It is safe to say that you are a Kenyan parent searching for education insurance for your youngster? On the off chance that it is true, at that point this post is for you.
Right now, am going to feature the best insurance alternatives accessible for Kenyans to guarantee quality education for their youngsters. In any case, the rundown isn’t in any request it is simply numbering.
Top 10 Best Current Education Insurance Policies In Kenya
The best education insurance strategies in Kenya are as per the following:
1. Educator plan From Liberty Insurance
- 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 the 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.
- 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: firstname.lastname@example.org
2. Madison Uniplan
- The plan allows the parents/guardian to predetermine the cost of the college education for their children early enough by having a structured saving plan towards a set goal depending on the choice of the course or college.
- In the case of the 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 the demise of the beneficiary, the parents have a right to nominate another beneficiary.
- It has a minimum set return
- The parents /guardians can invest at their convenience with an allowance to vary their contributions depending on their financial abilities or commitments at different times.
3. Lengo Education Saving plan From Old Mutual Insurance
- 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
- There 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
4. FlexiEducator Insurance plan From Pan African Insurance company
5. CIC Academia Policy From CIC Group Insurance
6. Elimu Bora Education plan From Britam Insurance
- Five annual bonuses amounting of 20% of the sum assured are paid in cash after the child reaches 13 years
- In the event of the 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 policyholder 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 policyholder 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.
7. Elimisha Education plan From KCB & Liberty Insurance
- Parents/guardians have the option of including their spouse on 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 the untimely demise of the parent or 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 the first diagnosis of chronic conditions such as cancer, heart diseases or major organs transplant, etc.
- The insurance contract terms range from 5 to 20 years and the minimum sum assured that parents can opt for is kshs 50, 0000 while the maximum is 40 million.
8. Bima ya Karo Education plan From Madison Insurance
- 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 policyholder 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 policyholder.
- 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 an accident on the policyholder.
- This policy provides tax relief of 15% of the total premiums paid annually up to kshs 60000.
- The policy also provides funeral cash benefits to the policyholder up to a maximum of kshs 100,000.