GNAT Heritage Cash Back Plan: A Comprehensive Guide

GNAT Heritage Cash Back Plan

The GNAT Heritage Cash Back Plan is a ten-year income protection plan tailored for members of groups or institutions, designed to provide the member’s family with financial security in the event of death or total permanent disability.

The policy also returns all of a member’s premium contributions with a bonus at the end of the policy term if no claim is made. Here’s everything you need to know about the plan:

Who is the Policy for?

This policy is ideal for anyone who is the breadwinner of their family and has dependents, and anyone who wants to protect the dreams and well-being of their family even in their absence.

Cover and Benefits

Heritage Life provides cover against death and total permanent disability. In the unfortunate event of your death, a death benefit will be paid to your beneficiary, while a total permanent disability benefit will be paid to you if you become disabled.

Premium Payment

Premium payment starts at the purchase of the policy and ends at the end of the policy term or when you exit the institution.

Other Features

To protect your benefits against inflation, the policy includes a 10% automatic premium adjustment and a 7.5% benefit adjustment, which is applied annually.

Advantages of this Plan

The insurance contract is reviewed and approved by your institution, payment of premiums is easy, and benefits are protected against inflation. Additionally, the policy returns all premiums paid plus a bonus if no claim is made.

How to enroll

The policy is designed for Teachers to provide a lump sum cover of Ghc23,112 for monthly premium payments of Ghc36.3 (subject to review). To enroll, please contact your secretary.

Conditions for Premium Returns

The policy returns all premiums paid plus 20% of these premiums under the following conditions:

1. If you continue for 10 years, and no claim is made.
2. When you exit from GNAT due to retirement.
3. If you exit from GNAT due to resignation.
4. When you exit from GNAT due to termination of employment.

Before you begin, please ensure you visit the GOG portal and generate a mandate for GHC 36.3 (subject to review).

Note: This information is for educative purposes only. For more information or to enroll in the policy, please contact the insurance company.

SOURCE: Coverghana.com.gh