These are the details of Prudential Life Insurance Ghana. It includes the various products, how to become an agent of the company, and other relevant information that sounds useful.
About Prudential Life Insurance Ghana
The Prudential Mutual Assurance, Investment, and Loan Association was founded in London in 1848. The figure of Prudence was adopted as a symbol to be used on the first company seal and to represent the values of the business. By 1898 Prudential had become the leading UK life assurance company and by 1914, one in three British households had a policy with the Pru. During the 1920s Prudential began to expand across the globe, with the first overseas life branch established in India in 1923. By 1939, new net business in the overseas life branches was rivaling the success of the UK business.
Products of the Prudential Life Insurance
INDIVIDUAL PLANS
1. 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
- Life Assured: The Policyholder is the main life covered under this policy. You can insure your spouse with a death / TPD cover.
- Policy Term Ten (10), Twelve (12), Fifteen (15).
- Minimum Sum Assured: Minimum sum assured is GHS 100,000 for the main life and GHS 50,000 for the Spouse
- Maximum Sum Assured: Unlimited cover
- Non-Medical Limit The non-medical limit is GHS 200,000
- Waiting Period: Six (6) months for those who do not undergo medicals.
- Maximum Cover Age 65
- Policy Fee A policy fee of GHS1.00 per month will be added to the premiums.
- Waiting Period Six (6) months for those who do not undergo medicals.
2. Prudent Life Plan
Prudential Life is offering a term life insurance that
provides maximum protection till the attainment of age 70. This product
provides 100% return of premiums, allowing term life insurance policyholders to
recover all of their premiums paid over the life of the policy if they out-live
the policy term and do not make a claim.
What you should know
- Life Assured: The Policyholder is the only life covered under this policy.
- Age Limits (Age Next Birthday): Minimum age at entry is 18 and the maximum age is 60 years.
- Policy Duration: Minimum duration is 5 years and maximum of 52 years.
- Minimum Sum Assured: Minimum sum assured is GHS 100,000
- Maximum Sum Assured: Unlimited cover
- Free Cover Limit (FCL): The free cover (non-medical) limit is GHS 200,000.
- Waiting Period: Six (6) months for those who do not undergo medicals.
3. Dignity Farewell Plan
This product seeks to ease the burden of finding service providers when organizing funerals for your deceased loved ones. Prudential will collaborate with a Funeral Home to offer the services stated in the policy.
What you need to know
The minimum and maximum age at entry for the main life is 18
and 59 years respectively.
The Plan covers:
- Spouse
- Biological/Dependent Children
- Biological, step, or foster mother
- Biological, step, or foster father
- Parents-in-law
Some of the benefits of this Plan
Cash Benefit
A cash lump sum equal to the benefit amount at the time of death will be paid if any of the insured lives pass on. This is to provide the financial support required for other services not offered by the funeral home.
Service Benefit
The selected funeral services will be delivered on the
demise of any of the insured lives subject to the policy terms and conditions.
4. Travel Insurance Plan
The Prudential Travel insurance plan provides insurance for losses incurred during your travel from your country of residence or citizenship.
Some benefits of the Travel Insurance Plane
Medical & Emergency Assistance
1. Medical Expenses & Hospitalization of the Insured Abroad
(costs of surgery, medical fees, and pharmaceutical products): up to USD150,000
2. Emergency Medical Evacuation of the insured (in the event of
an accident or sudden illness): up to USD150,000
3. Emergency Dental Care (for the treatment of pain, infection,
and removal of the tooth/teeth affected) up to USD 1,000
4. Repatriation of the Mortal Remains when the insured passes
on: up to USD 30,000
5. Repatriation of Family Member Travelling with the Insured
should the Insured be hospitalized due to sudden illness or accident for more
than ten days or deceased: up to USD 10,000
6. Emergency Return Home Following Death of a Close Relative
when the Insured’s trip/journey is interrupted by the death of a close relative
up to USD 5,000
7. Travel of One Immediate Family Member should the Insured
should be admitted to hospital for more than five days as a result of an
accident or illness covered in the policy Max USD 1000/-day
Personal Assistance Services
1. 24 Hours Assistance Services: Medical Assistance, Legal
assistance, Pre-Departure Services (provision of information about
immunization, passport or visa requirements, weather and warnings about travel
to certain locations), International General Assistance (translation and communication
for the Insured during emergencies and travel problems
2. Delivery of Medicines up to USD 5,000
3. Hijacking in Means of Public Transport USD 250/hr up to 6000
4. Location and Forwarding of Personal Effects
Baggage
1. Loss of Passport, driving license, national identity card
abroad up to USD 500
2. Compensation for in-flight loss of checked-in baggage up to
USD 2500:
- Per Bag up to USD 1250
- Per Item up to USD 125
Personal Accident in Means of Public Transport
- Accidental Death Occurred in Means of Public Transport up to USD 50,000
- Permanent Disability % of the principal sum as per scale
- Permanent Total Disability up to USD 50,000
Personal Liability
- Advance of Bail Bond up to USD 10,000
- Personal Civil Liability up to USD 50,000
- Legal Defense Abroad up to USD 5,000
5. Ultimate Educational Support Plan
Maturity Benefit
The investment account of the policy at maturity is the benefit amount payable. The maturity date of the policy will be the anniversary of the commencement date coinciding with the expiry of the term of the policy that is stated in your policy document.
Graduation Benefit
If you keep the policy in force till the end of the term, we celebrate your achievement by paying out a lump sum of 4% of the total investment premiums paid. In calculating this benefit, the total premium does not include the policy fee.
Surrender Benefit
If you terminate the policy before its maturity, the benefit payable is reduced by the surrender penalty. The surrender penalty is a percentage of the investment account value as shown in the table below.
|
Policy Year |
Surrender penalty, |
|
Year 1 |
100% |
|
Year 2 |
7% |
|
Year 3 |
5% |
|
Year 4 |
5% |
|
After Year 4 |
3% |
6. Ultimate Hospital Cash Plan
The Prudential Ultimate Hospital Cash Plan is a living
benefits plan that provides financial support when you suffer some form of
income loss due to the hospitalization of your dependents or yourself. Within In this plan, you have the option to select an Individual or Family Plan.
Benefits of the Ultimate Hospital Cash Plan
Daily Hospital Income
Prudential Life will pay the Daily Hospital Income Benefit up to a maximum of 30 days every year when you are hospitalized. The claim is paid if a minimum of two (2) days is spent in the hospital.
Surgery Recovery Income
Ten (10) times the daily hospital cash benefit is payable in the event that any of the insured lives undergo major corrective surgery. This excludes minor and cosmetic surgery.
Major corrective surgery is an operation upon an organ within the cranium, chest, abdomen, or pelvic cavity intended for correction and not cosmetic purposes. Examples are Hernia, Appendicitis, bowel surgery, hysterectomy, myomectomy, thyroid surgery, etc.
Death Benefits
Ten (10) times the daily hospital cash benefit is payable on the death of any of the insured lives.
Accidental Death Benefits
The death benefit will be doubled (2x) in the event of the accidental death of any of the insured lives.
7. Ultimate Classic Farewell Plan
The Prudential Ultimate Classic Farewell plan is a special life insurance product that helps you to secure the financial security of your family after you have passed on. In addition to the main benefits under the policy, there are even juicier optional benefits including an investment package.
The Plan covers Spouse(s) and Children, Siblings, Step-Parents, Parents, Parents-in-law, Foster parents, Grandparents of the main life and Spouse.
You have the option to choose the type of cover plan (Sum Assured) preferred between GHS 10,000 to GHS 20,000.
Main Benefits of the Ultimate Classic Fare Well Plan
Policy Expire Age
Except for children who fall off cover at age 25, the coverage under this policy would cease to be in force for any of the insured lives after age 120.
Never Lapse Feature
Policies beyond the first policy year will never lapse. Rather at the claim stage, the death benefit will be pro-rated based on the number of missed premiums.
Death Benefit
A lump-sum payment equal to the Sum Assured will be paid to you or your beneficiary in the event that any of the insured lives is no more.
Loyalty Benefit
If all premiums for the last five (5) years had been paid before the demise of the main life, an additional 4% of the total premiums paid by the main life will be paid to the trustee.
No Claim Cash Back
A sum of 12% of total premiums paid by the main life (excluding policy fee) will be refunded every five (5) consecutive years if no claim is made.
Accidental Death Benefit
In the event that you pass on suddenly through an accident, a lump sum that is twice the sum assured will be paid to your beneficiaries.
Family Cushion Benefit
An additional 5% of the total premiums made will be paid to your beneficiaries three (3) months after your demise.
Hospitalization Benefit
4% of the sum assured will be paid once every calendar year if any of the insured lives is hospitalized.
Waiver of Premium Benefit
Premium payment will cease if death occurs early or on the attainment of age 60. However, all the insured lives are still entitled to their benefit under the policy. The waiver of premium benefit applies if the policyholder is aged 18 to 50 at the time of policy inception. If the policy has a benefit escalator, it will cease when this benefit takes effect.
8. Ultimate Premier Farewell Plan
The Prudential Ultimate Premier Farewell Plan is a special life insurance policy that enables you to meet your financial obligations or to give financial security to your family after you have passed on.
The minimum and maximum age at entry for the main life is 18 and 59 years respectively.
The Plan covers:
- Spouse
- Biological/Dependent Children
- Biological, step, or foster mother
- Biological, step, or foster father
- Biological, Step or foster Parents-in-law
The cover level for you and your spouse is 100% and 50% for all other insured lives. You have the option to choose the type of cover plan (Sum Assured) preferred between GHs 20,000 to GHs 50,000.
Benefits of the Ultimate Premier Farewell Plan
Never Lapse Feature
Policies beyond the first policy year will never lapse. Rather at the claim stage, the death benefit will be pro-rated based on the number of missed premiums.
Death Benefit
A lump-sum payment equal to the Sum Assured will be paid to you or your beneficiary in the event that any of the insured lives is no more.
Waiver of Premium Benefit
Premium payment will cease if death occurs early or on the attainment of age 60. However, all the insured lives are still entitled to their benefit under the policy. The waiver of premium benefit applies if the policyholder is aged 18 to 50 at the time of policy inception. If the policy has a benefit escalator, it will cease when this benefit takes effect.
Return of Premium
If any of the covered lives die during the waiting period and the policy is active, the total premium paid on behalf of this life will be refunded less the policy fee.
Coverage – Max Life
Except for Children who fall off cover at age 25, the
coverage under this policy will cease to be in force for any of the insured
lives after age 120.
GROUP PLANS
1. Group Welfare Plan
This policy provides financial relief to associations when
unexpected life events occur. It fulfills the association’s obligations to its
members by ensuring there are funds available to support them during unforeseen
life events.
The Group Welfare Plan also enables associations like welfare committees to plan effectively as there is no need to budget for these unforeseen events.
2. Payment Protection Plan
This plan pays out the outstanding loan balance in the
unlikely event of death and other insured events.
Loans that can be covered under this plan include mortgages, personal loans, SME loans, microfinance loans, car loans, welfare/credit union loans and all installment payment purchases.
3. Group Life Insurance Plan
Group Life Insurance assures employees that in the unlikely
event of death, disability or critical illness, a multiple of their annual
salary will be provided to their beneficiaries as a replacement income.
The Workmen’s Compensation Act 1987 of the Ghanaian
Constitution makes it obligatory for all employers to make available funds to
compensate any employee who becomes injured at the workplace.
4. Group Embedded Schemes
These are tailored policies designed in collaboration with institutions
to meet very specific life insurance needs as well as promote the institution’s
traditional products.
Embedded schemes are implemented by including a life insurance policy in new or existing products or services. Partnerships are done with banks, associations, etc.
5. Group Funeral Insurance Plan
- The Group Funeral Insurance policy assures members and their dependents that in the unlikely event of death, an agreed amount will be paid to support funeral expenses.
- Members have the option of covering themselves, their spouse, their parents, and children.
- Prudential Life shall pay a 10% discount on Group Funeral annual premium after 3 years of no claim.
- Includes a hospital cash rider which provides funds for members during hospitalization.
6. Education Continuity Assurance
This is a life insurance policy that provides total peace of
mind to both parents and educationalists in Ghana. In the unlikely event of the
death of a parent, an agreed amount will be paid to support the child’s
education for a period of time.
This policy also covers permanent accidental disabilities. This means that when a parent is temporarily disabled through an accident and cannot work to pay their child’s fees, Prudential Life Insurance Ghana will pay for the child’s education for an academic year.
Mission of the Prudential Life Insurance Ghana
To create long-term value for our stakeholders by:
- Offering financial security to our customers to meet their long-term aspirations
- Developing our employees and agents and providing them with opportunities to succeed
- Delivering profitable and sustainable growth for our shareholders
- Providing social and economic support for our communities
- Investment in the local economy to promote business growth and development
How to become an Agent at the Prudential Life Insurance Ghana
We can offer you a world-class training package to help you get started as an agent and support your rise through the career path to agency manager or even an agency director.
Send your CV with copies of your certificates to: agencyrecruitment_training@prudential.com.gh
Prudential Life Insurance Branches
HEAD OFFICE ANNEX
Venue: No. 6, 6th Street Ringway Estates,
Osu
Telephone: 0302 208 877
TESANO BRANCH
Venue: No. 35 North Street,
Opposite Hobats Clinic Tesano,
Accra
Telephone: 0302 208 877
DANQUAH BRANCH
Venue: 2nd Floor, Design House,
Danquah Circle, Osu
Telephone: 0302 208 877
DANSOMAN BRANCH
Venue: Emmanuel Courts, Dansoman Roundabout,
Near St. Martin’s De-Porres School,
General Ankrah High Street
Telephone: 0302 208 877
ACCRA CENTRAL BRANCH
Venue: 2nd Floor,
SIC Mall Mokola, Accra
Telephone: 0302 208 877
SPINTEX BRANCH
Venue: Plot 40, Takyi Plaza,
Spintex Road, East Airport
Telephone: 0302 208 877
TEMA BRANCH
Venue: GIAAN Towers, First Floor, Hospital Road,
Community 11
Telephone: 0302 208 877
KUMASI BRANCH
Venue: 3rd Floor Dufie Towers, Guggisburg Road,
Adum, Kumasi
Telephone: 0302 208 877
SUNYANI BRANCH
Venue: Plot No. 2 Block A, Section B New Town,
Sunyani Opposite The High Court
Telephone: 0302 208 877
TAKORADI BRANCH
Venue: 2nd Floor, Tropical Plaza Building,
Opposite SG Bank Main Office, Takoradi
Telephone: 0302 208 877
KOFORIDUA BRANCH
Venue: 2nd Floor, Linda Dor Plaza Ministries Road,
Koforidua
Telephone: 0302 208 877
These are the details of Prudential Life Insurance Ghana. For more information, kindly visit their official website.