The Quality Life “Fa Bi Sie” Plan
The Quality Life “Fa Bi Sie” Plan is a pure term insurance policy with a savings (i.e. Susu Fund) plan and is targeted at members of the informal sector. It is based on the traditional Susu module which is prevalent among the informal sector and allows the insured contributor to accumulate funds to meet short to medium term liquidity needs as well as have a life cover.
The Sum Assured per policy is fixed at GH¢1000.00. Death benefits are payable in the event of death of the insured while the policy is in force.
The policy has options to choose both the term of the policy subject to a minimum of 1 year and a maximum of 5 years and the amount he/she will like to contribute to the policy daily, subject to a minimum of GH¢5.00
Upon maturity of the policy. the policyholder has the option to renew the policy for further terms, subject to good health, but not beyond the insured’s age of 72 years