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.
- 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.
- 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.