employment Benefit |
| If the life insured suffers loss of employment resulting
from staff redundancy programme by his employer prior
to the attainment of age 55, GLICO shall pay the monthly
instalment assured payable for such time as the life
insured is suffering a loss of employment subject to
a maximum benefit period of six (6) months. |
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| vii. Easy Premium Payment |
| Little and easy monthly or a single annual premium
payment (not exceeding 2% of loan) to be debited automatically
by Bank/Credit Institution for the security of cover.
Spouse is also welcome to enrol. A claim made by one
spouse does not affect the other spouse’s cover. |
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| viii. Guaranteed Acceptance |
| Acceptance is guaranteed if insured is between 18
and 59 years of age and can answer one health question
satisfactorily. |
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| ix. No Fuss in Payment |
| Payment is made over and above regular salary and
other insurance benefits. |
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| 3. FOR PEACE OF MIND |
| Cover can be arranged for: - |
- Instalment sale finance (hire purchase) for cars
and/or consumer durables
- Home loan/mortgage
- Personal loans
- Credit-card accounts
- Overdraft
- Clothing and other accounts
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| 4. IMMEDIATE COVER |
| The moment the customer signs for the GLICO Loan Protection
Plan, cover comes into immediate effect. He will then
have the peace of mind that: |
- his finance agreement will be paid if the worst
happens.
- he will have eliminated financial risk, and his
assets will be more secure.
- his family will be protected from an added financial
burden.
- his credit-worthiness will be protected.
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| 5. CONFIDENCE, VALUE AND SERVICE |
| Why choose GLICO Loan Protection? Because GLICO is
one of Ghana’s reputable and most trusted, independent,
life insurance companies. We know just what our customers
need in the way of affordable peace of mind, and that
is what we are offering your Bank. …A means by
which you can protect your loved and valued customers,
and the Bank’s reputation, against the effects
of unpaid advances. |
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