Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings says its newly launched education endowment plan is to make children education funding easy for parents and guardians and also to prevent school dropouts in the country.
The Chief Executive of the company, Mr Akinjide Orimolade, stated this at a recent media interactive forum in Lagos where the product was officially unveiled to the public.
According to him, the education endowment plan empowers parents and guardians to secure the academic future of their children and wards.
“It also encourages them and other education sponsors to adopt a long-term strategy for investing in the educational future of their children and other beneficiaries regardless of life’s uncertainties.
He explained that the company officially launched the product to raise awareness about the importance of investing in education across levels as a means for many to escape ignorance and poverty.
He said the investment plan is in line with the company commitment to contribute to Nigeria’s education development by empowering parents irrespective of their economic status to attain financial security for the education of their children.
According to him, the loss of a parent or education sponsor can disrupt or totally scuttle not only a child’s academic journey but also their destiny in life, whereas, the Stanbic IBTC Insurance Education Endowment Plan will help to guide against such interruption.
The plan, he added, could also be used as collateral to secure a loan, where urgent needs arise.
He explained that persons from age 18 to 65 years could take advantage of the plan as 70 years is maximum exiting age for subscribers.
He also said the plan terms range from five to 20 years, and premium payments could be made monthly, quarterly, semi-annually, annually, or through lump sum payments.
He stated also that coverage is provided against death from sources outside suicide with a minimum benefit of N1 million and two percent bonus on premium paid.
Giving more insight into the plan, the Head of Retail at the company, Mr Kelvis Benson, explained that the insurance plan is not only flexible and seamless but affordable as any person irrespective of economic status including the petty traders, artisans and okada transporters, among others, can benefit from the product once they can afford as low as N10,000 premium, monthly.
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