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Life Time Needs Plan

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The Lifetime Needs Plan is designed to provide the member with the means of contributing to an investment fund that can meet the members life needs such as child education, retirement etc. and in addition also provide a life cover which becomes payable to the beneficiary in the event of the demise of the Life Assured.

There are three options available for the member to choose from. This has varying compositions of both the life cover and the investment element.

The Life assured is the only member who can be covered and must be aged 18-54 years. However, trustees and beneficiaries can be named.

There are two optional add-on benefits available:

  • Funeral Cover Benefit – which provides burial cover for the Life assured, spouse and children only which has a six-month waiting period restriction, and;
  • Cash Bonus – which is purely investment, a structured, disciplined way to save, at good returns.
  • Lump-sum payment - The policyholder has the opportunity of making a lump sum payment into the investment account of the policy whenever he or she wishes to do so.


However, you have an option to increase your premium and your benefit automatically on every anniversary year. This will be on a compound basis.

Enterprise Life will go on cover once the first premium has been received.

Once the policy reaches its term, the client qualifies for the full encashment value. The term of the policy is the duration of the policy. The plan is open-ended without a maturity date.

Policies terminating after the 10th year will be treated as maturities whilst those terminating before the 10th year will be treated as surrenders. The policy shall terminate on the policy anniversary preceding the policyholder's 70th birthday.

All claims should be reported at any ELAC Branch offices. The documents required are spelt out in the policy conditions folder. (See Section G5).

ELAC will not pay a claim if:

  • You do not truthfully provide all the information we ask for on your application form.
  • The plan is in the waiting period if it has the funeral cover benefit option.
  • The plan has ceased due to non-payment of premiums or surrender
  • If death is as a result of an exclusion. (See Section G.7).

Your nominated trustee will make a claim on your life, and any other future claims if applicable, (seesection C 1).

You must do the following:

  • Give us all the information we ask for in the application process.
  • Pay the required premium every month through your bank or through your employer

The minimum premium for the Life Time Needs Plan is only GHS 15.00. This excludes the GHp.50 policy fee that the company charges for administering the policy (plan).

The plan aims to provide immediate cash pay-out to the policyholder to cover funeral expenses of loved ones.

Our Ghanaian family values which are based on the principle of caring and respect for humanity are evident in our social lives and this underscores the need for a decent and dignified burial of our loved ones.

The plan will only pay the lump sum if you or any member you have insured dies during the period of cover.

There is therefore no surrender or maturity value.

You decide how much benefit you would like this plan to payout.

There are six (6) different plan types with each type having five options.

You can only select one plan type and one option.

You cannot switch between plans once your application has been accepted.

The plan type and option you choose will determine your monthly premium.

The plan can cover the following:

  • Life Assured,
  • the Life Assured's spouse
  • children – (maximum of 6)
  • Wider family - maximum of six (8) out of the following – parents, parents-in-law, stepparents, foster parents, Siblings, grandparents, and additional spouses Definitions of which can be found in section D.16 in the terms and conditions folder.

The maximum number of lives to be covered under this policy is 16.

Yes. These are the ages applicable at inception and vary for the different categories of lives. They are as follows:

  • Insured 18 - 59 years
  • Spouse 18 - 59 years
  • Children 0 - 21
  • Extended Family 1 - 74 years

No. Whiles the policyholder and the spouse are covered for the full benefit of the plan type selected, parents and wider family cover is 50% of the benefit. See below:

Cover Levels

Family Member Plan 1 Plan 2 Plan 3 Plan 4 Plan 5 Plan 6
Life Assured 1,500 2,000 2,500 3,000 4,000 5,000
Spouse 1,500 2,000 2,500 3,000 4,000 5,000
Children 750 1,000 1,250 1,500 2,000 2,500
Extended Family 750 1,000 1,250 1,500 2,000 2,500

No, you can not increase your premium and benefit once you choose your plan.

However, you have an option to increase your premium and your benefit automatically on every anniversary year when you opt for an automatic premium update.

This will be on a compound basis. This option must be selected at the inception of the policy.

Yes, 10% of all premiums paid becomes payable every 5 years if the policyholder does not make any claim within those 5 years of the policy.

Your policy must be active during this period and all premiums should have been paid.

When the life assured dies through accident the policy will pay double the life cover.

This applies even when death occurs within the 6 months waiting period.

You will also enjoy a Family Support Benefit after the death of the life assured.

This is paid in 6 month's installment. There are two optional add-on benefits available.
It cannot be taken on its own on a separate application form.

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Advantage Place,
Mayor Road,
Ridge West,
Accra, Ghana

8:00 AM to 4:30 PM, Monday to Friday

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