The GWS is essentially a supplementary pension plan that has Investment and Protection packaged together with other benefits such as partial withdrawal and loans including housing loan, personal loan, car loan, to assist interested members of the Scheme acquire a property.


The special protection benefits ensure payment of substantial sums to members or their beneficiaries in case of death and disability resulting from accident. The death protection cover extends to the dependents of the members of the Scheme.


The investment aspect of the plan is also specially designed to provide a hedge against inflation so as to ensure that the value of members’ investment is maintained and sustained.

The GWS is designed for group or association  with members whose ages range from ages 18 to 59 years. The group may determine the total amount to be contributed by members on monthly basis for both the investment and protection premium. Members

aiming at having substantial sums of money for a comfortable retirement may make additional voluntary contributions, which shall be reflect in their statements of account.



Protection Benefits:


The welfare benefits are intended to adequately compensate members of the scheme and their dependants in the event of any misfortunes befalling them.  The scope of coverage and benefits of the GLICO welfare Scheme include:


  1. Death Benefit (members)
  2. Death of Spouse Benefit
  3. Death of Child Benefit
  4. Accident Benefit (members only)
  5. Medical expenses resulting from accident (members only)
  6. Terminal (Dread) Disease Benefit (members only)



  1. Death Benefit


In the event an insured member, his/her spouse or a child passing away during the period of his/her membership of the Plan, the total death benefit payable shall be a predetermined amount (sum assured).


  1. Accident Benefit


If an insured member is involved in an accident and sustains bodily injury, the scheme pays out a benefit to the injured member and if the member becomes permanently incapacitated as a result of the accident, the full predetermined amount or sum assured shall become payable to the claimant.

  • Medical Expense Benefit


Furthermore, medical expenses incurred as a result an accident shall be payable/reimbursable up to 10% of the full accident benefit.


  1. Terminal Illness Benefit


In the event that an insured member is diagnosed as having any of the terminal diseases including Cancer, Stroke, Kidney failure, Liver failure, Heart attack and nervous paralysis during the term of the Plan, the stated benefit becomes payable.


Investments benefits:

When the Plan has accumulated enough funds, members who shall qualify may apply to for the following special loans:

  • Personal loans
  • Car loans
  • Housing project loans
  • Loan for rental purpose


A member may apply for fifty percent (50%) of his investment contribution after contributing for a period not less than three (3) years to meet his or her financial needs.

All benefits are payable through the association/group/organization unless otherwise directed to be paid directly to the claimant.



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