An insurance education policy is a life insurance product specially designed as a savings tool to provide an amount of money for your child’s education
Your children’s education is more than a short-term expense. It is a long-term commitment that can stretch over a long period of time. You can expect to see them through 12 years of elementary and high school, and 3 more years of university. Financing such a long-term commitment can be a daunting task
BEST EDUCATION INSURANCE POLICY
1.Jubilee education insurance policy –
2. KCB elimisha insurance policy –
Our goal is to simply make it possible for you to reimagine your children’s education with the KCB Elimisha insurance policy,that’s not only an education policy but also a life insurance plan. It is not just parenthood, KCB Elimisha is #ParentGood
- Flexibility – Increase and decrease the sum assured as you need on the policy anniversary, and flexibly increase your premium annually based on a chosen escalation rate.
- Guaranteed Benefits – We guarantee that you or your beneficiaries (whichever applies) will receive the sum assured plus accrued interest in the event of loss of life as a result of accident or illness, or upon the maturity of the policy.
- Critical illness- In the event of a critical illness, a 35% payout of the sum assured is made on the first diagnosis. This benefit will cease once a claim is made but the policy will remain in force until maturity or death whichever occurs first upon which the 100% sum assured is payable
- Waiver of the premium on retrenchment – In the event a parent/guardian loses their job or is retrenched, they will receive a waiver for payment of premiums payable for a period of six months.
3. Elimu Bora Education plan –
Elimu Bora Education Plan is a combination of insurance protection and savings that allows you to prepare for the cost of education of your child. The plan has been specifically designed to provide funds for your child’s fees while in secondary school and a lump sum amount for joining university.
What Are The Benefits Of Elimu Bora Education Plan?
Guaranteed cash bonuses
Five annual bonuses amounting of 20% of the sum assured are paid in cash after the child attains 13 years.
The policy will pay 100% of the sum assured on maturity before the insured 19th birthday regardless of any previous benefit payments e.g. death or bonuses as outlined above.
In the event of untimely death of the policy owner, Britam will pay the death rider, waive future premiums and provide full benefits at maturity. All future bonuses will be paid when they fall due.
In the event of untimely death of the child, Britam will pay the sum assured or refund the premiums, whichever is higher.
Lien option (Non-medical requirement)
This option provides for an increasing death benefit. Death benefit will be a percentage of the sum assured at inception increasing to 100% of the sum assured from the fifth year. The increasing death benefit is cheaper and underwriting requirements are reduced.
3. Liberty insurance education plan ( educator )
The Educator plan from Liberty will ensure that your child’s future is secure – no matter what. The Educator plan is designed as a savings and protection plan to provide for the future education needs of your child. With an Educator plan you can be assured that you will have the money to meet any critical needs in your child’s education. What’s more, you get additional benefits like extra life cover, accidental benefits and premium waivers. As it is never too early to start planning, the plan can be set up to provide cover from as early as when the child is 3 months old. The plan runs from 10 to 20 years.
4. Madison Uniplan education insurance policy
There is a clear separation between the investment portion of the contributions and the Life Cover premiums
It has flexibility considering that a client can vary his contributions depending on the need.
Investments are linked to certain economic parameters e.g. rate of return on investments, inflation or growth in the economy.
The policy has an escalator of (5%, 7.5% or 10%) which is applicable to investment premium. This benefit is optional.
The policy can be taken as a joint investment
HOW Madison Uniplan education insurance policy WORKS
- The Sum Assured payable under Life cover on death and Permanent Disability is as shown here under:
Duration of policy in force – Within % of the sum assured payable
1 Yr: 20%:
after 4 years 100%
- Fund Value: After three years’ premiums have been paid, the policy will acquire a commutable fund value, which will be equal to the amount in the investment account.
- Cash Pay Outs: The policy will offer cash pay outs during the term of the policy. The cash pay outs are paid within the last years of the policy term at a rate of 20% of Fund Value for 4 years and 100% at maturity.
- Termination of Fund Value: The following percentages of the fund value will be payable upon cancellation of the policy.
Before 3rd year Anniversary – No refund
After 3rd but before 4th year Anniversary – 70% of fund value
After 4th but before 5th year Anniversary – 85% of fund value
After 5th year Anniversary – 100% of fund value
- Beneficiary: The Investor/Joint investors will be required to provide the names of nominees on the space provided on the proposal form but if he/she wishes to change the named nominees he/she will be required to complete a nomination form.
- Maturity Claims: On maturity date the Investor/Applicant has the following options:
To receive the Fund Value and Sum Assured under the Endowment benefit rider.
The Investor can opt to reinvest the Fund on maturity date by advising the Company in writing. The Company may at its own discretion and without giving any reasons, reject such a request and pay the Investor as above.
During the Reinvestment period all administrative charges will be waived and the fund continue to earn gain at the prevailing rate of return.
- Surrender Value: The endowment part of the policy will acquire surrender value after 3 years’ premiums have been fully paid.
5. Lengo Education Saving plan
This is an educational policy designed by Old Mutual Insurance to help parents have an easy time for saving for their children’s education.
6. Bima ya karo Education plan
This is an educational policy designed by Madison insurance to give parents/guardians a guaranteed cover of funds for their children’s education whether they are disabled, alive or not.
7. Elimika Education plan from UAP
What you get with Elimika Education Plan
Elimika Education plan is an affordable savings plan that allows you to invest as little as KShs 2,500 for up to 21 years and to receive staggered payments to cater for your child’s school fees.
8. Usomi Bora by ICEA
Usomi Bora Education plan is an educational policy designed by ICEA LION Group Insurance to help parents save for their children’s educational expenses.The plan has flexible arrangements to help parents save as little as they can afford.The plan also provides life cover protection.
9. Sanlam education insurance policy ( FlexiEducator )
FlexiEducator Plus is a flexible endowment policy that is designed to help you save for your child’s education needs and has the following benefits: Of the sum assured, 25% is payable annually for four years to maturity, followed by 100% of the sum assured at maturity.
10. CIC Academia Policy
This is an educational insurance policy designed by CIC Group Insurance to enable parents to save for the future of their children’s educational expenses.