GNAT Heritage Cashback Plan is Best Insurance Policy in Ghana

The GNAT heritage cashback plan for teachers is a group life insurance policy for members of the Ghana National Association of Teachers (GNAT). The GNAT heritage cashback plan policy is underwritten by miLife Insurance Company. The policy is considered to be the best insurance policy in Ghana.

Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment, according to  Wikipedia.

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miLife Insurance has therefore collaborated with the Ghana National Association of Teachers (GNAT) to provide life insurance to the members of the latter. The life insurance policy, GNAT heritage cashback plan, is a 10-year term policy. The GNAT heritage cashback plan policy is considered to be the best life insurance policy on the market. This is because of the unique business model that the scheme runs. Fundamental to the policy is the opportunity created for members of the policy to receive all their premiums contributed during the lifetime of the policy. It must, however, be stated that only those who did not receive any benefit or sum assured during the lifetime of the policy get the chance to receive all their premium contributions.

The insurance policy is available only to members of the Ghana National Association of Teachers (GNAT). The policy, which is a life policy, provides financial protection for the member and/ or his dependants. Only GNAT members who are in active service can join the policy.

This insurance policy has three (3) main benefits for the member and/or his dependants. The main benefits of the policy are

a. Cashback to members after the policy elapsed

b. Cash payments in the form of a sum assured in case of total permanent disability of the member

c. Cash payments to the member in the form of a sum assured in case of death.

See also: Full Benefits of SIC-GES Life Insurance Policy

a. Cashback: the policy refunds 100% of all premiums paid by the member after the 10-year term of the policy. In addition, members also receive a 20% of their total premium after the ten-year term of the policy. It must be stated that the refund of the 100% premium payment and the 20% of the total premium are paid only when

1. The members did not make any sum-assured claim from the policy during the 10-year term of the policy.

2. A member goes on compulsory retirement at the age of sixty (60) years old.

3. A member retires voluntarily from active service

4. A member is sacked it resigned from the Ghana Education Service (GES)

b. Total permanent disability: Existing sum assured is paid to any member of the GNAT heritage cashback plan whenever the member is totally disabled. Total disability in this case when the member is unable to work or earn income. The total disability could be through accidents or sickness.

c. Death: Dependents (beneficiaries) of members of the GNAT heritage cashback plan are paid the prevailing sum assured whenever the member dies during the term of the policy.

1. Members are required to wait for 180 days (6 months) to benefit from any claim. However, the waiting period does not apply to cases arising because of accidental deaths. Also, waiting is not required for cars of total permanent disability

2. The policy is considered to be automatically terminated after non+payment of premium three (3) times within a year. Also, the policy is considered to be automatically terminated after non-payment of policy premium five (5) times cumulatively within the lifetime of the policy.

3. An automatic rate of ten percent (10%) is applied to the insurance premium to protect the premium and sum assured from inflation. This translates to a corresponding seven percent (7%) annual adjustment to the sum assured.

This policy, the GNAT heritage cashback plan, is considered to be one of the best insurance policies in Ghana.

Interested members of the Ghana National Association of Teachers (GNAT) can contact the head office of miLife Insurance on 0242439999. You can also visit their official website on www.milifeghana.com for more details.