Stanbic IBTC Insurance help parents to secure academic future of children

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings has unveiled an education policy that empowers parents and guardians to secure the academic future of their children or wards.

Targeting young adults, the ‘Education Endowment Plan’ encourages parents and guardians to adopt a long-term strategy for investing in the educational future of their children. Through the launch, the company aims to raise awareness about the importance of investing in education.

By opting for the Stanbic IBTC Education Endowment Plan, parents can benefit from a comprehensive investment solution that safeguards their children’s academic journey.

Akinjide Orimolade, chief executive of Stanbic IBTC Insurance, speaking at the unveiling in Lagos explained that the Education Endowment Plan offers families a strong financial safety net.

“This product ensures the protection of their children’s education, regardless of life’s uncertainties; providing reassurance and confidence. By making strategic investments today, parents can secure access to education of their children, enabling them to realise their full potential and pursue their aspirations.”

“We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for the education of their children. As a leading insurance provider, we recognise the profound impact education has on a nation and its populace, and we are dedicated to supporting parents in their quest to provide quality education for their children by insuring the future,” Akinjide stated.

He further emphasised, “The loss of a parent or guardian is profoundly devastating and can greatly affect a child’s educational journey. With this in mind, we have created a product to reassure parents and guardians. It ensures that their children and wards’ education will remain secure and uninterrupted regardless of life’s uncertainties.”

The Stanbic IBTC Education Endowment Plan offers numerous benefits. It provides financial support for dependents in case of death; guarantees the child’s or ward’s education; and gives parents and guardians peace of mind. The plan can also be used as collateral to secure a loan, where urgent needs arise. At the plan’s maturity, the targeted amount is payable, plus a bonus enhancing the benefits, making it an effective vehicle for saving.

The plan features include minimum and maximum entry ages of 18 and 65, respectively, with a maximum exit age of 70. The plan terms range from 5 to 20 years, and premium payments can be made monthly, quarterly, semi-annually, annually, or through lump sum payments.

Coverage is provided against death from any source, with a minimum benefit of N1, 000,000.00. The guaranteed sum assured is specified in advance by the policyholder, and an annual reversionary bonus currently guaranteed at 2 percent of the sum assured begins to accrue at the end of each year.

Akinjide urged parents and guardians to take charge of their children’s future today by securing the Stanbic IBTC Education Endowment Plan. “We can empower the next generation to achieve greatness and build a brighter future for Nigeria just by the investments we make today. Your decision today can significantly impact your child’s or ward’s future; making you feel empowered and responsible for their success.”