AIICO Insurance boosts education policy for child

To protect the educational future of children, AIICO Insurance plc has added more value to its education legacy assurance plan.

The firm noted that the policy is structured to protect a child from being forced to end school prematurely and can also be a savings plan to accumulate sufficient funds for education.

Speaking on the benefits of the policy, David Sobanjo, the group managing director, AIICO Insurance, said it assures a life assurance benefit of a guaranteed sum assured to a maximum of N10m or the balance in the policy holder’s account, whichever is higher.

According to the company, there is an annual maintenance income of 25 percent of sum assured that will be payable for five years in event of the demise of the policyholder.

The firm added that a disability benefit will be made available in the event of total or permanent disability of the breadwinner.

Here, it explains that the policy holder enjoys benefits due under the life assurance cover and annual maintenance income. The AIICO Education Legacy Assurance, it added, provides a redundancy benefit due to loss of employment, thus allowing the policy holder to enjoy a waiver of the premium for six months.

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It also allows a cash withdrawal option of up to 20 percent from the legacy account to assist in the child’s education provided the policy has been in place for a minimum of five years.

The firm explains that there is also the AIICO Group Education Policy with extended benefits.

Sobanjo said, “The policy will pay for the education of the child named in the policy, on the death of the sponsor parent/guardian of the child. Where the named child repeats a class for a maximum of two times, he explains that the policy will pay the school fees until such a child leaves school, consequent upon the death or permanent disability of the breadwinner.

He added that school fees will be disbursed to the school upon death or permanent disability of the sponsor of the child per term, until the child graduates from nursery/primary or secondary school as the case may be.

“The essence of this insurance scheme is to ensure that the education of a child is not disrupted either at nursery/primary or secondary level, should the sponsor die or suffer permanent disability,” Sobanjo said.