According to Kenya Bureau of Statistics, Kenya has the highest literacy level of 81.5 percent in Africa. Despite this, the cost of education in the country is a constraint for many families as access to quality education is relatively high. However, with an education insurance policy, your child’s education is guaranteed without any financial barriers.
An education policy is a life insurance policy that allows you to save for your child’s education. It enables you to set aside a given amount of money for a specified period so that you have sufficient funds to invest in the quality of education you desire for your child.
An education policy is a two in one policy with savings and protection components such that, it enables you to save money while providing a life cover for the parent or guardian. The education plan protects a child’s future in case of an unfortunate case such as the demise of a parent or total permanent disability or critical illness, guaranteeing continuity of learning for the child.
The CIC academia policy waives premium payment in the event of the demise of a parent. This means that CIC will continue paying the premiums for the remaining period that the policy was to run and the savings will be availed for the child’s education as it was intended. In the unfortunate event that the child dies, the parent is free to nominate another child as the beneficiary of the plan or launch a claim which is equivalent to the refund of premium paid.
As a parent, before you get an education plan, you need to know the fee structure of the school you envision for your child. The targeted tuition fees gives a clear indication of the expected monthly premium. The insurance provider will determine the appropriate payment term based on client needs for their child and duration of the plan. The premium computation of this plan for parents with school-going children is based on the age of the parent as opposed to the age of the child.
CIC has an education plan called Academia policy and with a monthly premium of KShs. 3,000 you can begin saving for your child’s education, secure their future which ultimately allows you to plan other aspects of your life with ease.
The insurance industry is one of the most regulated sectors in the country. This means that the money invested for your child will be secure.