The President of the Pharmaceutical Society of Ghana, Pharm. Samuel Kow Donkoh has bemoaned the apparent lack of life insurance packages to protect and cushion pharmacists in times of crisis. This is particularly true among the younger ones who are not well informed about the need for a life insurance protection. He describes this unfortunate situation as troubling.
Consequently, the president and his team charged the welfare committee to explore the possibility, pros and cons of having a life insurance policy for members that will cushion members or their survivors in times of critical illness, disability or death.
The welfare committee after an extensive work involving research and engagements with various insurance companies has submitted their report and recommendations to SEC, which was reviewed and approved at a Governing Board meeting held on Friday 29th July 2022.
When fully launched and operational, members who sign up for this scheme will enjoy attractive benefits packages for a monthly premium payment of ten (10) cedis or an annual premium of 120 cedis.
The packages include ₵20,000 payout to a beneficiary should a member die, ₵10, 000 payouts in times of critical illness, ₵20,000 for permanent disability, ₵10,000 spousal benefit, 7,000 per child benefit (capped at 3 children) and ₵7,000 parents’ benefit, with no waiting period for initial members who join. All members of the Society who are below the age of 70 are eligible to subscribe.
The scope of critical illness that will be covered under the scheme include Stroke, Heart Attack, Cancer, Paralysis, Major Burns, Major Organ Transplant, Coma, Acute Respiratory Distress Syndrome, Acute Respiratory Failure, Alzheimer’s Disease, Blindness (Severe Glaucoma or Cataract), Renal Failure and Multiple Sclerosis.