The GN Life Insurance has introduced its newest product, the ‘Life Guard Plan’ into the Ghanaian market.
The product, the company explained, offers the financial security against the risks of death, total disability and critical illness with medical second opinion cover.
Speaking at the event, Mr. Andrew Fiifi Simpson, CEO, GN Life said; “what we seek to provide is a significant life cover as a replacement income, enough money to cover permanent disability and critical illness.”
The product in collaboration with GN Re and Swiss Re, Simpson explained, seeks to offer the general population an opportunity to address the very important need that the product was designed for.
Making a presentation on the product, Mr. Razak Abdul, Head-Underwriting, GN Life, said; “the product covers persons aged 18 years to 59 years, with a term policy which ranges from five years to 47 years. Cover ends at 65 years.”
He explained that the product returns 20 percent of all premiums paid at the end of the term if there was no admitted claim, with an inflation protector, also linked to an inflation index.
“The Life Cover (death benefit) pays a lump sum to named beneficiaries when the Life Assured passes on during the policy; a minimum sum assured of GHS50, 000, maximum sum assured of GHS1, 000,000 and sum assured in multiples of GHS5, 000.
The GN Life Company, since its inception in 2015, has since 2016 made consistent underwriting profits as well as grew in terms of gross premium to be the 10th largest life insurance company among 23 others nationwide.
“All these were achieved within three years, and the success has been the GN Life’s distribution model as well as its strong leadership. With the introduction of this new policy, (Life Guard Plan), I believe the company will grow much faster, catering for the needs of many Ghanaians.” Mrs. Nyamikeh Kyiamah, GN Life’s Board Chair averred.
By Wisdom Jonny-Nuekpe