The GNAT Heritage Cash Back Plan is a ten-year income protection programme specifically created for those who belong to organisations or groups. It is intended to give the member’s family financial security in the case of death or totally and permanently disabling illness.
Additionally, if no claims are filed by the end of the policy term, the policy will return the entire amount of a member’s premium contributions plus a bonus. Here is all the information you require about the strategy:
Who is the Policy for?
This policy is ideal for anyone who is the breadwinner of their family and has dependents, and anyone who wants to protect the dreams and well-being of their family even in their absence.
Cover and Benefits
Heritage Life provides cover against death and total permanent disability. In the unfortunate event of your death, a death benefit will be paid to your beneficiary, while a total permanent disability benefit will be paid to you if you become disabled.
Premium Payment
Premium payment starts at the purchase of the policy and ends at the end of the policy term or when you exit the institution.
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Other Features
To protect your benefits against inflation, the policy includes a 10% automatic premium adjustment and a 7.5% benefit adjustment, which is applied annually.
Advantages of this Plan
The insurance contract is reviewed and approved by your institution, payment of premiums is easy, and benefits are protected against inflation. Additionally, the policy returns all premiums paid plus a bonus if no claim is made.
How to enroll
The policy is designed for Teachers to provide a lump sum cover of Ghc23,112 for monthly premium payments of Ghc36.3 (subject to review). To enroll, please contact your secretary.
Conditions for Premium Returns
The policy returns all premiums paid plus 20% of these premiums under the following conditions:
- If you continue for 10 years, and no claim is made.
- When you exit from GNAT due to retirement.
- If you exit from GNAT due to resignation.
- When you exit from GNAT due to termination of employment.
Before you begin, please ensure you visit the GOG portal and generate a mandate for GHC 36.3 (subject to review).
Note: This information is for educative purposes only. For more information or to enroll in the policy, please contact the insurance company.
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