Wo Ba Daakye

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Wa Ba Daakye

The policyholder has the options to choose a minimum of one child /ward to a maximum of 5 children/ward under the policy. The children’s lives are not insured or covered under this policy.

The policy has a fixed term of three years with the option upon maturity for further

The policy has a fixed term of three years with the option to renew the policy upon maturity for further three –year term periods, subject to good health, but not beyond age 70 of the insured.

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.

The Sum Assured per policy is fixed at GH¢2,000.00 and covers only the insured’s parent /guardian.

Death benefits are payable in the event of death of the insured while the policy is in force.

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.
  • 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.
  • 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 information
    YES. All you have to do is answer the medical questions applicable to you and the assured. Medical examination may be required where necessary.