GLICO Family Life Comprehensive Plan – Quick FAQs

1. What is this plan? 

A term policy that gives your family financial protection through lump sum payments in case of death, permanent disability, or critical illness.

2. Who is covered? 

The Policyholder and up to two spouses.

3. What are the entry ages?

• Policyholder: 18–55 years
• Spouse: 18–55 years (Above 55 requires medical examination.)

4. How long does the policy last? 

Minimum of 10 years, ending at age 65.

5. What happens at maturity? 

If no claim is made, all premiums paid (minus admin costs) are refunded.

6. What benefits are included?

• Death Benefit: Lump sum to beneficiaries.
• Accidental Death: Extra 50% added to the death benefit.
• Family Upkeep: 5% of death benefit for family living costs.
• Permanent Disability: Up to 100% of sum assured for Policyholder, 50% for spouse.
• Critical Illness: Up to 10% of sum assured for stroke, cancer, or heart surgery.

7. Are there health perks? 

Yes. Free medical check-ups every two years and annual lifestyle medical consultancy.

8. Can I take a break from premiums? 

Yes. One-month premium holiday each year after 24 months of continuous payment.

9. Do benefits increase? 

Yes. Benefits grow by 5% annually, with premiums adjusted upward. Higher escalation options are available.

10. What is the waiting period? 

Six months. Accidental death is covered immediately. Other claims within this period result in refund of premiums (minus admin costs).

11. Can I surrender the policy? 

No. The plan has no surrender benefit.

12. When does the policy end? 

It ends at maturity, age 65, death of Policyholder, non-payment of premiums, or if a major claim is paid.

13. Can I amend the policy? 

Yes. You can add or remove lives or adjust benefits, subject to waiting periods and medical requirements.

GLICO Family Life Comprehensive Plan Contract FAQs – General Conditions

1. What is “the Contract”? It is the agreement between the Policyholder and GLICO LIFE, based on the information provided in the application and declarations.

2. In what currency are payments made? All payments to or from GLICO LIFE are made in Ghanaian cedis.

3. Which law governs this policy? The policy is governed by the laws of Ghana and disputes fall under Ghanaian courts.

4. How are disputes resolved? Parties first try to settle disputes amicably. If unresolved within 30 days, the matter is referred to the National Insurance Commission.

5. Can the policy be assigned? Yes. Assignments can be recorded at GLICO LIFE’s Head Office with proper documents, but GLICO LIFE does not guarantee their validity.

6. How can premiums be paid? Premiums can be paid via bank standing order, direct debit, Mobile Money (MOMO), cheque, or employer source deduction. Payments are due monthly in advance, but can also be made quarterly, half-yearly, or annually.

7. What happens if premiums are missed?

• In the first year: If three consecutive premiums are missed, the policy lapses and no benefits are paid.
• After the first year: The policy will not lapse, but benefits will be reduced and paid at 80% of the pro-rated sum assured.

8. What is the grace period for premium payments? One calendar month is allowed as a grace period.

9. How are claims made? Claims must be submitted with the policy document and required proof (death certificate, medical report, ID, etc.). Notification must be made within the stipulated time (two years for death, three months for disability).

10. What documents are needed for claims?

• Death: Policy document, claim form, death certificate, police report (if accidental), ID, and proof of relationship.
• Disability: Policy document, claim form, medical report, police report (if accidental), ID, and proof of relationship.
• Critical illness: Claim form, medical report, and ID.

11. What if the age of the Life Assured was misstated? Benefits will be adjusted to what the premiums paid would have purchased at the correct age.

12. Can the policy be amended? Yes. GLICO LIFE may amend terms and will communicate changes to the Policyholder through official channels.

13. How are proceeds paid? Proceeds may be settled under optional methods approved by GLICO LIFE.

14. Are there travel restrictions? No restrictions on travel, but the Policyholder must be a permanent resident in Ghana at the time of sign-up.

15. Can a lapsed policy be reinstated? Yes, within 13 months, if overdue premiums are paid and medical evidence is provided.

16. Is the policy contestable? After two years in force, the policy cannot be contested except for fraud or non-payment of premiums.

17. What happens in case of suicide? If suicide occurs within two years of issue or reinstatement, only premiums paid will be refunded.

18. What exclusions apply? No benefits are paid for death or disability caused by war, unlawful acts, racing, self-inflicted injury, substance abuse, epidemics/pandemics, aviation (except as a passenger on a commercial flight), or undisclosed pre-existing conditions.

19. How does correspondence work? All communication is sent to the last known address or email provided by the Policyholder.