Since education is a long-term commitment, it requires that is planned for appropriately and early enough. This is to ease the pressure on parents when the time comes for their children to start school and progress to higher levels of education. Getting an insurance plan that helps you save and ensure guaranteed education for your children is the best gift you can offer them.
School fees in Kenya, especially university tuition have
been on the rise and the only way to avoid debts related to education is to
take an Education Insurance policy. Such a type of insurance can come handy to
save money for your children’s education, and guarantee them education whether
you are present or not.
Before taking up an Education policy its vital to understand
exactly what an education policy is, what kind of coverage one needs and points
of consideration during taking the policy. In the Kenyan Market, most insurance
providers offer an education policy.
What is an educational insurance policy?
This is basically tailored as saving product that eventually
pays either a lump sum payment or several partial amounts prior to the end of
the agreed term or when they reach 18 or above just before joining university
or even before joining high School. The parent/legal guardian is policyholder
and the child is the life assured.
Benefits of education policy:
- It’s
a savings with protection
- Starting
to save early gives you enough time to save up for a long time hence
expect a considerable returns at maturity.
- You
child’s education is guaranteed whether you’re there or not.
- Flexibility
in premium payments; Premiums payments can be on a monthly, quarterly,
semi-annual and annual basis.
- You
can adjust your premiums, that is increase or reduce the amount you pay
and in turn improve your savings with exceptional premiums.
- Tax
relief of 15% of your monthly premium refunded by KRA at the end of the
financial year.
- Eases
the pressure of you when your children get to higher levels of Education.
Here is a list of top and best education plans in Kenya
The best education insurance policies in kenya are as
follows:
- Elimu Bora Education plan From Britam
Insurance
Elimu Bora Education plan is a combination of insurance protection and savings designed by Britam Insurance in Kenya that helps parents to plan for the cost of education of their children.
The plan has been specifically designed to provide funds for children's fees while in Secondary school and a lump sum amount for joining University.
Benefits of Elimu Bora Education plan
- Five
annual bonuses amounting of 20% of the sum assured are paid in cash after
the child reaches 13 years
- In
the event of untimely death of the policy owner, Britam will pay the death
rider , waive all future premiums and provide full benefits at maturity.
- In
case the policy holder is not able to pay the premiums due to disability
or sickness, Britam will waive all future premiums and pay all other
benefits when the policy is on due.
- The
full amount payable at maturity of the policy is tax free.
- A
monthly income to the family will be provided in an event if untimely
death of the policy holder until the policy matures.
- An
insurance tax relief amounting up to 15% of the premiums paid ( subject to
a maximum of ksh 5000 per month) is made available.
To contact Britam insurance for more information about the Elimu Bora Education plan, one can use the following:
Britam Head office
Mara/Ragati Road junction
Nairobi.
Tel no: +254 020 2833000
Mobile no: +254 703 094 000
Email: info@britam.com
2. Educator plan From Liberty Insurance
Educator plan is an education insurance policy designed by Liberty life insurance as a savings and protection plan to provide the education needs of the insured children.
Features and Benefits of Educator plan
- The
Educator plan ensures that the money you need is available at critical
intervals during your child education.
- The
minimum sum assured is ksh 200 0000
- The
minimum age is 3 months and maximum is 15 years of age.
- The
maximum expiry of the plan is 35 years
- On
maturity of the policy, the plan provides for 50% of the sum assured
together with bonuses earned over its term.
To contact Liberty Life Insurance for more information on the Educator education plan one can use the following:
Head office
Liberty House, Mamlaka Road,
P.O.BOX 30364 - 00100
Nairobi Kenya
Tel no: +254 20 2866000
Mobile: +254 711028000
Fax: +254 20 2718365
Email: libertylife@libertylife.co.ke
3. Elimisha Education plan From KCB
& Liberty Insurance
This is a cover designed as a saving tool to provide money
to parents/guardians to fund their children's education.
The policy is offered as a partnership between KCB Insurance
Agency Limited and Liberty Assurance.
At maturity of the policy, benefits will be presented as a lump sum to the parent/guardian.
Special Features and Benefits of the Elimisha Education plan
- Parents/guardian
have the option of including their spouse in the cover.
- Customers
between the ages of 18 to 65 years will qualify to purchase KCB
Elimisha up to a sum assured of ksh 7 million without being subjected to
any form of medical examination.
- The
insured parent can choose to increase their premiums annually based
on a chosen increase rate and their sum assured will increase.
- In
the event of untimely demise of the parent or a permanent total disability
due to illness ,the sum assured is paid out as a lump sum once a claim is
made.
- Waiver
of premiums on retrenchments
- Critical
illness covers where the assured is paid 35% of the sum assured on first
diagnosis of chronic conditions such as Cancer, heart diseases or major
organs transplant etc.
- The
insurance contract terms ranges from 5 to 20 years and the minimum sum
assured that parents can opt for is kshs 50, 0000 while maximum is 40
million.
4. Madison Uniplan
This is an educational insurance policy designed by Madison Insurance to enable parents/guardians to save funds to guarantee their children's college education.
Features and Benefits of Madison Uniplan
- The
plan allows the parents / guardian to predetermine the cost of the college
education for their children early enough by having structured saving plan
towards a set goal depending on the choice of the course or college.
- In
the case of untimely death of the parent or guardian during the time of
the policy, the company waives the premiums and guarantees to fund the
child's college education as per the choice of the parent/guardian.
- The
policy allows flexible payment of premiums during the time of the policy.
- In
the event of demise of the beneficiary, the parents has a right to
nominate another beneficiary.
- It
has a minimum set return
- The
parents /guardians are able to invest at their convenience with an
allowance to vary their contributions depending on their financial
abilities or commitments at different times.
To contact Madison Insurance for more information about Madison uniplan use the following:
Head office
Located at Madison insurance house, upper hill close,
P.O.BOX 47382 - 00100 Nairobi.
Tel no: +254 020 2864000/ 020 2721970/1
Cell: +254 722203435/733632870
SMS 20286
Email:madison@madison.co.ke
5. Bima ya karo Education plan From Madison
Insurance
This is an educational policy designed by Madison insurance to give parents/guardians a guaranteed cover of funds for their children's education whether they are disabled, alive or not.
Bima ya karo Educational plan Features and Benefits
- The
policy is offered for a term between 10 to 18 years to individuals between
the ages of 18 and 60 years
- The
policy acquires cash value after being active for a minimum of 3 years
with all premiums fully paid.
- A
percentage of the cash value can be advanced to the policy holder as a
policy loan payable within a maximum period of 3 years.
- At
maturity 100% of the sum assured plus accrued bonuses are given to the
policy holder.
- Minimum
possible premiums are as little as kshs 1000 per month.
- The
life assured is covered in an event of death or permanent disability as a
result of accident on the policy holder.
- This
policy provide a tax relief of 15% of the total premiums paid annually up
to kshs 60000.
- The
policy also provides funeral cash benefits to the policy holder up to a
maximum of kshs 100,000.
Contact Madison insurance for more information
Tel no: +254 020 2864000/ 020 2721970/1
Cell: +254 722203435/ 733632870
SMS 20286
Email: madison@madison.co.ke
6. Lengo Education Saving plan From Old Mutual Insurance
This is an educational policy designed by Old Mutual Insurance to help parents have an easy time for saving for their children's education.
Features and Benefits of Lengo Educational saving plan
- Investments
are split into two , short term and long term investment plans
- Minimum
investment per month is kshs 3000
- One
can access their savings before maturity
- Provides
affordable and flexible premiums
- Their
is always security for the savings
- Insured
can save for longer periods note than 10 years for best results.
- There
is a life cover benefit
For more information about the Lengo Education saving plan ,
contact the Old Mutual insurance with the following contacts:
Tel no: +254 020 2850800/2829100
Mobile: +254 711065100/ 711010800
7. Elimika Education from UAP Insurance
This is an educational savings plan that enables parents to gradually accumulate funds towards finding their children's future education expenses.
In addition, the plan will also continue to cater for the child's planned school fees incase the policy holder is dead or is permanently disabled.
For more information about Elimika Education plan, contact UAP Insurance with the following:
UAP old mutual tower, upper hill Road
P.O.Box 43013 - 00100
Nairobi Kenya.
Tel no: +254 020 2850000/20 2850100
Cell: +254 711065000/ +254 711065100 /+254 711010100
Fax : +254 20 2719030
Email: uapinsuarance@uap-group.com
8. FlexiEducator Insurance plan From
Pan African Insurance company
This is an educational insurance cover designed by the Pan African Insurance Company in Kenya to help parents save for their children's future education.
The FlexiEducator policy is designed in a way that its
convenient and considerable cheaper.
The plan is also accompanied by accident and personal accident cover.
To contact the Pan African Insurance in Kenya for more
information
Head office
Pan African life house, Kenyatta avenue
Tel no: +254 020 2247600
Email:palacitycentre@pan-africa.co.ke
9. Usomi Bora Education policy From ICEA
Lion
Usomi Bora Education plan is an educational policy designed by ICEA LION Group Insurance to help parents save for their children's educational expenses.
The plan has flexible arrangements to help parents save as little as they can afford.
The plan also provides life cover protection.
For this plan parents have a chance to set the date to which the policy matures and can also select on how payouts are made ie annually or lump sum .
To contact ICEA LION Group insurance for more information use the following:
ICEA LION Centre
Riverside park, Chiromo Road , Westlands
P.O.BOX 46143 - 00100
Nairobi
Tel no: +254 020 2750000
Mobile: +254 719 071 000/ 730 15 1000
Email: info@icealion.com
10. CIC Academia Policy From CIC Group Insurance
This is an educational insurance policy designed by CIC Group Insurance to enable parents to save for the future of their children's educational expenses.
The policy helps parents to save funds by providing convenient and flexible payment arrangements plans over a period of time.
In an event of unexpected death or disability the children's education future is secured and guaranteed at whatever stage.
The flexibility in payments plan gives the parents an opportunity for adjustments in case there are changes in the parents financial life.
To contact CIC Group Insurance for more information about the Academia policy plan use the following:
Tel no: +254 020 2823000
Mobile: +254 703 099 120/122/124
WhatsApp: +254 703 099 120
Each and everyday, new policies are created and new best
features are added every time, for best choices of any insurance policy, the
customer has to get the full descriptions of the policy and its prices before
picking your choice.