DESCRIPTION OF PRODUCTS AND SERVICES
The Company offers a wide range of Life Assurance products that meet the diversified needs of the insuring public.
TRADITIONAL PRODUCTS
Quality Education Plan
A universal life product offers life protection as well as provides investment funds for the purpose of child’s education
Church Welfare Policy
An annual renewable term policy that provides life cover, disability and critical illness for a church group,
Loan Protection Plan
The plan is used to insure loan outstanding balance of a member of group against death, disability and critical illness.
Mortgage Protection
The plan is used to insure the outstanding balance of a mortgage facility obtained by the policyholder against death, disability or critical illness.
Keyman Assurance
An annual renewable term policy that provides life cover for policyholders who takes loan from financial institutions for the purpose of business.
Quality Investment Plan
A universal life product offers life protection as well as provides investment funds.
Quality Group Life Insurance Scheme
An annual renewable term policy that provides life cover, disability and critical illness for groups of people
Quality Funeral Support Plan
A whole life insurance with level premium payment that provides level death benefits in the event of death of the insured while the policy is in force. The policy is open to policyholders, their spouses, and children, other dependents under age 60, parents and parents in law not over age of 75.
THE MICRO INSURANCE PRODUCTS
These products seek to address the challenges faced by members of the informal sector whose earnings barely meet their day to day needs and also have insufficient fund to cover unforeseen events,
The three microinsurance products are Fa Bi Sie, Wo Ba Daakye and Emma No Ento Wo ansa
A brief Description of the products
Fa Bi Sie
The Quality Life “Fa Bi Sie” Plan is a pure term insurance policy with a savings plan and is targeted at members of the informal sector. It is based on the traditional Susu module which is prevalent among the informal sector and allows the insured contributor to accumulate funds to meet short to medium term liquidity needs as well as have a life cover. The policy also offers Dynamic Financial Protection Rapid Capital Accumulation Short Term Benefits Easy Access to Policy Benefits.
Wo Ba Daakye
The Quality Life “Wo Ba Daakye” Plan is a term insurance policy with a savings (i.e. Education Fund) plan and is targeted at members (i.e. parents/guardians) of the informal sector. It is based on the traditional Susu module which is prevalent among the informal sector and allows the insured parent/guardian to accumulate funds to meet short to medium term liquidity needs of the education of his/her children/wards as well as a life cover in the event of his/her death
Emma No Ento Wo Ansa
The Quality Life “Emma No Ento Wo Ansa” Plan is a term life insurance policy with a Savings Plan (i.e. Susu Fund) geared towards providing level death benefits for individuals within the informal sector. It provides funds to help defray funeral-related expenses for family members and loved ones covered under the policy. The base policy covers the primary insured and automatically covers three children below 20 years of age. The policyholder has the option of nominating additional lives for coverage under the policy including his/her spouse and up to a maximum of four parents/parents-in-law. The maximum number of insured lives per policy is nine lives. The standard duration of the policy is five years. The policyholder has the option at inception to elect the level of life cover for each insured life under the policy from the packages on offer as well as the number of lives to be insured under the policy.