WHAT IS GCB CHILD EDUCATION PLAN?

It is an endowment plan (a hybrid plan made of investment and a substantive life insurance cover) to enable policy holders guarantee the education of their wards to the highest level possible whether they are there alive or not or when they suffer life contingencies such as disability and dread diseases.

• WHO CAN APPLY FOR THIS PLAN?
• GCB customers between the ages of 18 and 50 years.
• 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 PLAN?
• Visit any GCB branch near you
• Complete an application 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
• Policy holder must have own child(ren) or blood related child(ren) below 18 years as beneficiaries
• Policy holder must always have an adult trustee

• WHO CAN THIS PLAN COVER?
• The main person on whose life the plan depends is the (account holder) applicant or policy holder who must not be more than 50 years at inception

• CAN I COVER MY CHILD OR CHILDREN UNDER THIS PLAN?

Yes child (ren) can be covered for only child disability. Death of child (ren) is not covered

• WHAT ARE THE BENEFITS OF THIS PLAN?
• Ready cash benefit when plan matures
• An opportunity to place funds in an annuity if one is not in need of funds at maturity
• Future promised amount is paid out to beneficiaries when account holder is no more
• Waiver of contribution till maturity when account holder suffers total and permanent disability
• Waiver of contribution till maturity when account holder suffers dread disease after waiting period
• Waiver of contribution for 12 months when account holder is retrenched from work.
• Provides the account holder a great peace of mind

• ARE ALL THE BENEFITS AUTOMATIC (COMPULSORY)?

No. Only death benefit is automatic or compulsory. The following benefits are optional; Retrenchment, total and permanent disability, dread diseases, child disability.  

• WHAT IS THE IMPLICATION IF I DON’T CHOOSE THE OTHER BENEFITS?

Claims resulting from those benefits will not be honoured.

• WHAT IS THE IMPLICATION IF I CHOOSE THE OTHER BENEFITS?

The promised amount will reduce by a factor depending on the other benefits chosen in addition to the death benefit.

• CAN THE PROMISED AMOUNT BECOME GREATER?

Yes, 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. The table below illustrates that;

• CAN I CHANGE MY PREMIUM?

No.

• CAN I CHANGE MY BENEFICIARIES AND TRUSTEE

Yes

• CAN I LATER CHANGE THE BENEFIT INCREASE OPTION?

No.

• HOW CAN I APPLY FOR A CLAIM

Visit any GCB branch and complete a claim form. Dependent on the type of claim, you may add specific documents.

• If maturity claim, you have to complete maturity form and add the policy document to it. Your benefits as indicated in the policy document will be paid into your account within 48 hours.
• Medical report from a registered medical practitioner will be needed for a claim in respect to total and permanent disability.
• For retrenchment claim, you will need to submit a retrenchment letter from your primary employer.
• For death claim the following documents will be required
  1. A valid Medical Certificate of Cause of Death

or

1. Medical history of cause of decease

                                           or

1. A police report (in case of an accidental death)

• 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 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 plan term.

• CAN I CONTRIBUTE ANY AMOUNT?

Yes. However, if your promised amount goes beyond a certain threshold, you may be required to do some specific medical examination depending on your age.

• HOW OLD SHOULD THE POLICY BE TO QUALIFY FOR A CLAIM OR BENEFIT?

• The minimum policy term is 10 years and the maximum is 25 years. You will need to make your monthly contribution regularly 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. NOTE: However, in case of accidental death e.g. motor accident, claim is paid irrespective of how long one has signed on to the policy once the first premium has been paid and policy is current.
• Waiting period for dread diseases is 180 days
• For retrenchment benefit, you should have worked with your primary employer for 26 weeks prior to the retrenchment exercise.
• For total and permanent disability, the condition should keep you out of active job for a minimum of 26 weeks
• The plan grants a loan facility after 36 months of contribution,

• CAN EVERYONE OPT FOR RETRENCHMENT?

No. Only permanent staff in formal organizations with gross salaries above GH¢1,500.00 can opt for it. Casual, Contract and self-employed persons are ineligible

• DOES THE PLAN LAPSE?

Yes, the plan will lapse (CEASE TO BE ACTIVE) when the account holder fails to pay his/her contribution on or before its due date unless the policy 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 premium. It is usually 31 days. During the grace period the policy is valid and claims within this period are payable less overdue contribution.

• HOW DO I GET MY POLICY DOCUMENT (CERTIFICATE)?

Plan document (certificate) shall be printed out and forwarded to any GCB branch of your choice (preferably where you signed on).

• 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 STOP ALONG THE WAY FOR MY CONTRIBUTION?

No. The policy attracts surrender value after 24 months. 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.