EDUCARE PLUS EDUCARE PLUS Part 2 29th August, 2016
EDUCARE PLUS OPTIONAL BENEFITS a. Cash Bonus This is a purely investment structured and disciplined way to save at a good return. The minimum premium is GH10.00 whiles the maximum is GH50.00. However the cash bonus premium is influenced by the investment premium such that the cash bonus premium selected cannot be higher than the investment premium.
EDUCARE PLUS OPTIONAL BENEFITS Policy holders can withdraw from the fund after the first year. Maximum allowable withdrawal amount is 50% but full withdrawal can be made after 3 years and when this occurs, premium payments into the fund can still continue. The policy holder has the option to stop the contribution into the fund after such full withdrawal
EDUCARE PLUS Hospitalization Benefit This will attract daily fixed amounts which are stated in the table below Premium (P) Hospital Benefit (per day) Option 1 GHS30 Option 2 GHS50 Option 3 GHS70 Option 4 GHS100 Option 5 GHS150
EDUCARE PLUS Hospitalization Benefit This benefit becomes payable after a minimum of three days in hospital. This implies that benefits will not be payable if the life assured is hospitalized for a period of less than 3 days. However, once the minimum of 3 days has been exceeded, benefit payments will commence from day one when the policyholder was hospitalized. Hospitalization benefits will be limited to a maximum period of 30 days per calendar year. However hospitalization benefit ceases at age 65.
EDUCARE PLUS 30 50 70 100 150 Benefit per day ( max 30 days per year) Male/Female Benefit per day (GHS) Age Band(L) Age Band(U) 30 50 70 100 150 18 26 31 36 41 46 51 56 25 35 40 45 55 59 1.00 1.86 2.72 3.98 5.79 1.01 1.88 2.75 4.02 5.86 1.02 1.90 2.78 4.07 5.94 1.03 1.93 2.83 4.15 6.05 1.05 1.97 2.89 4.24 6.19 1.06 2.01 2.95 4.34 6.34 1.08 2.05 3.02 4.44 6.49 1.11 2.11 3.12 4.58 6.70
EDUCARE PLUS Surrender Values The policy pays surrender benefits of the value of the investment account, less a surrender penalty. Penalties apply on early surrender. The surrender penalties, by year of surrender, are shown below Year Surrender penalty, %fund 1st year 10% 2nd year 7% 3rd year 5% 4th year 5th -9th year 3% 10th year 0%
EDUCARE PLUS Paid Up The policy can be made paid-up instead of surrendering. A policy can only be made paid up when the surrender value is at least GHS600. However, the Policyholder will lose the waiver of premium benefit and the life cover, remaining the amount in the investment account. This amount will be payable on the maturity of the policy or on the death of the policyholder
EDUCARE PLUS Premium Allocation Percentages The monthly investment premium, after risk, waiver of premium charges, commission and expenses will be deposited into an investment account. The percentage of premiums allocated to investment account for each year is shown below. This is applicable to both main and updated premium. . Payment Percentage of fund 1st year 60% 2nd year 75% 3rd year 80% 4th year 5th year 85% 6th and subsequent years 90%
EDUCARE PLUS Waiting Period There is a 6-months waiting period for all lives covered under the policy for the investment benefit. But if death occurs within the waiting period, fifty (50%) of the total premiums paid will be refunded. If any life is added after policy inception the waiting period for that life will be 12 months and there will not be any refund of premiums.
EDUCARE PLUS Unemployment Bridging Facility The policy provides the policy holder with an option to apply to Enterprise Life to keep the policy active for a maximum period of 12 months without premium payments should the policy holder becomes unemployed. The policyholder must submit proof of unemployment to enjoy this facility. The benefit can be applied for only once during the term of the policy. During this period the death benefit payable will be an accidental benefit of 30% of the life cover, or the investment amount, The policy will be converted to a paid up assurance if no premiums come in after 12 months bridging period.
EDUCARE Inflation Protector AUTOMATIC PREMIUM UPDATE BENEFIT UPDATE 0.00% 5.00% 3.75% 10.00% 7.50% 15.00% 11.25% 20.00% 25.00% 18.75% 30.00% 22.50%
EDUCARE PLUS Claims Basis (i) Sum assured for life cover is equivalent to one times the annual maximum of the investment premium range (1 x 12 x maximum monthly investment premium range).
EDUCARE PLUS Claims Basis (ii) There is a 6 months (with the exclusion of accidents only) waiting period on the waiver of premium benefit and the life cover. Fifty percent (50%) of premiums will be refunded in this case. (iii) There are 3 days waiting period on the hospitalization benefit
EDUCARE PLUS Lapse Rule The Policy will lapse when the first of the following occur: 4 consecutive premiums are missed. The unit account of the policy reaches zero. This rule will be waived for the first 12 months of the policy’s life. The Policy can be reinstated within 3 calendar years(36 months). Reinstatement of a lapsed policy is subject to a waiting period.