Republic Bank, Enterprise Life unveil three life insurance products
Republic Bank Ghana in partnership with Enterprise Life have signed an agreement to offer life assurance products to customers of the Bank and the general public.
The partnership agreement signed at a brief event held at the Head Office of Republic Bank on Tuesday, March 29, 2022, adds to efforts to deepen the country’s already low insurance penetration of 1 percent of Gross Domestic Product (GDP).
Republic Bank’s partnership with Enterprise Life allows it to offer insurance products such as the Final Rest Policy, which provides immediate cash pay out to cater for the cost of funeral expenses, the Next Gen Policy, a product that provides a replacement income in the event of any dreadful disease, accident or premature death and the EduPlan Policy for future educational expenses.
Managing Director for Republic Bank Ghana, Farid Antar, speaking at the brief event, noted the partnership is in line with the bank’s philosophy of protecting and sustaining the concept of family.
“The provision of mortgages, for instance, is to help individuals and families own their own homes. A husband and wife or even siblings can combine their income and apply for a joint mortgage from Republic Bank. Our retail products such as Right Start Account, I Do Account, Career Builder, HomeSave Plus, and Optimizer to 55 Plus Account, are all centered on the concept of individual to family growth. It is the same thinking you find underpinning Life Assurance products such as; Funeral policies, Income protection and Educational policies, which are all insurance benefits that seek to protect and sustain the family concept,” he stated.
Speaking further, he assured Enterprise Life of the Bank’s commitment to the partnership.
“Although we are aware many Banks in Ghana have been on this journey for some time now, we are poised to be your number one Bancassurance partner in no time,” he added.
Also speaking at the event and on behalf of Enterprise Life was Keli Gadzekpo, Group CEO of Enterprise Life who averred the partnership with Republic Bank is critical to Enterprise Life as they seek to make insurance accessible to all Ghanaians and increase insurance penetration in the country.
“We at Enterprise Life are constantly in search of ways to make insurance accessible to all Ghanaians and give them their desired advantage in life. This partnership is of strategic importance to us because through this, the bank can provide holistic financial solutions for their customers. We are happy to have Republic Bank as our partners and we look forward to giving customers of the bank an advantage in life,” he intimated.
What to know about Republic Bank’s Life Insurance Products
Final Rest Plan
The Final Rest Plan provides immediate cash pay out to cater for cost of funeral expenses.
Under the policy, a maximum number of 16 lives are covered, the policy payment terms range from 10 to 15 years.
There is 100% premium refund or full waiver of premium at the end of the payment term. Sums assured at the end of the payment term vary between GHS 2,000 and GHS 50,000.
The policy pays two times (2x) the sum assured when the insured life dies through accidental means.
The policy also comes with an inflation protector (between 5% – 30%) that allows policy holders to increase the sum assured annually to meet time value of money.
This policy intends to put some funds aside to cater for educational expenses of the policyholder or the policyholder’s children.
It provides an investment component as well as insurance benefits.
The policy pays life cover cash benefit (like a funeral cover benefit) if the main life or child passes away having served the 6 months waiting period and within the policy term. This cash benefit is not inclusive of investments into the T-bills.
There is also the full encashment benefit where the policy has to mature in 10 years; however, if a client opts for less than 10 years ie 7, 8 or 9 years, the client can still encash fully. Likewise those who opted for more than 10 years ie 11, 12 years and above, can still encash in the 10th year full encashment.
The cash bonus benefit of this policy provides an extra savings component between GHC 10 – GHC 50 at T-bill rate and clients can withdraw partially after 1 year and full withdrawals after 3 years.
The Next Generation policy intends to provide a replacement income for the policyholder’s dependents in the event that the policyholder suffers any dreadful disease, accident or premature death.
Features of the policy include;
- Cover: Only Policyholder is covered
- Events covered: Most dreadful diseases, partial disability,
- Term: 5 – 47 years
- Permanent disability from accidents, premature death
- Entry age: 18 – 60 years
- Waiting Period: No waiting period subject to pre-existing
- Ceases: At 65 years
- Conditions and any medical examinations required
- Sums assured: GHC5000 – GHC500000
The burial cover for parents benefit of the provides cover for the policyholder’s parents for an amount of GHC2,500 at the death of each parent. Parents must be between the ages of 31 and 74 and will serve a 6 months waiting period.