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Children Education Plan (CEP) At AIICO Insurance Plc

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Children Education Plan (CEP) At AIICO Insurance Plc: The joy of all parents is to ensure that their children receive a high-quality education and that they feel well in the future. AIICO Insurance Plc offers two educational guidelines to meet these needs:

  • Children Education Plan (CEP)
  • Education Legacy Assurance Plan (ELAP)

Children Education Plan (CEP) At AIICO Insurance Plc

It is a savings plan that is designed to provide school fees at an earmarked educational milestone in the event of death or permanent disablement of the parent/guardian.

Features of Children Education Plan

  • This policy provides for payment of annual premiums for periods ranging from 10, 11, 12 to 25 years.
  • Provides for payment of a lump sum at maturity when the child enters University or Secondary School.
  • Also provides for the return of premium in the event of the death of the child before the maturity plan.
  • The funds may be transferred to the benefit of another child of the policyholder.
  • Guaranteed payments of school fees in the event of death, total and permanent disablement of the parent/guardian.
  • In the event of the death of the policyholder,
  • Future premiums will be waived.
  • A monthly income of 1% of the sum assured will be paid to the policy holder’s family till maturity of the plan.
  • On maturity, the agreed fund will be paid for the child’s school fees.

Features of ELAP

  • Savings plan targeted toward financing the future education of a named child.
  • An instrument by which sufficient fund is accumulated for the child’s future education.
  • Protect children from a premature stoppage of schooling arising from:
  • Death of parent/ sponsor
  • Total Permanent Disability of parent/ Sponsor resulting from an accident or critical illness of parent/ sponsor
  • Period of policy can range from a minimum of 8 years and a maximum of 18 years.
  • Maximum age at entry of parent/ sponsor 57 and at exit 65
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Benefit:

  • Maturity: Total amount in Investment account.
  • Death Benefit:
  • Life Assurance Benefit: The higher of the Guaranteed Sum Assured, subject to a maximum of N 10 M, or balance in the policy holder’s investment account.
  • Annual Maintenance Income: 25% of the sum assured payable for 5 years.
  • Disability Benefits: Same as in 2 above.
  • Redundancy Benefit:
  • 6 months premium to be paid to update policy provided the policyholder has been with the employer for at least 3 years as at the time of taking the policy.
  • A waiting period of 6 months.

Surrender Benefits:

  • If after 3 years: Amount or balance in the Investment Account
  • If before 3 years as follows
  • Less than 1yr – full premium paid less insurance cost plus no interests.
  • 1 but less than 2 – full premium paid less insurance cost + 30% accrued interest.
  • 2 but less than 3 – full premium paid less insurance cost + 60% accrued interest.
  • 3 and overfull account balance.
  • Optional Withdrawal benefits:
  • Cash Withdrawal – 20% from investment account balance in the 5th year and every 5year subject to a limit of 3 withdrawals
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Children Education Plan (CEP) At AIICO Insurance Plc

Premium:

  • Frequency: Monthly, Quarterly, Half-yearly, and Yearly
  • Full premium allocated to investment
  • The premium for Life Assurance Benefit: Schedule Tariff.
  • Premium for PTD –   1.5%
  • The premium for Redundancy –  1.25%

Who purchases this plan?

Parents, relatives, and other guardians who wish to preserve the education of their loved ones.
To purchase this Insurance plan, visit AIICO official website HERE to get the plan

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