CBG LifeTime Needs Plus plan intends to set funds aside to meet the basic needs of life. It is an endowment plan (a hybrid plan made of investment and a substantive life insurance cover) to enable account holders to achieve their medium to long term goals in life.

Target Group

Account holding individuals of the bank

Insurance Benefits

 a) Life Cover Cash benefit:

Policy has a cash benefit (like a funeral cover benefit) if the main life passes away within the first 10 years of the policy. When death occurs in the first 10 years, the life cover is compared to the investment accrued so far and the greater of the two is paid out.

 

b) Accidental Benefit:

The policy pays 2x the sum assured if the main life dies through an accident. It is not applicable if the investment becomes payable having compared it with the life cover sum assured.

 

c) Add-on Benefits:

Full Encashment: Policy  matures after 10 years. There is an automatic continuation of fully encashed policies

Partial Withdrawal: Allowed to make partial withdrawal in the investment once a year after a minimum of 12 months contribution

Paid up: Policy can be moved to “investment only” rather than surrendering if client wishes not to contribute to the fund any longer. Client loses the life cover benefit

Unemployment Bridging: Policy remains active for a period of 12 months to allow the policy holder to find a new income source. Not covered for natural death but for a 30% accidental death during this period

 

d) Optional Benefits:

Cash Bonus: Provides an extra savings component between GHS10 – GHS50. Can be withdrawn partially after 1 year and full withdrawals after 3 years

 

Hospitalization: Provides cover for the main life when he or she is hospitalized for 2 nights or more. Options vary from GHS30, GHS50, GHS70, GHS100 & GHS150. Claim is option selected multiplied by no. of days spent up to 30 days for a calendar year and ceases at age 65

 

Inflation Protector protects the policyholders benefits against inflation. It allows clients who wish to escalate their premiums: 5%, 10%, 15%, 20%, 25% and 30%.

 

Unemployment Bridging: Policy remains active for a period of 12 months to allow policyholder to find a new income source

 

Underwritten by Enterprise Life