Quality Smart Plan

Quality Services

Get coverage that provides you with Death & Survival benefits

BASIC BENEFIT DESIGN

Quality Smart Plan is an Endowment policy which provides the following benefits: i. Death benefit payable in the event of death of the insured within the term of the policy. ii. Survival benefit payable in the event insured survives till the end of the policy term. The policy is designed such that the survival benefits automatically increase annually to protect the purchasing power of benefits using the Automatic Inflation Adjustor whiles the death benefits remain level. The plan also allows the policyholder access to a short term loan. If the policy lapses after being in force for a specific number of years, a surrender value will be paid to the policyholder. A supplementary benefit is available through the total and permanent disability rider.

BASIC BENEFIT DESIGN

Quality Smart Plan is an Endowment policy which provides the following benefits: i. Death benefit payable in the event of death of the insured within the term of the policy. ii. Survival benefit payable in the event insured survives till the end of the policy term. The policy is designed such that the survival benefits automatically increase annually to protect the purchasing power of benefits using the Automatic Inflation Adjustor whiles the death benefits remain level. The plan also allows the policyholder access to a short term loan. If the policy lapses after being in force for a specific number of years, a surrender value will be paid to the policyholder. A supplementary benefit is available through the total and permanent disability rider.

Min /Max
Sum Assured

Sum assured GHS 500.00 to GHS20,000.00

Min /Max
Age Entry

18 to 60 age next birthday for policyholders.

Min/Max
Term

Tow (2) to Ten (10) years after policy inception.

Policy loans

Policy loans are available under this plan after the second policy anniversary. The effective policy loan interest rate will be set equal to 75% of the prevailing market rate and the policy loan interest will be charged in advance.

Maximum loan amount may not exceed 50% of the cash value paid till date.

Only one (1) loan transaction will be allowed in every two policy years. Additionally only one (1) outstanding loan will be permitted at any time. This means that a new loan may not be processed until the outstanding loan has been paid in full.

Rider

The rider allows the policyholder to elect additional benefits which are attached to the base life. The selection of the supplemental benefit is optional to the policyholder at an additional cost. The rider provides for an additional level benefit payable in the event of total and permanent disability, as defined in the policy, before the policy anniversary nearest insured’s age 65. There is a waiting period of three months after the date of disablement.

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?
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.
Quality Investment Plan (QIP)
Quality Education Plan (QEP)
  • 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?
    1. 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
    2. 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.
    3. 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.