Stanbic IBTC Insurance has unveiled its highly anticipated Education Endowment Plan for parents and guardians to secure the academic future of their wards.
The insurance firm, which is a subsidiary of Stanbic IBTC Holdings, aims to raise awareness about the importance of investing in education through the launch.
The company’s target of young adults in the Education Endowment Plan is to encourage parents and guardians to adopt a long-term strategy for investing in the educational future of their children.
According to the insurance firm, 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, during an interactive session with the media in Lagos, explained that the Education Endowment Plan offers families a strong financial safety net.
He said, “The 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 for 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.
“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 firm’s product offers numerous benefits by providing financial support for dependents in case of death, guarantees the child’s or ward’s education and gives parents and guardians peace of mind.
Also, it can be used as collateral to secure a loan when urgent need arises and at the plan’s maturity, the targeted amount is payable, plus a bonus enhancing the benefits, making it an effective vehicle for saving.
Its features include minimum and maximum entry ages of 18 and 65, respectively, with a maximum exit age of 70.
The firm highlighted that the terms range from five to 20 years and premium payments can be made monthly, quarterly, semi-annually, annually, or through lump sum payments, stressing that the coverage is provided against death from any source, with a minimum benefit of N1 million.
Orimolade stated that the guaranteed sum assured is specified in advance by the policy holder and an annual reversionary bonus currently guaranteed at two percent of the sum assured begins to accrue at the end of each year.
He added that Stanbic IBTC Insurance is backed by a strong and reputable history with over two decades of service the Stanbic IBTC Group has a proven track record of excellent service delivery.
Orimolade urged parents and guardians to take charge of their children’s future today by securing the Stanbic IBTC Education Endowment Plan.
He said, “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.
“The Education Endowment Plan is a call to action for parents and guardians to make intelligent choices for their children and wards. Obtaining this insurance plan marks a significant step forward in securing a transformative investment in their academic security, providing them with an advantage in the future.”
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