EDWA NKOSUO POLICY
“Edwa Nkosuo” is a local Akan word which translates to mean “Business Progression”.
Over the years, GLICO LIFE redesigned the product (formerly called GLICO Depositors Life Plan) and introduced it to the Abossey Okai market (the Spare Parts Hub of Ghana) in 1987, with the objective of assisting policy holders in creating short term accumulation of savings with interest and insurance protection.
This was hugely embraced and patronized and currently the targets for Edwa Nkosuo have been enlarged to include the informal sector, NGO’s, market circles across the country.
The unique feature about this product is that it combines both savings and insurance and a policy holder (depending on age) can combine Anidaso with Ekwa Nkosuo to reap in much benefit.
The policy runs for a period of one (1) year and is renewed annually. Contributions/premiums are paid on a daily bases through a structured daily collection process at respective market places. The minimum contribution a policy maker can make is GHC 5.00.
It is interesting to note that Edwa Nkosuo & Anidaso have been lumped up and sold as a joint policy to make it easier for the non- banking public to enjoy the provisions of the stated benefits.