SIP TERMS AND CONDITIONS
OLD MUTUAL LIFE ASSURANCE COMPANY (GHANA) L.T.D (Hereinafter called the Company), having received a proposal
and a Declaration with date as stated in the Application Form which together with the answers given by the Policyholder to any questions put forward by the Medical Examiner shall form the basis of this contract and hereby agrees with the policyholder subject to the payment of the premium specified in the Application Form to pay the Sum Assured in accordance with the terms upon receipt of proof satisfactory as to:
1. The occurrence of the event on which the Sum Assured is payable
2. The legal title of the claimant, and
3. The age of Life Insured
The Company Further declares that the Application Form, General Conditions and Declarations and Agreements set forth in this Policy are an integral part of this Policy and thereby of the contract between the Company and the Policyholder (as stated in the form) and it is further declared that any endorsements made on this policy are to be deemed to modify the contract between the Company and the Life Insured as from the date of such endorsement unless otherwise provided.
FRAUD WARNING: Deliberately presenting false information is unlawful. Failure to disclose accurate information may result in non- payment of claim and all bene ts under the policy being terminated.
When we use the following words this is what we mean:
THE LIFE INSURED: A natural person as named in the application form whose life has been insured.
YOU, YOUR, POLICYHOLDER: The owner of this contract, as shown in the application, unless changed as provided for in this contract.
WE, OURS, US: Old Mutual Life Assurance Company (Ghana) Limited.
AGE: The Policyholder's age at the Policyholder's last birthday.
COVER/SUM ASSURED: The initial amount payable on the death of the policy holder.
PREMIUM: The contractual periodic contributions by the policyholder.
PAYMENT FREQUENCY: The manner of premium payment such as monthly, quarterly, semi-annually or annually
PROCEEDS: The amount we are obligated to pay under the terms and conditions of this policy, when the policy is surrendered, matures or when the Life Insured dies.
TERMINATION: The Life Insured is no longer insured under any of the terms of the policy.
INDEBTEDNESS: Unpaid premiums.
BENEFICIARY: A bene ciary is any person named by the policyholder in our records to receive the Sum Assured and
proceeds after the insured dies.
POLICY EFFECTIVE DATE: The effective date of the cover under this policy and the date from which policy anniversaries, policy years, policy months and premium due dates are determined.
ACCEPTANCE DATE: The Acceptance date will be the date on which the underwriter accepts the signed application form from the Policyholder. On this date therefore all acceptance criteria have been met and the underwriter has received all required documentation from the Policyholder. The acceptance date may be before the effective date or after the effective date. However, if after the effective date, the Acceptance date must happen no more than 30 days after the effective date of the policy.
POLICY ANNIVERSARY: The same day and month as your policy effective date for each succeeding year as your policy remains in force.
MATURITY DATE: The date the policy assumes full term and proceeds are due for payment.
1. FREEDOM FROM RESTRICTIONS
This policy is absolutely free from all restrictions as regards foreign travel, residence and occupation unless otherwise stipulated.
This Policy is indisputable after having been in force for two (2) years from the Date of Commencement of the Assurance as stated in the Schedule except on the grounds of fraud.
Old Mutual Life Assurance may contest the validity of the insurance contract on the grounds of a material misrepresentation in the application/proposal for insurance within two years of policy inception. A material misrepresentation in an application for life insurance is a misrepresentation that is relevant to the insurer's evaluation of the proposed insured. The misrepresentation is material when, if the truth had been known, the insurer would not have
issued the policy or would have issued the policy on a different basis, such as a higher premium or a lower face amount
4. MISSTATEMENT OF AGE
If it is found that the age of the Life Insured has been understated in the proposal, any Sum Assured hereto will be reduced to the amounts which premiums paid would have secured. In calculating such reduced amounts, the terms of the policy and of the premium payments will be deemed to be the same as those specified in the schedule. If it is found that the age of the Life Insured has been overstated the excess premiums paid will be refunded without interest.
5.CURRENCY AND JURISDICTION
All payments made to or by the Company shall be payable at the Company's Head Of ce in the lawful currency of Ghana and any questions of law arising under this Policy shall be decided according to the Laws of Ghana.
If the full premium due is not received by the due date, the policyholder will enter the grace period on the due date. There is a grace period of 30 days available. If a full premium due payment in respect of the oldest missed premium due is received by the end of the grace period, the policy continues as active. If a full premium due payment is not received, the policy will enter the reinstatement period.
The reinstatement period is 12 months after the end of the grace period. If a premium is not received and the policy holder had paid premiums for less than 24 months, the policy will lapse and the client will forfeit all benefits attached to the policy. However, if the policyholder had paid premiums for at least 24 months and 24 months have elapsed, the policy will
automatically move to paid-up state. No life cover will be available during the reinstatement period.
8.COOLING OFF PERIOD
The policyholder has the right to cancel the policy within 30 days of commencement. All premiums paid will be refunded provided that no insured event has occurred, and no claims have been made or paid.
After completion of the 30day cooling off period the Policyholder may still give notice to cancel the policy. If the policy holder has had the policy for less than 2 years and paid less than 2 full annual premiums no benefits will be due.
10. LAPSE CLAUSE
If the contribution is not paid within the reinstatement period and the policy has been in force for a period less than 2 years, the policy lapses and no benefits will be paid to the client.
11. PAID UP POLICY
The policy may become paid-up after the reinstatement period if two full annual premiums have been paid and 24
months have elapsed from policy commencement. In this case, future premiums shall cease to be payable and the
credit amount in the Assured's account shall be considered as paid up value of the plan which shall earn interest compounded at the rate declared by the company each calendar year. The amount thus accumulated shall be payable at the maturity date of the policy. The sum payable at death shall be equal to the amount at the credit of the account at the time of earlier death of the Life Assured.
12. PARTIAL WITHDRAWAL
Partial Withdrawals may be granted to the Insured when the Policy has acquired a cash value after twenty-four
(24) full months premium have been paid and 24 months have elapsed. Old Mutual, however advises against withdrawing from the funds unless for the purpose of a special need otherwise the core purpose of substantial medium-to-long term reward of the Special Investment Plan might be defeated. Partial Withdrawals may be taken once in a policy year. Partial withdrawals attract a 2% charge on the amount withdrawn which is debited to the Insured's account.
13. REVIVAL OF THE POLICY
a) If the outstanding premium is paid within the reinstatement period, the policy continues to be in force and life cover resumes immediately.
b) If a premium is not paid within the reinstatement period, the life cover remains cancelled and the policy is made paid-up subject to the policy having been in force for at least two (2) years with two (2) years of premium paid.
c) If the contribution (premium) is not paid within the reinstatement period and the policy has not been in force for at least two (2) years, the policy lapses and no bene t will be paid to the client.
d) Policies that have been surrendered or matured or where a death bene t has been paid cannot be revived.
This Policy may be assigned but the company shall not be deemed to have knowledge of any assignment until written notice thereof is led to the Company's Head Of ce or the nearest branch. The Company accepts no responsibility for the effect, sufficiency or validity of any such assignment. All assignments are subject to any prior charges in favour of the Company including any advances or premium, (together with the interest thereon and possible charges for late payment)
The policyholder may surrender a policy at any time after 2 years (24 months) since policy inception, provided they have paid an equivalent of two annual premiums. The surrender value is equal to the accumulated funds at the time of surrender less charges. All surrender requests attract a 2% charge of the accumulated fund.
This policy attracts an administration charge of 4% on each premium paid. A risk premium which is dependent on age, cash value and cover chosen is also deducted monthly on premium payment. An acquisition charge based on duration inforce and term of policy is also charged monthly upon premium payment. It is expected that policy charges will not increase throughout the life of the policy; however, this is not guaranteed. Old Mutual Life Assurance Company (Ghana) reserves the right to review all policy charges at any point in the future.
17.FURTHER DECLARATION AND AGREEMENTS
It is hereby further declared and agreed as follows:
a) Personal Account:
Personal Account of the insured shall be set up by the credits made every time that a premium is actually received by the company. The total amount accumulated in the fund will be, Contribution less Mortality charges less defined expenses loading less any rider and partial withdrawals taken plus interest. The Insured's personal account shall earn pro-rata interest compounded at the rate declared by the Company each calendar year.
b) Death of the Life Insured:
In the event of the untimely death of the Life Insured through accident or illness or sickness causes, the higher of the Sum Assured or the accumulated fund at the time of claim will be paid to the Life Insured's Bene ciary. The Beneficiary would either receive the Insured amount at death (less any indebtedness due to the Company against this policy) or the total amount accumulated in the fund, (Contribution less Mortality charges less defined expenses loading less any rider and partial withdrawals taken plus interest).The greater amount is payable.
The Sum Assured is not payable under this Policy if the death of the Life Insured is caused by a consequence of:
a) Suicide within Two (2) years from Effective date of this policy as stated in the schedule or the Date of the revival of the Policy in accordance with General condition 13
b) The execution of a judicial sentence of death.
c) Direct or indirect consequence of war or warlike operations, whether war be declared or not, or invasion, act of foreign enemy, hostilities, mutiny, riot, civil war, rebellion, revolution, insurrection, conspiracy, military or usurped power, martial law or state of siege.
d) The Life Insured traveling in or alighting from an air craft other than a fare-paying passenger or an air craft licensed for the carriage of passenger piloted by a pilot holding a commercial pilot's license and operated by a regular airline or recognized charter service.
e) Any serious disease from which the Insured was suffering prior to the commencement of the policy which the Insured deliberately fails to disclose in the application.
In witness to the above, The Old Mutual Life Company (GHANA) Limited has caused this Policy to be executed as of the policy date.
For compliments or complaints about Old Mutual, please visit any Old Mutual Of ce or branch or email firstname.lastname@example.org. If matter remains unresolved, you can visit the National Insurance Commission (NIC) at National Insurance Commission: No 67 Independence Ave Insurance Place P.O. Box CT 3456 Cantonments, Accra.