ONE4SURE INSURANCE PLAN TERMS AND CONDITIONS

The Old Mutual Life Assurance Company (Ghana) Limited, (Herein after called “the Company”), hereby agrees with the Policyholder, subject to the payment of the premium, to pay the sum insured in accordance with the terms and provisions of this policy if the Life Insured dies while this policy is in force.

FRAUD WARNING: Deliberately presenting false information is unlawful. Failure to disclose accurate information may result in non-payment of claim and all benefits under the policy being terminated. There shall be no refunds as well for any payments made towards the policy.

GENERAL CONDITIONS

1. CONTRACT
The life insurance policy is a quarterly renewable contract, and there is a one-month revival period to renew without new business conditions. If the policy is not renewed during this period, a new policy with waiting periods will be issued, and there will be no cover during the renewal period. The contract may be terminated if the premium is not paid, the life insured reaches the termination age, the premium payer does not renew, the policyholder requests termination, or if the premium payer and life insured dies.

2. FREEDOM FROM RESTRICTIONS
The policy allows for unrestricted foreign travel and occupation for Ghanaian residents, who can only take out the policy, but no life cover benefits will be paid for permanent residents in foreign countries.

3. CLAIMS
(a) Funeral claims are payable upon receipt of proof satisfactory to the directors of the company about the occurrence of the event, legal title of the claimant, and age of the life insured, and the benefits payable will be paid to the nominated beneficiary upon the death of the policyholder/Life Insured. The death of the Life Insured should be notified to the company within one year, and certain documents such as a death certificate, policy number, and identity documents are required to make a death claim where applicable.

4. PREMIUM
Premiums are paid quarterly in advance, and the policy has a quarterly renewable term. In case of insufficient funds from interests, customer may opt to pay directly from their main wallet.

5. WAITING PERIOD
This policy has a waiting period of one month for natural causes of death or illness, but no waiting period for death caused by an accident. However, the waiting period will apply once and not applicable in subsequent terms of the policy for any customer.

6. ELIGIBILITY
The policyholder can be any Telecel Cash wallet holder who is eligible to receive interest on their wallet balances.

7. AGE LIMITS FOR LIFE INSURED.

	Minimum Entry	Maximum Entry
Adult	As allowed on for Telecel Cash customers	65 years of age

 

8. COVER
Maximum cover per life with the underwriter is GHS 500. Cover is available whiles policy is in force.

9. PREMIUM AND COVER GUARANTEES
The premiums and cover are guaranteed on quarterly basis. Both premiums and cover may be reviewed after this period.

10. INCONTESTABILITY CLAUSE
Old Mutual Life Assurance may challenge the validity of the insurance contract if there is a material misrepresentation in the application, and such misrepresentation is considered relevant to the insurer’s evaluation of the proposed insured.

11. FRAUD OR MIS-STATEMENT
Any fraud or misstatement of a material fact by an insured, at the application stage on which the insurance is based or in relation to any claim hereunder shall render this policy null and void in so far as it relates to the insured and all claims hereunder shall be forfeited.

12. CESSIONS
Except as provided in this policy, ownership may not be ceded. Benefits under this policy cannot be assigned as collateral security. The Company accepts no responsibility arising from a private treaty or any other arrangement.

13. COOLING OFF PERIOD
The Policyholder has the right to cancel this policy within 30 days of commencement of the policy. All premiums paid will be returned provided that no insured event has happened within the period. Cool Off period will only apply to the first month of subscription. Subsequent terms from the same customer will not be eligible and no refunds will be made for cancelation.

14. CANCELLATION CLAUSE
After completion of the 30-day cool off period the Policyholder may still give notice to cancel the policy. No premiums will be returned.

15. LAPSE CLAUSE
If the renewal premium is not paid on the due date and with the insured still being alive then the insurance shall cease forthwith and without any obligation whatsoever of the Company towards the policyholder. The policyholder may obtain cover by purchasing a new policy by re-subscribing.

17. CURRENCY AND JURISDICTION
All payments made to or by the Company shall be payable in the Lawful currency of Ghana and any questions of Law arising under this policy shall be decided according to the Laws of Ghana.

18. DISPUTES
In case of any disputes, both parties should first settle it through negotiation, or the Policyholder can contact the National Insurance Commission for help. If negotiations fail, the matter will be referred to a single arbitrator, and the decision of the arbitrator will be binding on both parties, subject to the right of appeal to a court of law.

19. SURRENDER, PAID UP AND LOANS
There is no cash value or surrender value on this policy. The policy does not allow for paid up.

20. TERMINATION OF THE POLICY
The interest-backed insurance policy will pay benefits in the event of the death of the Life Insured, lapsing due to non-payment of premium, the policyholder’s request, or not renewing the policy at the end of the quarter.

21. CHANGES TO COVER
Changes to beneficiary and other covered family members can only be made upon verification and information from Telecel Cash, while changes to the cover amount or other changes cannot be amended after purchase.

22.EXCEPTIONS & EXCLUSION
The policy does not cover death resulting from nuclear activity, wilful exposure to danger, war, suicide, execution of a judicial sentence, or travel in an unauthorized aircraft.