Ultimate Educational Support Plan
What this Policy Entails
A. Accumulated Fund
The inflow of cash into the Accumulated Fund is from:
Investment Premium Payment
The amount put in your investment account is the basic premium paid less policy charges; policy fee, risk premium and other administrative expense.
The money is invested into a portfolio of diversified assets and the value of Your investment account will be determined by the performance of these investments.
The Cash Value of the investment account is the account value of the fund less management charges (2.5% per annum), surrender charge and other regulatory charges which may arise.
The total investment premium allocated to the investment account (fund) is guaranteed at maturity.
Lump Sum Contribution
To accelerate the growth of your investment account, you can make lump sum contributions to your fund.
Lump sum contributions may be made, with each payment limited to a minimum of GH¢100 and a maximum of GH¢1,000.
The Cash Value of the investment account is the account value of the fund less management charges (2.5% per annum), surrender charge and other regulatory charges which may arise.
B. Benefits
Maturity Benefit
The investment account of the policy at maturity is the benefit amount payable. The maturity date of the policy will be the anniversary of the commencement date coinciding with the expiry of the term of the policy that is stated in your policy document.
Graduation Benefit
If you keep the policy in force till the end of the term, we celebrate your achievement by paying out a lump sum of 4% of total investment premiums paid. In calculating this benefit, the total premium does not include the policy fee.
Surrender Benefit
If you terminate the policy before its maturity, the benefit payable is reduced by the surrender penalty. The surrender penalty is a percentage of the investment account value as shown in the table below.
| Policy Year | Surrender penalty, |
| Year 1 | 100% |
| Year 2 | 7% |
| Year 3 | 5% |
| Year 4 | 5% |
| After Year 4 | 3% |
To illustrate, if you terminate the policy within the first year, you will lose the sum total of the investment premiums paid to date.
Waiver of premium on the death of the policyholder
We will pay premiums on your behalf if death should occur before you attain the age of 60. This benefit will cease on expiration of the term of the policy, attainment of your 65th birthday or encashment of the policy, whichever of these events occur first.
Paid-Up Benefit
If for any reason, you are unable to continue to pay the investment premiums for the rest of the term of the policy, there is the option to convert it to a Paid-Up policy.
This is on condition that the accumulated value of the fund exceeds GH¢1,500.
A policy that has been made paid-up may be reinstated on the request of the policyholder. Such reinstatement may be effected once during the lifetime of the policy. Upon reinstatement, a six (6) month waiting period will apply to the waiver of premium and the lump sum benefits. The policy fee for Paid-Up policies is GH¢0.50 per month.
Partial Withdrawal Benefit
Yearly partial withdrawal could be made after the first year of the policy coming into force. Withdrawal can only be made once a year and shall not exceed 50% of the accumulated fund.
Death Benefits
Waiver of Premium Benefit
We will pay the investment premiums on your behalf if death should occur before you attain the age of 65. This benefit will cease on expiration of the term of the policy, attainment of your 65th birthday or encashment of the policy, whichever of these events occurs first.
This benefit applies if death occurs through an accident within the first six (6) months of the policy. If the policy has an inflation protector, it will cease when this benefit commences.
Lump Sum Benefit
The lump-sum benefit is defined as ten times the annual equivalent of the investment premium at the time of inception. We will pay 100% of the lump sum benefit to your beneficiaries if death should occur before you attain the age of 65.
Double Lump Sum Benefit
We will pay 200% of the lump sum benefit to your beneficiaries in the event that the insured life dies through an accident. The waiting period clause does not apply to this benefit.
Total Permanent Disability (TPD) Benefit
Waiver of premium on TPD of the Policyholder
We will pay the investment premiums on your behalf if you become permanently disabled before the attainment of age 60. This benefit will cease on expiration of the term of the policy, attainment of your 65th birthday or encashment of the policy, whichever of these events occurs first.
If the policy has an inflation protector, it will cease when this benefit commences.
Lump Sum Benefit
If the policyholder is permanently disabled during the term of the policy, we will pay a percentage of the lump sum benefit given that the waiting period is satisfied. The lump-sum payable on TPD is subject to the percentage payouts defined in the table below:
| Percentage of Lump Sum Benefit | Condition |
| 100% | Mentally impaired: Suffer from any disease of the mind either due to organic brain disease or psychological disease diagnosed or confirmed by a competent psychiatrist or psychologist. |
| Functional loss of both limbs below the shoulder or hip joint i.e. feet, knees, hands, elbows, wrists or ankles. | |
| Loss of ability to hear with both ears through accident or disease (condition must be persistent for a consecutive period of 12 months) | |
| Loss of sight (both eyes) due to illness or accident. | |
| Bedridden: Being unable to take care of basic daily need without assistance for a long time, for example movement, daily grooming, ablutions need. | |
| 50% | Functional loss of one limb below the shoulder or hip joint i.e. feet, knees, hands, elbows, wrists or ankles. |
| Loss of sight (one eye) due to illness or accident. |
C. Condition Precedent to Death and Total Permanent Disability Benefits.
D. Waiting Period:
This is a period from policy inception where no benefit is paid. There shall be a waiting period of six (6) months preceding the commencement of these benefits (if applicable): waiver of premium and lump sum payment on death and TPD. Accidental death cover starts immediately.
E. Policy Exclusions
We are not liable to offer the Waiver of Premium benefits or the lump sum benefit under this policy while sane or insane you indulge in any of the following directly or indirectly:
- Participation in dangerous sports and recreational activities like hiking, horse riding, hunting, any speed contest other than that on foot or fighting except in self-defence;
- Suicide attempted suicide or self-inflicted injury within two (2) years from the inception of the policy.
- Committing or attempting to commit a criminal offence;
- Use of intoxicating drugs and excessive use of alcohol.
- Any involvement in an act of war, terrorist activities, riots, strikes or civil uprising.
- Carriage in a private plane and not as a passenger on a commercial flight (as a fare-paying passenger).
Policy Conditions
If the premium is not received within four (4) consecutive calendar months from the due date, the policy will lapse. After the policy has lapsed, all insurance benefits will fall off and the policy acquires a lapse status. Once the policy has lapsed, the policyholder has the following options:
- Reinstatement of the policy:
The policy can only be re-instated on condition that it has not lapsed for more than thirty-six (36) consecutive months and that all outstanding premiums will be paid plus compounded interest (at Government of Ghana 91 days Treasury Bill rate).
Once reinstated, the policy will undergo the same underwriting conditions as at policy acquisition: The policy will not be reinstated if it has lapsed beyond reinstatement (i.e. after 36 consecutive months from date of lapse.). - Surrendering the policy: The policy can be surrendered and the life assured can receive the surrender benefit applicable as on the date of the lapse of the policy.
Please note that the policy cannot be surrendered during the free cover period.
Information
For information about this plan or to submit a query or complaint, please contact us on
Phone no: 0302 208877
Email: customerservice@prumail.com.gh
