Verified/trusted insurance

GCB Trusted Insurance; WEALTHMASTER PLAN

It is hard time finding a trusted and reliable Insurance in the country, Some will sweet talk you and others will find ways and means to talk you into signing up for the insurance but when it matures, the facility become reluctant to pay. Teachers are the major victims when it comes to insurance.

Here seekersnewsgh.com through teacher experiences with this insurance companies has compile reliable insurances you can Trust.

WHAT IS GCB WEALTHMASTER 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.

WHO CAN APPLY FOR THIS WEALTHMASTER?
GCB customers between the ages of 18 and 64years.
He/she must be a regular income earner
He/she must have an active account with GCB
The person must be in good health

 

HOW DOES ONE APPLY FOR THE WEALTHMASTER?
Visit any GCB branch
Complete an application form and a direct debit form
Fund your account with enough funds and ensure your required contribution is made regularly and on schedule
You will be given policy conditions at point of sale to go and study

 

WHO DOE THIS WEALTHMASTER PLAN COVER?
The (account holder) applicant not more than 60 years

 

WHAT ARE THE BENEFITS OF THE WEALTHMASTER PLAN?
Provides the account holder a great peace of mind
Ready cash benefit when plan matures
An opportunity to place funds in an annuity if one is not in need of funds at maturity
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
Stoppage of premium payment when wealthmaster policy holder suffers total and permanent disability.
Promised full sum assured is paid to beneficiaries when wealthmaster policy holder is no more
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.

CAN I CHANGE THE BENEFIT INCREASE OPTION IN THE FUTURE

No. Once selected cannot be changed.

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

A police report (in case of a accidental death)

and

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

WHAT SERVICES AM I ENTITLED TO?

Prompt payment of all legitimate claims (within 48 hours upon receipt of all relevant documentation).
Assured of speed and excellent Customer service support

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.

DOES THE PLAN LAPSE?

Yes, the plan will lapse (CEASE TO BE ACTIVE) when the account holder fails to pay his/her premium on or before its due date unless the plan is in its Grace Period.

 

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.

HOW DO I GET MY PLAN DOCUMENT (CERTIFICATE)?

Plan document (certificate) shall be printed out and forwarded to you at any GCB branch of your choice (preferably where plan was taken).

CAN I CONTRIBUTE ANY AMOUNT?

Yes you can but if your promised amount goes beyond a certain threshold, you may be required to do some specific medical examination.

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.

CAN THE PLAN BE REINSTATED AFTER DEFAULT?

Yes, the plan may be reinstated at any time within twelve (12) calendar months from the date contribution ceased upon payment of arrears plus interest.

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