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Quality Group Welfare Plan
This is a group policy which pays the total contribution made plus the interest thereon at the end of the policy term or when a member decides to opt out of the policy. In the event of death of a member, the policy will pay the total contribution made by the deceased plus the interest thereon in addition to the life cover (death benefit) to the nominated beneficiary
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Quality Group Life Plan
This is an annual renewable term policy that provides life cover, disability and critical illness as a rider. It is defined for groups of people such as employee – employer group, churches, institutions, associations etc.
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What risks does your policy cover?
In the event of death of a member, the policy will pay the total contribution made by the deceased plus the interest thereon in addition to the life cover (death benefit) to the nominated beneficiary
Frequently Asked Questions
Below are a set of answered questions categorized under the respective topics for your convenience. Kindly browse through for answers to your questions. Chances are the questions you may want to ask have already been answered.
Who can I contact for further information?
if you require further information or clarification, please do not hesitate to call your QLAC sales representatives, or the nearest QLAC office.
- Can I take out a loanYES. You can take out a policy loan after you have made contributions for at least one year. The amount in your Quality Investment Plan account will be used as collateral. Your loan cannot exceed the net cash value of your Quality Investment Plan Account.
- Can I withdraw part of the money in my Quality Investment Plan account?YES. You can withdraw up to 10% of the cash value of your Quality Investment Plan account once every year without a surrender charge.
- Can I take out the Quality Life Investment Plan if I already have a pension plan?YES. The Quality Investment Plan can be used to supplement any pension plan, provident funds and superannuation schemes which you already have.
- What happens if I die?Upon your death, the death benefit would be paid to your nominated beneficiaries.
- What happens if I am unable to make regular contributions?As long as you have enough money in your Quality Investment Plan account to cover expenses, your policy will be in force.
- What are my options at retirement?
Cash-in: At your retirement, you may stop your contributions and take the cash value.Deposit with interest: You can allow your accumulated fund to continue to earn interest and withdraw part of your cash whenever your wish.
Convert to an income provider: this option enables you to draw your capital as a source of regular income or pension.
- Who can take this policy?All parents and guardians above 18 years re eligible to take the policy. Guardians aged 60yrs and above can invest with interest but limited risk benefits.
- What are the optional packages that comes with this policy?
- Waiver of premiums on Death of the guardian/parent: The Company pays the premium on behalf of the parent/guardian up to the Maturity period
- Waiver of premiums on Death or Disability benefit: When the assured dies or becomes totally and permanently disabled, no premium is due from the assured for the unexpired policy term. However the Company assumes the responsibility of paying the premiums for the rest of the premium paying period.
- Immediate Death Benefit: On the death of the guardian, the appropriate Sum Assured.(ie estimated maturity value) at the time of death is added to the investment account and paid in bulk to the beneficiary for the education/training of the child.
- What if I am unable to contribute regularly?If the account value in any month is less than the monthly deduction for that month, a grace period of one month would be granted for the premium to be paid. Failure to pay the premium after the grace period renders the policy invalid.
- Can I increase my premium?Certainly yes. In order to stand the effects of inflation and accumulate more funds, the policy holder may choose from time to time to increase his/her periodic premium.
- What is the premium payment frequency?Premiums are paid either on monthly, quarterly, semi-annually or annually. No claims will be paid when the policy is not in force or premiums are in arrears.
- What is waiting period?The waiting period is six (6) months from the inception of the cover. During this period, no claim will be paid except claims in the event of unnatural or accidental death.
- Do I need to declare my medical informationYES. All you have to do is answer the medical questions applicable to you and the assured. Medical examination may be required where necessary.