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GES-SIC life group insurance policy - All you need to know

GES-SIC life group insurance policy - All you need to know
Source: Ghana | Myjoyonline.com | ABB
Date: 27-06-2019 Time: 05:06:40:pm
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WHAT IS THIS INSURANCE POLICY?

This Group Life policy is a Government initiative to help improve the welfare of teachers in Ghana. It is a group life policy that covers Life, Permanent disability and critical illness. It is a term policy renewable annually.

WHO IS ELIGIBLE TO ENROL ON THIS POLICY?

All employees of GES who are in active service are eligible to enrol onto this policy.

WHY WAS A DEDUCTION DONE IN JUNE 2018 WITHOUT THE KNOWLEDGE OF GES STAFF?

The June 2018 deduction was done in error. There was a miscommunication between the GES and CAGD. The sensitization timelines were missed but the same was not communicated to the CAGD and that is what caused the deduction at the blind side of the staff. GES and SIC Life have apologized for this deduction.

The deduction is going to be used to start the policy in July 2019. Those who have completed an exit form have received a refund in full. Those who will complete the exit form will receive a full refund. Those who do not complete the exit forms are automatically part of the policy and are therefore eligible for all benefits under the policy.

WHY DO I HAVE TO OPT OUT OF THE POLICY WHEN I DID NOT SIGN UP IN THE FIRST PLACE

Because the government is committed to supporting the policy, the default position is that every GES staff is to be covered unless they elect not to be part of the policy.

For the purposes of policy and claims administration, SIC Life will cover every GES staff on the policy even when the CAGD does not deduct their premiums for some months. We will not cover those who have elected to opt out of the policy, hence we will need a list of those staff, everyone else is fully covered under the policy.

WHAT ARE THE POLICY COVER LIMITS?

GH₵18,000 will be paid out to a named beneficiary upon the demise of a member.

Up to GH₵18,000 will be paid out to a member for any permanent disability sustained as a result of an accident or an illness.

GH₵9,000 will be paid out to a member upon diagnosis of any of the named critical illness. Critical illness includes cancers, heart attack, kidney failure, loss of sight, stroke, paralysis, deafness.

WHERE DO I MAKE A CLAIM?


You can pick a claim form from any SIC Life office, call 0501570652 or whatsapp 0501456983 for assistance.

WHAT SUPPORTING DOCUMENTS DO I NEED TO MAKE A CLAIM?

For a death claim you will have to provide proof of death eg. death certificate or burial permit.

For a permanent disability and critical illness claim, you will have to provide a medical report from a licensed medical practitioner from any Ghana Health Service approved medical facility.

CAN I CHANGE MY BENEFICIARIES?

Yes. A member can change their beneficiaries at any time at any SIC Life office across the country. If no changes are made, we will rely on the records with the employer.

IS THE POLICY COMPULSORY?

No. we encourage every employee to enrol on this policy, however, it is not compulsory. Hence, anyone who does not wish to be covered under this group life policy can opt out by completing an exit form which can be found online, at any SIC Life office or at the regional and district offices of the GES. It must be noted that we will deal with members on an individual basis and not unions. This is an individual decision.

WHAT HAPPENS WHEN I CONTRIBUTE FOR YEARS AND RETIRE OR EXIT WITHOUT MAKING A CLAIM?

Members will receive 10% of their premium contributions every 3 years. This rate is an industry standard and MAY be subject to an upward review in the future.

CAN A MEMBER WHO HAS OTHER LIFE INSURANCE POLICIES WITH SIC LIFE ENROL ON THIS GROUP POLICY?

Yes. There is no limit to the number of life insurance covers that an individual can hold. This is an additional cover to what may be provided by SSNIT or any other statutory body. This is a Group Life policy which is different from the investment based policies that teachers may already have with SIC Life and other insurers.

HOW DO I GET TO READ THE POLICY DOCUMENT FOR THIS POLICY?

You can contact any Regional or District office of GES or any SIC Life office for a copy of the policy document. You can also call 0501570652 or WhatsApp 0501456983 for assistance.

DOES SIC LIFE COMPANY HAVE THE FINANCIAL MUSCLE AND THE COMPETENCE TO MANAGE THIS POLICY?

SIC Life is one of the largest life insurance company in Ghana with a premium income of over GH300 million per year. We have a presence in every region in Ghana with well-qualified staff who are ready to assist every teacher who has any concerns.

IS THERE A WAITING PERIOD ON THE POLICY?

There is no waiting period on the policy, meaning if you pay today and a claim happens today you are covered. A waiting period may, however, be applied for those who exit and rejoin later.