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Education Legacy Assurance

About Education Legacy Assurance...

Every parent's desire is to ensure that their children get quality education, empowering them to pursue a fulfilling life in the future. AIICO's education policies have been designed to help achieve these goals without disruption from unforeseen circumstances.

Education Legacy Assurance Plan 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. It is an instrument by which sufficient fund is accumulated for the child’s education expenses.

 

Why Education Legacy Assurance Plan (ELAP)?

Protect children from prematurely stopping their schooling arising from:

  • Death of parent/ sponsor.
  • Loss of employment resulting from redundancy of the parent/sponsor.
  • Total Permanent Disability of parent/sponsor resulting from accident or critical illness of parent/sponsor.

Features

  • Period of policy can range from minimum of 8 years and maximum of 18 years.
  • Maximum age at entry of parent/ sponsor 57 and at exit 65.

Optional Withdrawal benefits

  • Cash Withdrawal – 20% from investment account balance in the 5th year and every 5year subject to a limit of 3 withdrawals.

Surrender Benefits

  • Less than 1yr – full premium paid less insurance cost and no interest.
  • 1 but less than 2 – full premium paid less insurance cost + 30% accrued interest.
  • 2 but less than 3 – full premium paid less insurance cost + 60% accrued interest.
  • 3 years and over – full account balance.

Premium Frequency

  • Monthly
  • Quarterly
  • Half-yearly
  • Yearly

Would you like to purchase this plan?

Speak to an AIICO Staff or Agent today. You may also reach us via email on aiicontact@aiicoplc.com.