Education
Every Parent’s joy is ensuring that their Children get quality education and turn out great in future. AIICO Insurance Plc offers two education policies to meet these needs:
- Children Education Plan (CEP)
- Education Legacy Assurance Plan (ELAP)
Children Education Plan (CEP)
It is a savings plan that is designed to provide school fees at an earmarked educational milestone in the event of death or permanent disablement of the parent/guardian.
Features of CEP
- This policy provides for payment of annual premiums for periods ranging from 10, 11, 12 to 25 years.
- Provides for payment of a lump sum at maturity when the child enters University or Secondary School.
- Also provides for return of premium in the event of death of the child before the maturity plan.
- The funds may be transfered to the benefit of another child of the policy holder.
Education Legacy Assurance Plan (ELAP)
It is a savings plan targeted towards financing the future education of a named child in the event of death or permanent disability of parent/guardian.
Features of ELAP
- Protects children/guardians from any disruption in their education arising from death, disability, and/or loss of employment.
- Period of policy can range from minimum of 8 -25 years.
- Maximum age at entry of parent/ sponsor 57 and at exit 65.
- A cash withdrawal option of up to 20% from the legacy account to assist in the child’s education, provided the policy has been in place for a minimum period of 5 years.
- Annual Maintenance Income of 25% of sum assured payable for 5 years.
Who purchases this plan?
Parents, relatives and other guardians who wish to preserve the education of their loved ones.