Why Choose Employee Risk Benefit (Group Life)
Employee Risk Benefit (Group Life)
Employee Risk Benefit (Group Life) is a plan where benefits are offered to Employees to cover against Life events which will have a financial impact on the company or employee and the dependent family.
SCOPE OF COVER
The following summarizes 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.
The categories of benefits include All Occurrences Benefits, Group Personal Accident and Workmen’s Compensation. Each of the benefit categories fulfills a need for the Employer or Employee. It is common practice for companies to purchase a package of the benefits outlined below.
Standard Benefit
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
- Funeral Benefit (Legal Spouse, Biological Or Legally Adopted Child, And Biological Parent)
- Total Permanent Disability
- Critical Illness Benefit – heart attack, cancer, stroke, kidney failure, coronary artery bypass surgery, major organ transplant and paraplegia.
GROUP PERSONAL ACCIDENT
This policy provides cover should any employee be disabled, killed or injured due to, or 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
- Accidental Total Permanent Disability Benefit
- Accidental Temporary Disability Benefit
- Accidental Medical Expense Reimbursement
WORK RELATED ACCIDENT
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
- Total Permanent Disability Benefit
- Total Partial Disability Benefit
- Temporary Disability Benefit
- Medical Expense Reimbursement Benefit
WOMEN’S COMPENSATION BENEFIT(WOMEN’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) of Ghana.
- Death Benefit
- Total Permanent Disability Benefit
- Total Partial Disability Benefit
- Temporary Disability Benefit
- Medical Expense Reimbursement
Vanguard Life Smart Target Plan provides financial support at each stage of your life. The policy is an investment-linked life assurance plan providing both life cover and savings benefits. The Smart Target Plan assures you that your investment premium is secured and shall earn a guaranteed interest. The policy pays lump sum at maturity. However, you have the option to purchase annuity (monthly payments) for a defined period or for life.
- You have a home with a fixed mortgage that you need to secure.
- You have children, whom need financial stability while they grow up.
- You have debts that will be paid down over time.
- When you need low-cost life insurance with “no-frills.”
If you hope to have a successful future for your child, then Vanguard Life’s Child Education Plan has a good education plan for you today
