Insurance firm intensifies financial literacy drive
GLICO Life Insurance has extended its financial literacy campaign to the New Times Corporation, urging staff of the state-owned media organisation to secure their future through its upgraded “End of Service” benefits policy.
The policy allocates 30 per cent of premiums to insurance cover, while the remaining 70 per cent is invested in savings that mature annually.
Addressing staff during a sensitisation exercise in Accra on Wednesday, a Sales Executive of the company, Mr Stephen Adu, said a key feature of the policy was its hospitalisation benefit, which provided daily financial support to clients admitted to approved health facilities.
He explained that depending on the premium paid, clients received daily payouts during hospital admission throughout the year.
Mr Adu also indicated that the policy provided support in cases of disability, noting that it offered financial assistance to help cater for caregiving and related expenses.
He said the company had developed micro-insurance products tailored for low-income earners and those in the informal sector, with flexible premium options to suit different income levels.
Mr Adu noted that the policy could run for periods of 10, 15 or 20 years, serving as a form of provident fund while also providing insurance cover.
Additionally, he stated that after three years, clients could make partial withdrawals to meet emergency needs, while at maturity they had the option of receiving benefits as monthly payments instead of a lump sum.
According to him, despite growth in the insurance sector, penetration in Ghana remained below three per cent, largely due to misconceptions and lack of public trust.
He said many Ghanaians still perceived insurance as a luxury, stressing that the company was committed to changing that narrative by promoting insurance as a necessity for all, including traders, teachers, drivers and students.
Mr Adu commended the New Times Corporation for its balanced reportage and urged the organisation to continue supporting public education on insurance, risk management and the importance of cultivating a savings culture.
By AGNES OWUSU
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