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.
Monthly Investment contribution (in Naira)
Number of Insurance years
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)