Parents and guardians have been urged to insure their children’s education in an attempt to prevent their academic journey from unforeseen circumstances.
The Chief Executive of Stanbic IBTC Insurance, Akinjide Orimolade, stated this during the launch education endowment plan held in Lagos, saying the plan encouraged parents and guardians to adopt a long-term strategy for investing in the educational future of their children.
“We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for the education of their children.
He added that the plan offers families a strong financial safety net seeking to protect children’s education, regardless of life’s uncertainties; providing reassurance and confidence.
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“The loss of a parent or guardian is profoundly devastating and can greatly affect a child’s educational journey. With this in mind, we have created a product to reassure parents and guardians. It ensures that their children and wards’ education will remain secure and uninterrupted regardless of life’s uncertainties,” he said.
“The plan features include minimum and maximum entry ages of 18 and 65, respectively, with a maximum exit age of 70. The plan terms range from 5 to 20 years, and premium payments can be made monthly, quarterly, semi-annually, annually, or through lump sum payments. Coverage is provided against death from any source, with a minimum benefit of N1,000,000.00,” he added.
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