Full Benefits of SIC–GES Life Insurance Policy
The SIC–GES Life Insurance Policy is a collaborative insurance arrangement between the State Insurance Company (SIC) and the Ghana Education Service (GES), designed to provide financial protection for employees of the Service.
The policy is a group life insurance product exclusively available to active GES staff. This means individuals who are not employees of the Ghana Education Service are not eligible to join the scheme.
The main purpose of the policy is to provide financial support to members and their dependants in the event of unfortunate circumstances such as death, permanent disability, or critical illness. It serves as a form of financial security by reducing the economic difficulties that may arise from unexpected life challenges.
Policy Coverage
The SIC–GES Life Insurance Policy provides protection in three major areas:
▪ Death
▪ Total permanent disability
▪ Critical illness
Details of Policy Benefits
Death Benefit
Death is an unavoidable part of life, and the loss of a family member can create both emotional and financial difficulties. Under this policy, SIC provides a lump-sum payment to the nominated beneficiaries of a member when the insured person dies.
Total Permanent Disability Benefit
A person may become permanently unable to work due to an accident, illness, or other unfortunate circumstances. In such situations, the policy provides financial support to affected members who are medically confirmed to have total permanent disability.
Critical Illness Benefit
The policy also provides financial assistance to members who are diagnosed with certain serious medical conditions. The covered illnesses include:
▪ Heart attack
▪ Stroke
▪ Cancer
▪ Kidney failure
▪ Paralysis
▪ Loss of sight
▪ Loss of speech
▪ Deafness
The condition must be diagnosed by a qualified medical doctor at a health facility approved by the Ministry of Health before a claim can be considered.
Key Information About the SIC–GES Life Insurance Policy
▪ Only active GES employees are eligible to join the scheme.
▪ Members pay a fixed monthly premium of GH¢10.00.
▪ Premiums are deducted directly from salaries through the Controller and Accountant-General’s Department payroll system.
Benefit Amounts
When any insured event occurs, the following payments are made:
▪ Death – GH¢18,000 paid to the nominated beneficiary or beneficiaries.
▪ Total permanent disability – GH¢18,000 paid to the affected member.
▪ Critical illness – GH¢9,000 paid to a member diagnosed with a covered condition.
Situations That May Lead to Claim Rejection
Claims may not be approved under certain circumstances, including:
▪ Suicide or self-inflicted injuries.
▪ Events arising from war, civil unrest, or insurrection.
▪ Involvement in criminal activities or the use of narcotic substances.
▪ Aviation-related incidents, except when travelling as a passenger on a recognized commercial airline.
Conclusion
The SIC–GES Life Insurance Policy provides an important financial safety net for Ghana Education Service employees and their families. Through affordable monthly contributions, members gain access to protection against major life risks, including death, permanent disability, and critical illnesses.