Ultimate Life Plan

What does the ultimate life plan provide?

The policy provides the following:

A) Life cover: In the event of untimely death, the policy will pay out the Sum Assured or a higher amount of Death Benefit based on accumulations in your INVESTMENT ACCOUNT.

The INVESTMENT ACCOUNT will ensure:

• Rapid accumulation of funds through periodic savings;
• Attractive returns on savings;
• Hedge against inflation.
• Easy accessibility to loans.

NB: YOU CAN MAKE PARTIAL WITHDRAWALS from the accumulated account after TWO YEARS.

B) Personal accident cover: It provides financial compensation for death, or permanent disability or bodily injury through accidental means.

Benefits:
• Provides 24-hour protection daily;
• Prompt payment of the compensation in case of injury;

What is the minimum contribution that can be made?
Currently the minimum monthly contribution is Sixty-one Ghana cedis (GH¢61.00). But it would be advisable to consider higher values that will enhance accumulation in the investment account.

Furthermore, additional payments can be made at any time to accelerate the growth of the investment account.

How can I know the balance of my account?
On each anniversary of your policy, you will be provided with a STATEMENT OF ACCOUNT on request which will show, among other things, the Total Contributions, amount of Death Benefit, Cash Value and Interest accrued on the INVESTMENT ACCOUNT.

What happens when death occurs?
In the event of death from natural causes, the applicable Sum Assured or death benefit under the Policy will become payable to the named beneficiary.

The additional Sum Assured under the Personal Accident cover will be payable where death results from accidental causes.

How will the proceeds from the investment be paid?
The settlement option:
• A Lump Sum payment;

ULTIMATE LIFE PLAN: PLANNING TOWARDS OLD AGE OR RETIREMENT WITH THE POSSIBILITY OF ACCIDENTS IN MIND

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.

 
 
 
 
Flexi-child-education-Plan

Do you wish your children to climb the higher education ladder?

Have you ever thought of the possibility of paying your children’s fees effortlessly from the Senior Secondary School (SSS) through to the tertiary institution?

What arrangements have you put in place to ensure uninterrupted education for your children whether you are alive or dead?

The Flexi-Child Education Plan has all the answers for you.

All parents wish the best for their children. And today, more than ever before, the key is a decent education.

It provides an easy and effective way to give your children that chance. The plan offers healthy investment returns and other attractive benefits.

What is the Flexi-Child Education Plan?
It is a special Policy designed to meet the expenses incurred in the education of children.

How does the Plan Work?
A minimum monthly premium of Sixty Ghana Cedis GH¢60.00 is payable, but it is advisable to raise this to an affordable amount.

You can also pay in additional amount(s) of money at any time to accelerate the growth of the INVESTMENT ACCOUNT. There is no maximum limit to the premium contribution that you can pay, and premium can change whenever your financial circumstances improve.

After building up the INVESTMENT ACCOUNT for two years the parent is permitted to withdraw from it to settle the child’s bills. Parents/Guardians are encouraged to take this policy early when their children are young so that they could build up enough funds in the INVESTMENT ACCOUNT to enable them meet the educational expenses.

How does it differ from other Child Education Policies?
Other child education policies are designed to cease when the child attains age 16. This plan recognizes that parents begin to spend heavily when their wards are about to enter secondary and tertiary institutions.

It therefore takes the burden of school fees and other expenses off parents through regular savings/contributions.

You can choose to use one policy for the benefit of several children, unlike the other plans which takes care of one child at a time.

Can I Plan for my Unborn Child?
Yes, you can take the policy, except that you will make your next-of-kin your beneficiary. Immediately your child is born, apply to substitute your child’s name in place of your next-of-kin.

Can One Include all his Children in one Flexi-Child Education Policy?
Yes, you can do that. It may, however, be advisable to increase your monthly contribution to adequately cover all the children.

How can I know the Balance in my Account?
You will be provided with financial statements which will keep you informed of your INVESTMENT ACCOUNT on request. The statements will, among other things, show your total contributions, death benefits, cash value and interest accrued so far. It will also give details of any credits and debits during the past year.

Added Advantage
You can increase premiums each year to fight inflation and to increase the policy benefits. The plan can be tailor-made to suit your child’s ambitions.

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.

 
 
 
Education Plan

DO YOU WANT TO CLIMB THE HIGHER EDUCATION LADDER?
DO YOU HAVE THE FUNDS TO REALIZE THIS?

What about planning purposely to obtain the requisite funds to make it possible?
This is what SIC Life's Education Plan is offering you today.

What is it?
It is a plan which will enable you take care of your own further education/training.

It enables you to plan to build up an Investment Account from which you can make periodic withdrawals to pay your fees and to meet other educational expenses. Thus, subscription to this plan will enhance your educational qualifications and ultimately improve your social status.

How does the policy operate?
You would have to make regular minimum contributions of at least Sixty Ghana cedis (GH¢60.00) every month. This is however, subject to review to bring it in line with economic trends. Extra payments can also be made at any time irrespective of the regular monthly contributions to accelerate the growth of the Investment Account.

The fund accruing from the Investment Account is used to pay for the various educational/training expenses that one has to grapple with until the ultimate is achieved.

What is the investment account?
This is a special savings account established for the Policyholder. It is built through regular contributions by the policyholder. The interest credited to the account is comparable to what is offered at the Bank and other Savings Institutions.

How can you know the balance in your account?
You will be provided with easy-to-understand financial statements which will keep you informed of your Investment Account status on request. The statement will among other things show your total contributions, death benefit, cash value and interest accrued so far. It will also give details of any credits and debits during the past year.

What happens if the policyholder dies?
In the event of untimely death, the benefit under the policy will become payable to your named beneficiary or next of kin.

How can you ensure adequate policy benefits?
You can increase premiums any time to fight inflation and to grow the policy benefits.

It will be advisable to estimate what levels of fees will be applicable in the future before determining your monthly premiums in order to ensure that you will have adequate funds to meet your fees schedule.

Can you take a loan?
Yes! You are entitled to take a policy loan (in addition to making partial withdrawals from your Investment Account) after two years. The loan amount will attract an interest charge.

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.

 
 
 
Family Security Plan

This plan has the major advantage of securing a FLEXIBLE financial plan with a variable mix between investment (or savings) and life cover (or protection).

IT ENABLES YOU TO CREATE WEALTH today and preserve it FOR YOUR FUTURE SECURITY.
The plan provides the following:-
• Death Benefit
In the event of your untimely death, the policy will pay out the sum assured (where the Investment Account is less) or an amount in excess of the Investment Account (where the investment account is more than the initial sum assured.)
• Capital accumulation through periodic savings.
• Good returns on savings
• Easy access to funds
• Hedge against inflation
• Flexibility in Premium Payment:
You are offered the ability to start, stop and resume premium payments whenever you wish, provided there is enough money in your Investment Account to cover your insurance costs.

*** ONE MAJOR ATTRACTION is that you can choose your own initial sum assured within certain limits.
However, the higher the value of sum assured the more premium that goes into protection rather than into investment

How does the plan work?
Your Policy is an INVESTMENT ACCOUNT. You deposit your monthly contributions. SIC Life will deduct the cost of your insurance protection and any administrative expenses from the account. The INVESTMENT ACCOUNT earns interest at a declared rate. We guarantee a minimum interest rate fixed at 5 percent (5%) per annum.

How can I know the balance in my account?
You will be provided with an easy-to-understand statement of account which will keep you informed of your INVESTMENT ACCOUNT status on request. The statement will, among other things, show your total contributions, death benefit, cash value and interest accrued so far. It will also give details of any credits or debits during the past year.

What is the minimum contribution that can be made?
The minimum monthly contribution that can be made by a policyholder is Sixty Ghana Cedis (GH¢60.00). Extra payments can also be made at any time irrespective of the regular monthly contributions. The growth of your INVESTMENT ACCOUNT depends on how much you put in. The more you put in, the faster your Investment Account grows.

When can I come for part or all of my investment account?
You are allowed to withdraw part of your investment after contributing for two years.
You could surrender your policy for the cash value of your Account without charge after you have contributed for ten (10) years or more.

Will I be eligible for a policy loan?

You are eligible to take a policy loan with the INVESTMENT ACCOUNT as collateral after you have contributed for at least a year. The loan amount shall not exceed the cash value of your account.


What happens if death occurs before retirement?
If death occurs before retirement, a death benefit becomes payable to the beneficiary (ies) on record. If your INVESTMENT ACCOUNT is higher than the sum assured, the INVESTMENT ACCOUNT will be further increased before being paid out to your beneficiary (ies).

Can I use this policy as a supplement to my Social Security & National Insurance pension plan?
Yes, FAMILY SECURITY PLAN can be used to supplement your SSNIT and other pension plans.

What are the settlement options available to a policyholder at retirement?
The following settlement option is available:
- Lump Sum
At retirement, the maturity benefit or the cash value of your INVESTMENT ACCOUNT can be made payable to you.

What are the other advantages that can be derived from the policy?
You have the choice of increasing premiums each year to fight inflation and to increase the policy benefits. The plan can be tailor- made to suit your particular purpose.

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.