Full Benefits of SIC-GES Life Insurance Policy

The SIC-GES life insurance policy is a collaboration between the State Insurance Company (SIC) and the Ghana Education Service (GES). The arrangement presents an opportunity for the insurance company to provide a tailored insurance product for staff of the Ghana Education Service (GES).

The SIC-GES life insurance policy is a group product. This means customers who are not staff of the Ghana Education Service (GES) can not participate in the policy. The policy provides future protection for Ghana Education Service staff against any unfortunate event.

According to Investopedia.com, life insurance is a contract between a life insurance company and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to one or more named beneficiaries when the insured person dies in exchange for premiums paid by the policyholder during their lifetime.

The SIC-GES life insurance policy therefore provides a protection and sense of financial stability for the dependants of the policy in the unfortunate event the breadwinner dies or he or she becomes incapacitated.

The SIC-GES life insurance policy provides a sum assured to members during

a. Death

b. Total permanent disability

c. Critical Illness

a. Death: Death is inevitable. The emotional loss of a loved one is traumatizing. It is equally traumatizing when there is no sense of financial stability in the absence of a loved one who is the breadwinner. It is for this reason that paying a sum assured to a stated beneficiary is a major component of life assurance policies. SIC pays a contracted sum assured to named beneficiaries in the event of death by a member of the policy.

b. Permanent disability: Anyone can become totally incapacitated at anytime. In such unfortunate events, an individual is unable to work for income. Anyone without an insurance policy that provides some support during a period of total disability usually becomes a burden on their loved ones. Sometimes, totally incapacitated people become too much a burden to carry to the extent that their care givers and loved ones can abandon them. However, the story can be different when a source of financial support is provided to a totally incapacitated person. The GES-SIC life insurance policy therefore pays a sum assured to members of the policy.

c. Critical Illness. It is a fact that humans can become sick to the extent that the person will not be able to do any meaningful work. The SIC-GES life insurance policy therefore pays a benefit to any member of the policy who suffers from any critical illness. The critical illnesses that the policy caters for are:

1. Heart attack

2. Stroke

3. Deafness

4. Cancer

5. Kidney/ renal failure

6. Loss of sight

7. Loss of speech

8. Paralysis

However, the critical illness must be diagnosed by a qualified medical doctor in a hospital approved by the Ministry of Health.

a. Only staff of the Ghana Education Service (GES) who are in active service are eligible to join the policy.

b. The premium to be paid by members is a flat amount of ten Ghana cedis (Ghc10.00)

c. The premium to be paid by members is deducted at source on the platform of the Controller and Accountant General Department.

Whenever the event that is captured under the policy occurs, the policy will pay the following amount to the member of the scheme.

a. An amount of eighteen thousand Ghana cedis (Ghc18,000.00) will be paid to the named beneficiaries of the policy whenever the policy holder dies.

b. An amount of eighteen thousand Ghana cedis (18,000.00) will be paid to anyone who suffers from total permanent disability.

c. An amount of nine thousand Ghana cedis (Ghc9,000.00) will be paid to any policy holder to any policy holder who suffers from critical illness.

Claims can be denied to policy holders. There are occasions when claims are denied. Some of such conditions for a claim to be denied are

a. When a policy holder commits suicide or self-inflicted injury

b. In times of war, insurrection or civil unrest

c. Use of narcotics or engagement in criminal action.

d. Engaging in aviation except as a passenger on a recognized airline

Source: siclife.com.gh