CalBank Insurance; Offers And Requirements

In a world of unforseen calamities, it is wise to, if not completely secure your future. Insurance offers are therefore a necessity.

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CalBank offers competitive and excellent insurance facilities worth the try. They’ve been designed to suit wide range of needs.

What is Bancassurance?

Bancassurance is the beautifully tailored insurance facility made available by CalBank to their clients.

What are the offers of Bancassurance?

Bancassurance covers assets and opportunities of clients like education,motor, estates and homes. The types of Bancassurance are;

Ultimate classic farewell plan
Ultimate premier farewell plan
Education Plan
Motor insurance
Homeowners insurance
SME or shopowners insurance

Ultimate classic farewell plan

This plan is a life insurance solution offered by Prudential Life Insurance Ghana through CalBank. This plan assures you and your loved one’s protection against the financial pressures that comes with incurring financial expenses, as well as living expenses; even if you have a large family.

There are non-financial benefits as well other optional benefits you can use to beef up your plan such that it pays you even more. In the first policy year, failure to pay premiums for 4 consecutive months from the due date will cause the policy to lapse and you will not be covered under for the policy stated benefits.

What are the details if the offer?

You can cover up to 19 lives on the policy which includes yourself (1), spouse (4), children (8) and extended family (6).
Main Life, spouse and extended family are covered till age 120 while children are covered up to age 25
Waiting period for All Lives Covered is 6 months.
Premiums can be paid monthly, quarterly, semi-annually or annually.
Premium is calculated based on your chosen Sum Assured and ages of all lives covered.
The policy is a whole life policy. Hence its tenor is till Main Life and lives covered attain age 120.
Death Benefit – A 100% of the chosen sum assured for main life and spouse and 50% for other lives (14) each.
Sum Assured ranges between GHS10,000.00 to GHS20,000.00.
Accidental Death Benefit – We pay 2 times the sum assured if death is caused by accident (For All Lives Covered)
Waiver of Premium Benefit – If you purchase the policy before or on your attainment of age 50, you will no longer be required to pay premiums after age 60 or if death occurs prior to age 60, all other lives will remain covered till they drop of the policy.
Return of Premium Benefit – If any life dies within the waiting period (not as a result of an accident), They will return all premiums paid on the life of the deceased.
No Claim Cash Back – 12% of total premium paid will be given to the policy holder every 5 years interval if there is no claim
Never-Lapse Benefit – Policies beyond the first policy year will never lapse. However, at the claim stage, the death benefit will be pro-rated based on the number of paid premiums.
Voucher Benefits – talk time GHS 50 + Grocery Voucher on the death of each life
Loyalty Benefit – If all premiums had been paid for the last five (5) years before the demise of the main life, an additional 4% of the total premiums will be paid to the trustee
Family Cushion Benefit – An additional 5% of the total premiums paid by the main life will be paid to the trustee three (3) months after the demise of the main life.
Hospitalization Benefit – 4% of the sum assured will be paid once every calendar year if any of the insured lives is hospitalized for a consecutive period of at least three (3) days.
This excludes hospitalization due to child birth.
Cash Investment (Optional Benefit)
Pre-Burial Benefit – 30% of chosen sum assured (Optional Benefit)
Post-Burial Benefit – 50% of chosen Sum Assured (Optional Benefit)

Motor Insurance

This plan is a general insurance policy offered by Saham Insurance Ghana through CalBank. The CalBank Motor Insurance offers individuals and institutions the opportunity to provide coverage for any financial losses resulting from an accident or damages sustained by their vehicles.

This policy provides three main coverages i.e. The comprehensive, Third Party and Third-Party Fire and Theft. Individuals and institutions can therefore opt to purchase any of these three products to provide coverage for their vehicles.

What are the offers?

Flexibility in Premium payments (Monthly, Quarterly, Semi-annual or Annually)
You can buy any insurance cover other than the usual one-year period (i.e. 1 month, 3 months, 6moths etc)
You will have two months grace period for payment defaults. Policy terminates after 2 payment defaults
You can reinstate the sum insured after every claim at anytime within the year of cover
Covers all Third Party and Third-Party Fire and Theft benefits
Covers Accidental or malicious damage to the insured vehicle
Covers Personal accident and medical expenses for the insured and passengers
Covers Loss of or damage to personal belongings and clothing in the vehicle at the time of loss

Homeowners Insurance

This plan is a general insurance policy offered by Sanlam Insurance Ghana through CalBank. The CalBank Homeowners insurance is a property insurance that covers losses and damages to an individual’s residence along with furnishing and other assets in the home.

This policy also provides cover against personal accident in the home. The policy offers you the opportunity to either cover the entire home (comprehensive cover) or Only the content in the home (content only cover)

What are the offers?

Flexibility in Premium payments (Monthly, Quarterly, Semi-annual or Annually)
You can reinstate your sum insured after every claim at anytime within the year of cover
You can update the policy anytime a valuable item(s) is/are added to the content
You will have two months grace period for payment defaults.
Policy terminates after 2 payment defaults Covers loss and damages to your properties.
Covers loss and damages to furnishings and other content in the home caused either theft, burglary, fire, natural disaster and domestic explosions.
Provides liability coverage against accidents to visitors in the insured home (A maximum of GHS 2000)

Education Plan

This plan is a life insurance solution offered by Prudential Life Insurance Ghana through CalBank. It is designed to guarantee your child’s future educational needs no matter what happens to you.

What are the offers?

The policy can be held for a minimum of 8 year and maximum of 25 year up to a maximum cover age of 70 years.
The policy cover only the policyholder for death and total permanent disability.
Waiting period to enjoy all benefits is 6 months.
Minimum premium of GHS 50.00 and maximum of GHS 1,000.00
Premiums can be paid monthly, quarterly, semi-annually or annually.
Failure to pay premiums for 3 consecutive months from the due date will cause the policy to lapse and you will not be covered under for the policy’s stated benefits.
Maturity Benefit – The investment account of the policy at maturity is the benefit amount payable.
Waiver of Premium (WOP) Benefit [on Death or on Total Permanent Disability (TPD)] – they will pay on your behalf, all the remaining premiums for the term of the policy on if death should occur to you prior to age 65 or if TPD occurs prior to age 60.
Graduation Benefit – If You keep the policy in force till the end of the term, They celebrate your achievement by paying out a lump sum of 4% of total premiums paid.
Annual Partial Withdrawals – after the first policy year, this benefit allows you to make a partial withdrawal of not more than 50% of your accumulated fund once every year.
Paid-up Benefit – if Accumulated Fund is GHS 1,500 or more (Optional Benefit)
Surrender Benefit – If you decided to terminate policy, accumulated fund will be paid out to you less a surrender penalty. (Optional Benefit)
Annual Benefits (last Five years instalment pay out) (Optional Benefit)