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Pru Wealth Plan-PRUDENTIAL

 


What is the Pru Wealth Plan?
It is an endowment policy that provides Death and Total Permanent Disability (TPD) benefit, an annual family income benefit on death, a maturity benefit and a free extra cover up to five years until the attainment of age 65. The free extra cover is only applicable to policies with no claims made at policy maturity.
What you should know
  1. Life Assured: The Policyholder is the main life covered under this policy. You can insure your spouse with a death / TPD cover.
  2. Policy Term Ten (10), Twelve (12), Fifteen (15).
  3. Minimum Sum Assured: Minimum sum assured is GHS 100,000 for the main life and GHS 50,000 for the Spouse
  4. Maximum Sum Assured: Unlimited cover
  5. Non-Medical Limit The non-medical limit is GHS 200,000
  6. Waiting Period: Six (6) months for those who do not undergo medicals.
  7. Maximum Cover Age 65
  8. Policy Fee A policy fee of GHS1.00 per month will be added to the premiums.
  9. Waiting Period Six (6) months for those who do not undergo medicals.
Age Limits (Age at Entry)
Term (years)MinimumMaximum
101855
121853
151850
Benefits
Death Benefit:
    • Sum Assured as at the Date of Death, minus
    • All outstanding premiums plus compounded interest (at Government of Ghana 91 days Treasury Bill rate), if any.
Total Permanent Disability (TPD) Benefit
    • A percentage of the Sum Assured as at the date of disability depending on the severity of the disability minus
    • All outstanding premiums plus compounded interest (at Government of Ghana 91 days Treasury Bill rate), if any.
The payment of a TPD claim does not reduce the Death benefit
Family Income Benefit
If you pass on during the policy term, your beneficiaries will receive a family income of 10% of the sum assured until the end of the policy term. The Family Income Benefit is payable annually on every Policy Anniversary date following the date of death.
This benefit will not be paid if the policyholder dies during the extended cover period.
Accidental Death Benefit
A lump sum which is twice the sum assured shall be paid in the event that you pass on through an accident during the policy term. The waiting period does not apply to this benefit.
Waiver of Premium Benefit
In the event that you pass on or suffer 100% TPD during the term of the policy, you will no longer be required to pay premiums until the end of the policy term. The Maturity Benefit shall, however, be paid at the end of the policy term.
If the policy has a benefit escalator, it will cease when this benefit takes effect.
Maturity Benefit
If the policy is still active at the end of the policy term, we shall pay you or your Beneficiary:
  • Sum Assured as at the Date of Maturity; minus
  • All outstanding premiums plus compounded interest (at Government of Ghana 91 days Treasury Bill rate), if any.
No Claim Benefit
    • If the policy is active at the end of the policy term and there has not been any Death or TPD claim during the term of the policy, you will be entitled to a free 5-year extended life cover.
    • If you were aged between 50 and 55 years at the time of policy inception, your policy term is limited to 10 years and therefore the free extended cover will be reduced between 0 and 5 years.
    • In the event of Death during this period, we shall pay your beneficiary(ies) the Sum Assured as at the end of the policy term.
    • There is no double payout for accidental death during the free cover period.
    • In the event that you become permanently disabled and the deferred periods have been satisfied, we shall pay a percentage of the Sum Assured depending on the severity of the disability.
Surrender Benefit
  • This is a long-term policy and it is in your best interest to have the Policy continue for the full policy term to optimize the benefits on the policy. However, you have the right to surrender your policy at any time during the policy term.
  • During the policy term, a cash value shall be payable to the policyholder, which shall depend upon the year of surrender.
  • No Cash Value would be payable during the free extended cover period, that is, after payment of the maturity benefit.
Optional Benefit
  1. Spouse Cover:
    This optional benefit allows you to insure your spouse with a Death/TPD Cover equivalent to either 50% or 100% of the Sum Assured. The Spouse Cover can be selected only at the time of application.
    The spouse is entitled to the following benefits:
  • TPD Benefit
  • Death Benefit
The death benefit is payable if the spouse passes on accidentally during the waiting period. If the policyholder passes on during the term of the policy, the spouse will no longer be required to pay a premium until the end of the policy term.
The premium payment term for the spouse would be equal to the premium payment term of the base product and the Policyholder has to pay an additional premium for this cover.
There is no maturity or surrender benefit for the Spouse Cover and the No Claim Benefit is also not applicable under this option.
The policyholder can drop the Spouse Cover at any time by making a written request to the Company which will take effect from the next premium due date.
2. Benefit Escalator:
To protect your benefit against the effect of inflation, your premium can be increased every year by an agreed percentage between 5% – 30%
Claims Procedure
The processing of a claim will start when the policy is active and only after we have received these documents:
    • A completed claim form
    • The original Document of Insurance.
    • Any national form of identity that establishes the name and date of birth of the policyholder and/ or claimant: Voters’ ID, Driver’s license, Passport or NHIS card.
Policy Conditions
    • Medical underwriting
Any sum assured above the non-medical limit of GHS 200,000 will undergo a medical examination at the cost of Prudential Life. Prudential Life will issue a medical letter to the insured life after the application for insurance has been received. If the sum assured is below the non-medical limit, you will be required to make a declaration of good health. Some applicants with sum assured below the non-medical limit might undergo medical examination based on the underwriting decision.
    • Lapse Rule
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

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It’s important to find out how the insurance company fares during a bad economy and how that can affect you. Go through stock ratings and business resources to get the information you are searching for.
You may also want to consider the price factor when searching and eventually choosing your insurance company. In other words, if the price is affordable, go for it. If it’s not, go elsewhere.


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