Terms & Conditions

INTRODUCTION

Gold Account Investment is an investment product that allows you to accumulate wealth over an extended period of time, a minimum of two years. The objective of this product is to encourage consistent savings habit, develop the ability to delay gratification and encourage budgeting and projections for future endeavors. Redemption of funds at maturity do not attract any charge, however redemption before the two years minimum tenure will attract a penalty on the INTEREST ONLY. Please refer to penalty schedule*

A client can continue the investment after the initial two years tenure and will be entitled to one withdrawal. A minimum balance of GH100.00 shall be retained in the case of a withdrawal

Request for withdrawals are processed within three (3) business days.

NB: Past performance is no guarantee of future returns.

The parties herein agree as follows:

  1. The effective date or value date (the day on which your investment begins to earn interest) of your investment account shall be the date on which these funds are reflective in the account of Liberty Asset Management Ltd. This is usually the next business day if monies are paid by cash or mobile money and three business days if paid by cheque.
  2. Withdrawal requests shall be paid to the customer by Mobile Money, cheque or bank transfer. Payments of five thousand Ghana Cedis (GH¢5,000.00) and above shall be made by cross cheque or bank Transfer ONLY.
  3. Unless in the case of a closure, a minimum balance of GHC100.00 shall be retained in the case of a withdrawal to keep the investment running.
  4. This Agreement may be modified or amended by the Liberty Asset Management Ltd from time to time without notice, except as may be required by law. You may terminate your use of the service if you do not agree with any modification or amendment. If you use the Service after the effective date of an amendment or modification, you will be deemed to have accepted that amendment or modification. You agree that you will not modify this Agreement and acknowledge that any attempts by you to modify this Agreement shall be void.
  5. You shall not assign this Agreement to any other party.
  6. This Agreement will come to an end if either you or Liberty Asset. Management Ltd gives a written notice to the other to that effect and all due payments under this agreement are made.
  7. We do not warrant that services and benefits which we provide outside the terms of this agreement will always be available. We reserve the right to withdraw or vary these services or benefits at any time without giving you notice.
  8. You represent and warrant that all information you supply to us in connection with the service, including but not limited to your application information and all data entered in connection with any transaction, will be complete and accurate in all respects. We are entitled to rely on any information you provide, and you agree to update your personal information if it changes. We also reserve the right to take steps to verify the information you provide.

IF YOU PROVIDE INACCURATE INFORMATION, YOUR ABILITY TO USE THE SERVICE MAY BE TERMINATED.

LIMITED POWER OF ATTORNEY

NB: The limited power of attorney gives your asset manager, Liberty Asset Management Limited, the power to manage your investment account. Please read carefully before agreeing. I hereby authorize Liberty Asset Management Limited to discretionary serve my interests by acting on my behalf, as my asset manager, in any transaction that will optimize returns on my Investment Account. In so doing, other persons to whom Liberty Asset Management Limited has given instructions in order to implement my instructions, may rely on Liberty Asset Management Limited‘s instructions without obtaining my approval, counter-signature or co-signature. In this regard, Liberty Asset Management Limited’s authority will include, without limitation:

The authority to invest in or to give instructions for transactions in securities and financial instruments, including the buying and selling of stocks, bonds, notes, debentures, shares, units (from trust schemes) and without limitation to industry, sector, asset class and region or any other securities instructions or contracts relating to securities; and The authority to complete transactions, transfer, convert, endorse, sell, assign and deliver any assets held in my Investment Account and to make, execute, and deliver any and all written instruments of assignments and transfers.

Kiddie Gold Account

In addition to all general terms and condition to opening and operating a Gold Account investment with Liberty Asset Management, the following specific features pertain to the kiddie Gold Account:

  • Parents or guardians shall open “In Trust For” child (beneficiary)
  • Minimum monthly deposit amount is GHC20.00
  • Tenure is open-ended till the 18 birthday of child (beneficiary)
  • Withdrawal allowed up to 50% of balance on behalf of beneficiary after 5th anniversary of account.
  • Returns shall be targeted at 91day Tbill.
  • Life insurance cover starting from GHC2,000.00 to GHC200,000.00 for death or permanent disability of trustee.**
  • The growth in the sum assured of the Life Insurance cover is directly linked to the growth in the principal balances of the Kiddie Account holder.

Student Gold Account

In addition to all general terms and condition to opening and operating a Gold Account investment with Liberty Asset Management, the following specific features pertain to the Student Gold Account:

  • Opening balance of GHC20.00 and
  • Minimum monthly investments of GHC20.00
  • Minimum holding period of 12 months.
  • Interest rate is targeted at 91 day TBill rate plus 1.00%.
  • Minimum balance in case of a withdrawal shall be GHC50.00
  • Withdrawal allowable after 12 months. Early withdrawals will attract a penalty*
  • A student account can be converted to a standard Gold Account upon graduation.

*EARLY REDEMPTION PENALTY SCHEDULE

Early Redemption Penalties for Standard Gold:

  • Under 6 months - 100% of interest will be deducted upon early withdrawal i.e no interest will be paid.
  • 6 to 12 months - 75% of interest will be deducted upon early withdrawal ie client receives 25% of interest.
  • 12 to 18 months - 50% of interest will be deducted upon early withdrawal ie client receives 50% of interest.
  • 18 to 24 months - 25% of interest will be deducted upon early withdrawal ie client receives 75% of interest.

Early Redemption Penalties for Kiddie Gold:

  • Under 36 months - 100% of interest will be deducted upon early withdrawal ie no interest will be paid.
  • 36 to 60 months - 50% of interest will be deducted upon early withdrawal ie 50% of the interest will be paid.

Early Redemption Penalties for Student Gold:

  • Under 6 months - 100% of interest will be deducted upon early withdrawal ie no interest will be paid.
  • 6 to 12 months - 50% of interest will be deducted upon early withdrawal ie 50% of the interest will be paid.

**GENERAL TERMS OF LIFE INSURANCE COVER FOR KIDDIE ACCOUNT HOLDERS (TRUSTEES)

  1. ELIGIBILITY
    1. The Assurance cover shall be for only designated account holders (Kiddie gold Account) of the Policyholder in respect of whom the premium charged has been paid.
    2. No pre-existing conditions giving rise to a claim shall be deemed covered by the INSURER. Any customer, whose sum assured requires him or her to undertake medical examination or complete a health status form shall be deemed covered at the non-medical (free cover) sum assured immediately preceding the sum assured requiring medical examination until THE INSURER receives results of the medical examination and take the appropriate underwriting decision based on the results.
    3. Any customers with sums assured falling within GH¢70,000.00 and GH¢99,999.99 shall be required to complete a Health Status form to be provided by the INSURER. Any customers with sums assured ranging from GH¢100,000.00 to GH¢200,000.00 would be required to undergo medical examination at a recognized medical facility at their own cost.
  2. DORMANT ACCOUNTS
    1. If an account in respect of which this insurance cover is effected becomes dormant for a period of at least three months, upon the reactivation of such account, the account holder shall not be deemed covered under the natural death cover until six months have elapsed after the reactivation. Accidental death and total permanent disability as a result of an accident shall however be covered.
  3. IDENTIFICATION OF LIVES ASSURED
    1. For the purposes of identifying who a Life Assured is under this Policy, the information contained in the schedule of Lives Assured (Schedule 2) provided by LIBERTY shall constitute sufficient proof to the INSURER.
  4. CLAIMS
    1. The Liberty (Policyholder) shall notify the INSURER in writing immediately that an incident occurs that is likely to give rise to a claim under this policy.
    2. Formal, written notification of a claim in respect of a Benefit shall be lodged with the INSURER within three months of the Date of Death or Date of Disablement, as the case may be, failing which the claim shall not be admitted.
    3. The INSURER shall, in writing, admit or reject the claim within a reasonable period of time following the notification.
  5. PREMIUM PAYMENT
    1. All premiums shall be paid monthly by Liberty Asset Management Limited.
  6. CESSATION OF COVER
    1. A Life Assured’s Assurance cover shall cease on the earliest of the following:
    2. The Life Assured closing his account or attaining the age of sixty or ceasing to be a customer of Liberty.
    3. Cessation of payment of premiums.
  7. DEATH COVER CONDITIONS
    1. PAYMENT OF BENEFITS
      Upon the production of a death certificate satisfactory to THE INSURER and such other information as THE INSURER may require in respect of a Life Assured, THE INSURER shall pay the Death Benefit to the Policyholder (Liberty Asset Management Limited) or as policy holder may direct.
    2. DISABLEMENT COVER CONDITIONS
      PAYMENT OF BENEFITS
      Upon the admission of a Total and Permanent Disablement claim THE INSURER shall pay the applicable Disablement Benefit stated in the schedule to the Policyholder or as the Policyholder may direct.
    3. EXCLUSIONS
      No Benefit will be payable in the event that the disablement of a Life Assured arises directly or indirectly from any of the following:
      Invasion, rebellion, war or war-like operation (whether war be declared or not), or from any involvement in any riot or civil commotion (whether participation was active or passive)
      Willful self-inflicted injury, use of narcotics or abuse of alcohol.
    4. PRE-EXISTING CONDITIONS
      No Disablement Benefit shall be payable under this policy during the first twelve months following the Life Assured’s Entry Date if, in the opinion of THE INSURER, the claim arises from any disease or condition which the Life Assured was diagnosed with, treated for, or displayed symptoms thereof within the six months prior to the Life Assured’s Entry Date.
    5. MAXIMUM BENEFIT
      The maximum benefit payable under this policy on Total and Permanent Disablement of a Life Assured shall be as stated in the schedule below:
      • INDIVIDUAL COVER: STATED BENEFIT
      • SUM ASSURED: AS PER SCHEDULE
      • DEATH BENEFIT: 100% SUM ASSURED
      • ACCIDENTAL DEATH BENEFIT: 100% SUM ASSURED
      • TOTAL & PERMANENT DISABLEMENT BENEFIT: 100% SUM ASSURED
      • DISMEMBERMENT:
        1. Total loss by physical severance of at least two limbs - 100% SUM ASSURED
        2. Total and Permanent loss of all sight in both eyes - 100% SUM ASSURED
        3. Total and Permanent loss of all sight in one eye and total loss by physical severance of one limb - 100% SUM ASSURED
        4. Total loss of physical severance of one limb - 50% OF SUM ASSURED
        5. Total and Permanent loss of all sight in one eye - 50% OF SUM ASSURED
    6. Maximum Accident Cover : AS INDICATED ABOVE
  8. MINIMUM BENEFIT
    The minimum sum assured payable under this policy shall not be less than GH¢2,000.00

Client Service

Tel: +233 30 330 1486, +233 30 295 2288, +233 30 295 2291

Working Hours: Monday-Friday: 8:00am - 5:00pm

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