Q1: Why the need for Life Insurance Scheme for Pharmacists
Ans: The current welfare scheme provided by our dues is inadequate to meet our welfare needs due to rising inflation. Annual increment is also not sustainable. There is the need to augment welfare payouts.

Q2: What is the Glico PSGH Life Insurance Scheme?

Ans: It is a life insurance scheme underwritten especially for Pharmacists by Glico Life Insurance Company Limited.

Q3: Is Welfare Scheme Mandatory?

Ans: At the 2023 AGM held in Takoradi, the General Membership of the Society voted to make the Basic package (premium of GH¢120.00, benefits are in the table below) compulsory. This amount has been incorporated into the dues.

Death – Pharmacist Natural or Accidental GH¢20,000.00
Critical Illness – Pharmacist Illness that are usually terminal or serious disability GH¢10,000.00
Permanent Disability – Pharmacist Accidents that result in permanent loss of ability to work GH¢20,000.00
Spousal Benefit Death of Spouse GH¢10,000.00
Child Benefit Death of Child (capped at 3 children & limited to children < or = 25 years) GH¢7,000.00
Parents Death of Parents GH¢7,000.00
Age Maximum Age at which Pharmacists can sign on < or = 70 years
Waiting Period A period before the benefits under the policy can be accessed Main life (pharmacist) – no waiting period

For parents – 6 months waiting period if death is by natural causes. Waiting period is waived if death is by accidental causes

Q4: What are the other packages?

Ans: In addition to the Basic package, there are the Enhanced (GH¢360), Premium (GH¢600) AND Ultimate (GH¢1,200.00)

Annual Premium: GHS360.00

Death – Pharmacist Natural or Accidental GH¢30,000.00
Critical Illness – Pharmacist Illness that are usually terminal or serious disability GH¢15,000.00
Permanent Disability – Pharmacist Accidents that result in permanent loss of ability to work GH¢30,000.00
Spousal Benefit Death of Spouse GH¢20,000.00
Child Benefit Death of Child (capped at 3 children & limited to children < or = 25 years) GH¢10,000.00
Parents Death of Parents GH¢10,000.00
Age Maximum Age at which Pharmacists can sign on < or = 70 years
Waiting Period A period before the benefits under the policy can be accessed Main life (pharmacist) – no waiting period

For parents – 6 months waiting period if death is by natural causes. Waiting period is waived if death is by accidental causes

Annual Premium: GHS600.00

Death – Pharmacist Natural or Accidental GH¢50,000.00
Critical Illness – Pharmacist Illness that are usually terminal or serious disability GH¢25,000.00
Permanent Disability – Pharmacist Accidents that result in permanent loss of ability to work GH¢50,000.00
Spousal Benefit Death of Spouse GH¢30,000.00
Child Benefit Death of Child (capped at 3 children & limited to children < or = 25 years) GH¢20,000.00
Parents Death of Parents GH¢20,000.00
Age Maximum Age at which Pharmacists can sign on < or = 70 years
Waiting Period A period before the benefits under the policy can be accessed Main life (pharmacist) – no waiting period

For parents – 6 months waiting period if death is by natural causes. Waiting period is waived if death is by accidental causes

Annual Premium: GHS1,200.00

Death – Pharmacist Natural or Accidental GH¢80,000.00
Critical Illness – Pharmacist Illness that are usually terminal or serious disability GH¢40,000.00
Permanent Disability – Pharmacist Accidents that result in permanent loss of ability to work GH¢80,000.00
Spousal Benefit Death of Spouse GH¢60,000.00
Child Benefit Death of Child (capped at 3 children & limited to children < or = 25 years) GH¢40,000.00
Parents Death of Parents GH¢40,000.00
Age Maximum Age at which Pharmacists can sign on < or = 70 years
Waiting Period A period before the benefits under the policy can be accessed Main life (pharmacist) – no waiting period

For parents – 6 months waiting period if death is by natural causes. Waiting period is waived if death is by accidental causes

Q5: What are the critical illness covered under the policy?

Ans:   Stroke, Heart Attack, Cancer, Paralysis, Major Burns, Coma, Blindness    Renal Failure, Multiple Sclerosis, Alzheimer’s Disease, Acute Respiratory Failure

Q6: Is it only for Pharmacists?

Ans: Yes. It’s a special policy designed for pharmacists. Coverage is extended to cover children, parents and spouses.

Q7: When is the policy period?

Ans: Policy starts on 1st February of each year and ends 31st January of the following year. Take note however, that you are only covered by the policy when you have paid your PSGH dues/premium

Q8: Can a pharmacist change the package they chose initially?

Ans: Yes, pharmacists who enrolled in 2023 can change their policy this year. Effective 2024, you can only change policy after two years of current policy and only in the first quarter of the year. Deadline for upgrade/downgrade is 31st March 2024

Q9: Who is eligible to join policy?

Ans:

  • Any registered pharmacist
  • Pharmacists aged 70 and above will be limited to Premium and Ultimate packages and will be eligible for 70% of the benefits
  • Pharmacists 80 years and above will require medical evidence of good health
  • Must not have any of the critical illness stated in Q6 above

Q10: Will joining the policy affect any personal or corporate life or accident policies I already have?

Ans: No. Life Insurance policies is not governed by the same rules as General Insurance policies. You can have multiple life policies including this one without any penalties.

Q11: Are pharmacists in the diaspora eligible to join?

Ans: Yes. If you are a registered pharmacist with the Pharmacy Council and a member of PSGH, you are eligible to join the scheme.

Q12: How are claims to be made and settled?

Ans: Claims can be made by notifying PSGH directly who will notify the broker or notifying the broker whose contact is given (0209420505)

Q13: Is there a waiting period?

Ans: There is no waiting period for the pharmacist, spouse and children. Parents will be eligible only after the 6months waiting period. Pharmacists who signed on in 2023 are exempted from this requirement.

Q14: Is there a deadline for payment to join the policy

Ans: The deadline for payment to access full benefits is 31st March of every year. Payments post deadline will be subject to prorated benefits as stated below:

1st April to 30th April – 90%

1st May to 31st May – 80%

1st June to 30th June – 70%

After 30th June, Pharmacists will not be allowed to join. If premium is paid post deadline, it will be refunded if noted or at the time of any claims.

Q15: Can you nominate two adult dependents in place of parents?

Ans: No. The policy is modeled after the Welfare program of the Society which limits payout to parents.

Q16: Can you nominate a dependent if payout has already been made for parent?

Ans: No. Once payout has been done for a parent, liability has been discharged and cannot be replaced.

Q17: How do you know if you have been signed on to the policy

Ans: GLICO will be issuing certificates to Pharmacists who have paid their premiums. Coverage begins when PSGH can confirm your dues/premium payments.

Q18: Can you pay the top up premium and join the scheme if you have not paid your PSGH dues?

Ans: No. The premiums are specific and must be fully paid. Paying the top up without the basic premium incorporated in the dues will make it difficult to assign package

Q19: How does a pharmacist join the scheme?

Ans: Pharmacists must complete the google forms. https://shorturl.at/efiP9

Pharmacists who wish to make any changes from 2023 can do so.

 Download the full FAQs here…FAQS FOR PSGH/GLICO LIFE INSURANCE POLICY