• 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)

This is an education endowment plan that ensures the continuity of the education of a named child (beneficiary) in the event of death or permanent disability of the policyholder up to the maturity date.

Features of CEP

  • At death or disablement of the policyholder, future premiums are waived
  • An annual income of 12% of the sum assured will be paid to assist in the education of the named child to maturity date of policy
  • Returns of premiums paid in the even of death of the named child
  • Payment of lump sum at maturity to the named child
  • Policy is tax exempt
  • Availability of cash loan
 

For a plan of 10 years, sum assured N1,000,000.00 and at age 35, the annual premium will be N96,160.00 and semi-annual premium will be N50,020.00. At death, premium payment ceases and 12% of the sum assured becomes payable until the maturity date when the beneficiary will also collect the sum assured.

Education Legacy Assurance Plan (ELAP)

ELAP is a savings plan targeted towards financing the future education of a named child in the event of death or permanent disability of parent/sponsor (policyholder).

Features of ELAP

  • At the death or permanent disablement of the policyholder, premium payment ceases
  • Maximum age at entry is 57 and exit 65
  • Provides for Annual Maintenance Income of 25% of sum assured for a period of 5years
  • Period of policy ranges from 8 years to 18 years
  • The higher of the guaranteed sum assured (subject to a maximum of N10million) or balance in the policyholder’s investment account is payable at maturity.
 

Contribution

Monthly Investment contribution (in Naira)
 
1,000
 
1,000,000

Duration

Number of Insurance years
 
6
 
24

 

 

 

 

 

 

 

If a parent wants a sum assured of N10,000,000.00 for a term of 18 years, the annual premium will be N555,556.00. In the demise of the policyholder, premium payment ceases and a sum of N2,500,000.00 will be paid to the beneficiary for 5 years and also he would collect the sum assured (N10,000,000.00) at maturity of the plan.

Need More Information?

Please contact us:

Telephone: 01 279 2930, 0700 AIIContact (0700 2442 6682 28)
Email: aiicontact@aiicoplc.com