Education Savings
An Education Savings plan is a mixture of both investment and insurance towards the financial planning for a children’s future educational needs. The insurance aspect ensures that a child remains protected in the event of the unfortunate demise of a parent or unforeseen circumstances.read more
Safeguarding Tomorrow: Prioritize Your Child's Future
Benefits
Holistic Financial Protection
Educational plans provide a seamless blend of investment and insurance, ensuring financial security for your child's education in unforeseen circumstances.
Education plans are designed to help children pursue their educational goals in any field. Plans like these include a life insurance policy and allows you to save money on premium payments. As a result of the lump-sum amount at the end of the policy term, neither you nor your child will struggle to finance higher education.
Key Features of a Education Savings Plan
It's important to note that education savings insurance is different from other types of insurance, such as health insurance or life insurance. It is not meant to provide protection against unexpected events, but rather to help families plan and save for their children's education expenses over the long term. Some other features are:
- Guaranteed payments of school fees in the event of death, total and permanent disablement of the parent/guardian or change in financial status.
- Provides for payment of a lump sum at maturity when the child enters a tertiary institution (or secondary school).
- Provides for return of premiums in the event of death of the child before the maturity of the plan.
- The fund may be transferred to the benefit of any other child of the policyholder. In the event of death of the policyholder
- On maturity, the agreed fund will be paid for the child’s school fees.
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Types of Education Savings
Education insurance is a lifesaver. It can help you save for your child's college education and ensure they have the money they need to start. In Nigeria today, one can try out different education savings policies. They are:
Savings Plan
This type of policy is similar to an account where you save up for rainy days. It works within a stipulated term as you make regular payments of premiums till a specific period. This plan ensures you get a certain amount to fund your children's education annually.
Investment Education Savings Insurance Plan
This plan is more long-term than the others, and it involves investing your money and not just saving it so you can cater for your child's education. It allows you to invest your money, earn interest, and profit from the returns.
