The Consolidated Discount House (CDH) has introduced another insurance product dubbed “Life Eternal Plan,” which is tailored to provide funds at short notice for the funeral expenses of any member covered under the policy.
The product cuts across the entire family, which includes, individual (main policy maker) their spouse, parents, parents-in-law, staff/members of association and groups which are applicable for policy holders of 18 years and above, with the maximum age being 69.
Under the Life Eternal Plan, the purchase of a coffin or casket, cost of transportation to final place of abode of deceased and sympathisers, cost of shroud and grave, and the hiring of canopies, chairs, public address system and refreshments, are taken care off.
According to officials of the company, in a statement released recently in Accra, the amount payable under the policy depends on the age of the proposed, number of persons covered, and amount of benefit required.
The policy is renewable on a yearly basis. At the inception of the policy, the policymaker has the option to increase the funeral benefit on an annual basis, in order for the benefits to be “inflation sensitive”.
There is a waiting period of three months for the main life assured, and six months for the additional lives. The waiting period will be waived if death occurs through an accident, and also applies only at the inception of policy, according to the policy.
“There is no waiting period at renewal,” the statement added.
Under the policy, the company on receipt of notice of death of an individual or member covered under the policy, would payout the applicable benefit within 48 hours, but is subject to receipt of genuine relevant documents.
The benefit is payable to any authorised representative or beneficiary, of which one is permitted to change a nominated beneficiary at any time during the term of policy.