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.
  • Guaranteed payments of school fees in the event of death, total and permanent disablement of the parent/guardian.
  • In the event of death of the policy holder,
  • Future premiums will be waived.
  • A monthly income of 1% of the sum assured will be paid to the policy holder’s family till maturity of the plan.
  • On maturity, the agreed fund will be paid for the child’s school fees.

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

  • Savings plan targeted towards financing the future education of a named child.
  • An instrument by which sufficient fund is accumulated for the child’s future education.
  • Protect children from premature stoppage of schooling arising from:
  • Death of 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


  • Maturity: Total amount in Investment account.
  • Death Benefit:
  • Life Assurance Benefit: The higher of the Guaranteed Sum Assured, subject to a maximum of N 10 M, or balance in the policy holder’s investment account.
  • Annual Maintenance Income: 25% of sum assured payable for 5 years.
  • Disability Benefits: Same as in 2 above.
  • Redundancy Benefit:
  • 6 months premium to be paid to update policy provided the policyholder has been with the employer for at least 3 years as at the time of taking the policy.
  • Waiting period of 6 months.

Surrender Benefits:

  • If after 3 years: Amount or balance in the Investment Account

  • If before 3 years as follows
  • Less than 1yr – full premium paid less insurance cost plus no interests.
  • 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 and over – full account balance.
  • Optional Withdrawal benefits:
  • Cash Withdrawal – 20% from investment account balance in the 5th year and every 5year subject to a limit of 3 withdrawals.


  • Frequency: Monthly, Quarterly, Half-yearly and Yearly
  • Full premium allocated to investment
  • Premium for Life Assurance Benefit: Schedule Tariff.
  • Premium for PTD -   1.5%
  • Premium for Redundancy -  1.25%

Who purchases this plan?

Parents, relatives and other guardians who wish to preserve the education of their loved ones.

About Us

AIICO Insurance Plc., is the leading life insurer in Nigeria.

Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.