Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has launched its Education Endowment Plan that empowers parents and guardians to secure the academic future of their children and 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.
It said through the launch, the company aims to raise awareness about the importance of investing in education.
According to the 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.
Speaking at a media interactive session in Lagos, Chief Executive of Stanbic IBTC Insurance, Akinjide Orimolade, explained that the Education Endowment Plan offers families a strong financial safety net.
The product, he said, ensures the protection of their children’s education, regardless of life’s uncertainties; providing reassurance and confidence adding that 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.
He said, “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 ensuring the future.”
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 plan features include minimum and maximum entry ages of 18 and 65, respectively, with a maximum exit age of 70 just as 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 policy holder and an annual reversionary bonus currently guaranteed at 2percent of the sum assured begins to accrue at the end of each year.
