Best education insurance policies(plans) in Kenya

Best education insurance policies(plans) in Kenya

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:

  1. It’s a savings with protection
  2. Starting to save early gives you enough time to save up for a long time hence expect a considerable returns at maturity.
  3. You child’s education is guaranteed whether you’re there or not.
  4. Flexibility in premium payments; Premiums payments can be on a monthly, quarterly, semi-annual and annual basis.
  5. You can adjust your premiums, that is increase or reduce the amount you pay and in turn improve your savings with exceptional premiums.
  6. Tax relief of 15% of your monthly premium refunded by KRA at the end of the financial year. 
  7. 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:

  1. 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.

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