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  • Overview
  • Features & Benefits
  • Employee Risk Benefits
  • Customer Care

The  Ghanaian  economy  is  developing  rapidly  and  with  this  development  comes increased competition for resources. One of the key resources to any company’s success is it’s people. Good employees are like gold. Keep them. Retain talent and improve your employees’ benefits with risk solutions to employer and affinity groups. 

At Vanguard Life Assurance Company Limited (Vanguard Life), we realize the need to attract and retain resources and we have developed a Comprehensive Employee Risk Benefit Solution which will allow you to attract and retain staff.

Currently the law in Ghana requires all Employees to be covered under the Workmen’s Compensation Act of 1987 updated by the Workmen’s Compensation Instrument of 1994.  The benefits cover employees should an injury occur in the Workplace.

Some companies have extended this cover to allow for Death or Disability which results from an Accident.   The event is covered either in the workplace only or over a 24 hour period.

The Global trend is to offer Benefits which not only cover you in the event of an accident or event taking place in the Workplace but to cover all employees regardless of where the event occurs or the cause of the event.  This is commonly known as “All occurrences benefits” or also referred to as “Any cause” benefits.
To avoid the duplication of cover Vanguard Life provides flexibility to choose stand-alone benefits or packaged benefits which include a combination of Workmen’s Compensation, Group Personal Accident and all occurrences benefits.

Vanguard Life will guide you through a process of benchmarking insurance benefits against that of your peers and international companies to ensure your staff have the best risk benefits.
Vanguard Life Employee Risk Benefit Plan is an insurance policy designed to provide life insurance cover for employees of an institution. We summarize the benefits which are offered to Employees to cover against Life events which will have a financial impact on the company or employee and the dependent family.
It is common practice for companies to purchase a package of the benefits outlined below.


ALL OCCURRENCES BENEFITS
All occurrences benefits, also known as “Any Cause”, are benefits paid due to Illness or Accident and are independent of the where the event occurred.

  • Death Benefit

    If an Employee dies during the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum.

  • Spouses Death Benefit

    If a Spouse dies during the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum.   The amount that the insured can be covered for must be less than or equal to the amount that the main member is covered for.

  • Total Permanent Disability

    Total Permanent Disability- Accident Definition
    The insured must have suffered a dis-memberment, as set out in the policy, schedule and the dismemberment must be the result of an accident.  We will not pay the benefit if the dismemberment was not caused by an accident.

    Total Permanent Disability- Combined Definition


    The insured must have suffered a dis-memberment, as set out in the policy, schedule and the dismemberment must be the result of an accident.  If an Employee is totally and permanently unable to work because of illness or injury or suffers a dismemberment, we will pay the benefit as set out in the policy schedule, as a lump sum.

  • Critical Illness Benefit

    If an insured qualifies for the critical illness benefit during the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum.
    For this benefit, a critical illness is a condition which an insured suffers from because of illness or injury. This means that the insured has been medically diagnosed, in our opinion and based on objective medical and professional evidence, as meeting the detailed criteria for the critical illness. 
    Notwithstanding the associated Critical Illness definitions, the following Critical Illness is insured - Heart Attack, Cancer, Stroke, Kidney failure, Coronary Artery Bypass surgery, Major Organ transplant and paraplegia.


  • Funeral Benefit

    Main Member Funeral Benefit
    If an insured dies during the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum. An insured is defined as the main member and/or a spouse, child or parent of the main member who meets the conditions for eligibility to be covered by this policy.

    Family Funeral Benefit
    If an insured or immediate family member dies during the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum.   An insured or family member is defined as the main member and/or a spouse, child or parent of the main member who meets the conditions for eligibility to be covered by this policy.
GROUP PERSONAL ACCIDENT

This policy provides cover should any of the employees be disabled, killed or injured due to (caused by) accidental, violent, external and visible means.
Accident  is  defined  as  an  unfortunate  incident  the  insured  could  not  foresee  that  happens unexpectedly and unintentionally at an identifiable time and place and results in death or bodily injury.
Two categories of Group Personal Accident is provided, namely;

  • Occupational Group Personal Accident - only provides coverage for accidents occurring at work.
  • Twenty Four Hour Cover  (24hr)  - provides coverage regardless of where the accident occurs.

Accidental Death Benefit

If an insured dies because of an accident during the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum.

Accidental Total Permanent Disability Benefit
If an Employee is totally and permanently unable to work because of injury caused by accident, we will pay the benefit as set out in the policy schedule, as a lump sum.

  • Accidental Total Partial Disability Benefit
    If an Employee has a bodily injury caused by accident, we will pay the benefit as set in the policy schedule, as a percentage of the sum assured. The percentage of sum assured is based on a continental scale linked to a bodily injury.

Accidental Temporary Disability Benefit
If an Employee is temporarily unable to work because of injury caused by accident, we will pay a monthly benefit based on loss of wages for a pre-defined period of no more than 24 months.

Accidental Medical Reimbursement
If an Employee has a bodily injury caused by accident, we will pay the associated Medical Expenses within 12 months of the date of the accident as set in the policy schedule.

Accidental Funeral Benefit
If an insured dies because of an accident during the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum.

WORK RELATED BENEFIT

If the illness or accident is work related, we will pay a benefit as set out in the policy schedule. The illness or accident must have taken place at a certain time and place:
  • during working hours on work premises;
  • after working hours on work premises, but only if the employer authorised it; or
  • when the insured is travelling to and from work.
Death Benefit
If an insured dies because of an illness or accident which is work related during the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum.


Total Permanent Disability Benefit

If an Employee is totally and permanently unable to work because of injury or illness which is work related, we will pay the benefit as set out in the policy schedule, as a lump sum.
  • Total Parttial Disability Benefit
    If an Employee has a bodily injury caused during in the course of work, we will pay the benefit as set in the policy schedule, as a percentage of the sum assured.  The percentage of sum assured is based on a continental scale linked to a bodily injury.
Temporary Disability Benefit
If an Employee is temporarily unable to work because of injury or illness which is work related, we will pay a monthly benefit based on loss of wages for a pre-defined period of no more than 24 months.

Medical Reimbursement/Hospitalization Benefit

If an Employee has a bodily injury or illness which is work related, we will pay the associated Medical Expenses within 12 months of the date of the accident as set in the policy schedule.

Funeral Benefit

If an insured dies because of an accident or illness during the period of cover which is work related, we will pay the benefit as set out in the policy schedule, as a lump sum.

Cash Back/Cash Bonus Benefit (Cash Back/Cash Bonus) of the 10% of initial annual total premiums paid will be paid every year under the policy if there is no claim on the policy during the year under consideration and if the policy is still in force.

WORKMEN'S COMPENSATION BENEFIT (WORKMEN'S LIABILITY)

The benefit provides for coverage if at any time during the period of insurance any employee in the Insured’s immediate service shall sustain bodily injury by accident or disease arising out of and in the course of his employment by the insured and if the Insured shall be liable to pay compensation for such injury under the law(s) set out in the country in which the insurance policy is issued.

The benefits outlined below are sample benefits and do not necessarily reflect the exact benefits defined under the Workmen’s Compensation benefit.   Refer to the quotation or schedule of benefits for the benefits covered. 
 
The Insurer will indemnify the Company against all sums for which the Company shall be so liable and will in addition be responsible for all costs and expenses incurred with its consent in defending any claim for such compensation.

Death Benefit
If an insured dies because of an illness or accident during the course of work and in the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum.

Total Permanent Disability Benefit
If an Employee is totally and permanently unable to work because of injury or illness during the course of work and in the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum.

  • Total Partial Disability Benefit
    If an Employee has a bodily injury caused during the course of work and in the period of cover, we will pay the benefit as set in the policy schedule, as a percentage of the sum assured.  The percentage of sum assured is based on a continental scale linked to a bodily injury.

Temporary Disability Benefit
If an Employee is temporarily unable to work because of injury or illness during the course of work and in the period of cover, we will pay a monthly benefit based on loss of wages for a pre-defined period of no more than 12 months.

Medical Reimbursement/Hospitalization
If an Employee has a bodily injury or illness during the course of work and in the period of cover, we will pay the associated Medical Expenses within 12 months of the date of the accident as set in the policy schedule.

Funeral Benefit

If an insured dies because of an accident or illness during the course of work and in the period of cover, we will pay the benefit as set out in the policy schedule, as a lump sum.

Cash Back/Cash Bonus Benefit


Table of Comprehensive Employee Risk Benefits

ALL OCCURRENCES BENEFITS

 

Benefits Offered

Benefit Multiples or Flat Sum Assured

Death

3X to 8X Annual Salary

Total and Permanent Disability

3X to 8X Annual Salary

Total Partial Disability (Continental Scale)

3X to 8X Annual Salary

Funeral

GHS 5,000

Medical Reimbursement/Hositalization

GHS7,000

Disability Income (TTD)

104 weeks of actual earnings (2X Annual Salary)

Critical Illness

Percentage of the life cover, for example 50%

Cash Back/Cash Bonus

10% of total premiums paid if no claims occured in the cover period.

WORKMEN COMPENSATION

 

Benefits Offered

Benefit Multiples or Flat Sum Assured

Death

3X to 8X Annual Salary

Total and Permanent Disability

3X to 8X Annual Salary

Total Partial Disability (Continental Scale)

3X to 8X Annual Salary

Disability Income (TTD)

52 weeks of actual earnings (Annual Salary)

Medical Reimbursement/Hositalization

GHS7,000

Funeral

GHS5,000

Critical Illness

Percentage of the life cover, for example 30%

Cash Back/Cash Bonus

10% of total premiums paid if no claims occured in the cover period.

GROUP PERSONAL ACCIDENT (24HR COVER ONLY)

 

Benefits Offered

Benefit Multiples or Flat Sum Assured

Death

3X to 8X Annual Salary

Total and Permanent Disability (includes Total partial Disability - Continental scale)

3X to 8X Annual Salary

Disability Income (TTD)

104 weeks of actual earnings (2X Annual Salary)

Funeral

GHS5,000

Medical Reimbursement/Hositalizaion

GHS7,000

Critical Illness

Percentage of the life cover, for example 30%

Cash Back/Cash Bonus

10% of total premiums paid if no claims occured in the cover period.


Cash Back (Cash Bonus) of the 10% of initial annual total premiums paid will be payable every year under the policy if there is no claim on the policy during the year under consideration and if the policy is still in force. 

We value your concerns, comments and compliments. If you are not satisfied with anything concerning our services, or if you have any enquiries, complaints or you wish to make changes to your policy etc., 

Kindly contact our customer clinic on 0302 235437 - 5, 028 9533900 or www.vanguardlife.com  or contact any of our branches and sales offices nationwide.

Correspondence with Vanguard Life will only be accepted as having been received if the message is:

• Sent by registered mail,
• Handed to a customer service personnel of the company,
• E-mailed to info@vanguardlife.com ,
• Sent through Vanguard Life’s website www.vanguardlife.com ,
• Sent by facsimile to our Head Office or any of our branch and sales offices nationwide (refer to branch network) with proof of transmission.

Other modes of communication shall be valid subject to written confirmation by Vanguard Life.

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  • Head Office
    Address: 21 Independence Road, Ridge,
    Accra PMB CT 455,
    Cantonments,
    Accra-Ghana

  • Email: info@vanguardlife.com

  • Tel: +233 (0) 21 235434/5, 028 9533900