GCB WealthMaster Plan: Here’s everything you need to know about this Investment and Insurance plan.

Frank Osei Nyarko
Frank Osei Nyarko  - Snr. Editor

Introduction

WealthMaster Plan is an insurance and investment plan offered by Ghana Commercial Bank, the largest Commercial bank in Ghana, which is operated and promoted by the National Insurance Commission (NIC).

It is designed and marketed to help Ghanaians invest in their financial futures and protect their assets through insurance and pension.

Here’s everything you need to know about the WealthMaster Plan from the point of view of this commercial bank.

Without further ado, let’s get started!

What is GCB WealthMaster Plan?

According Ghana Commercial Bank, the WealthMaster Plan is an endowment plan (a hybrid plan made of investment and a substantive life insurance cover) to enable people achieve their short to medium term goals in life.

If you have the plan of building, getting a plot of land, going back to school, expanding your business then wealthmaster is the right plan for you.

Who can apply for GCB WealthMaster Plan?

GCB WEALTHMASTER PLAN

To be able to apply for this WealthMaster Plan offered by Ghana Commercial Bank, you must first meet the following requirements.

  • Applicant must be a GCB customers between the ages of 18 and 64years.
  • Applicant must be a regular income earner
  • You must have an active account with GCB
  • Applicant must be in good health

Who does this WealthMaster Plan Cover?

This WealthMaster Plan covers the (account holder) applicant not more than 60 years.

How to apply for GCB WealthMaster Plan?

Applying for GCB WealthMaster Plan is simple and straightforwarded:-

  • Visit any GCB branch
  • Complete an application form and a direct debit form
  • Fund your account with enough funds and ensure your required contribution is made regularly and on schedule
  • You will be given policy conditions at point of sale to go and study

What does this WealthMaster Plan Benefits the Applicant?

  • Provides the account holder a great peace of mind
  • Ready cash benefit when plan matures
  • An opportunity to place funds in an annuity if one is not in need of funds at maturity
  • Wealthmaster policy holder is entitled to 50% of promised sum assured if he/she suffers total and permanent disability and the remaining 50% is paid at maturity
  • Stoppage of premium payment when wealthmaster policy holder suffers total and permanent disability.
  • Promised full sum assured is paid to beneficiaries when wealthmaster policy holder is no more
  • A (certificate) document is given to wealthmaster policy holder after verification and payment of first premium. This certificate can be used as a collateral for a loan facility.

How can I claim my GCB WealthMaster Plan?

To apply for a claim of your GCB WealthMaster Plan, Kindly visit any GCB branch and complete the required claim form.

  • At maturity, you will complete maturity claim form and add your policy document to it. Your benefit as indicated at the outset of the policy will be paid into your account within 48 hours
  • For total and permanent disability claim, medical report from a registered medical practitioner will be needed
  • For death claim
  1. A valid Medical Certificate of Cause of Death

or

  1. Medical history of cause of decease

or

  1. A police report (in case of a accidental death)

and

  1. Evidence of coverage (Policy document) and valid National Photo ID of the claimant.

How long does the Plan qualifies for a Claim?

  • The minimum policy term is 4 years and the maximum is 10 years. You will need to make your monthly contribution regularly up to the end of your chosen term to make a claim.
  • Waiting period for natural death is 90 days after which if account holder passes on the promised amount will be paid to the beneficiaries as claim immediately.
  • NOTE: However, in case of accidental death e.g. motor accident, claim is paid immediately irrespective of how long one has signed on to the policy once the first premium has been paid and policy is current.
  • DOES THE PLAN LAPSE?

Yes, the plan will lapse (CEASE TO BE ACTIVE) when the account holder fails to pay his/her premium on or before its due date unless the plan is in its Grace Period.

  • IS THERE A ‘GRACE PERIOD’?

Yes there is. A grace period is a free period given for an account holder to pay unpaid contribution. It is usually 31 days. During the grace period the plan is valid and claims are payable less overdue contribution.

  • HOW DO I GET MY PLAN DOCUMENT (CERTIFICATE)?

Plan document (certificate) shall be printed out and forwarded to you at any GCB branch of your choice (preferably where plan was taken).

  • CAN I CONTRIBUTE ANY AMOUNT?

Yes you can but if your promised amount goes beyond a certain threshold, you may be required to do some specific medical examination.

  • WHAT HAPPENS IF I AM UNABLE TO PAY ALL THE CONTRIBUTION AT THE END OF THE CHOSEN TERM?

You will get a reduced benefit proportionate to the promised amount.

  • CAN I ACCESS LOAN FACILITY UNDER THIS PLAN?

Yes. You can use the policy as a collateral/investment under the GCB facility against investment product to take a loan. This option can be exercised after paying all premiums for two years.

  • CAN I STOP ALONG THE WAY FOR MY CONTRIBUTION?
  1. After 24 months you can surrender for the surrender value. However, there are significant surrender charges.
  • CAN THE PLAN BE REINSTATED AFTER DEFAULT?

Yes, the plan may be reinstated at any time within twelve (12) calendar months from the date contribution ceased upon payment of arrears plus interest.

Conclusion

With the Ghana Commercial Bank WealthMaster Plan, you can start your financial journey with just a handful of GH¢.

In fact, the only requirement for enrolling is a valid ID card and a few minutes of your time.

But if you’re serious about investing in a long-term financial plan, this is not the right plan for you.

In this article, we talked everything you need to know about the GCB WealthMaster Plan.

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