Learning is inseparable from the fact of being human, and throughout the tumultuous history of mankind, it is the singular most consistent thing that has been present in our lives.
We learn in times of plenty, and hunger comes with its lessons too. In times of peace, even more in times of conflict. Prosperity delivers knowledge and pontification, just as adversity teaches us warfare and survival.
As Jiddu Krishnamurti puts it, “There is no end to education. It is not that you read a book, pass an examination, and finish with education. The whole of life, from the moment you are born to the moment you die, is a process of learning.”
It is a fact of life that parents spend their most productive years and money in the education of their children.
It is also the fact that Education is the greatest driver to all societal progress as well, and it is what pre-occupies all of us for the greatest part of our lives regardless of our origins, affiliations and even capacity.
Finally, from infancy to the job market is an average of 25 years, all of which is spent learning.
Knowing this, and being products of education ourselves, Kenyan Alliance has crafted a most responsive product to give parents an edge in creating a financial nest for the future education of their children.
Birthed in simplicity, it is simply, aptly named “Education provider.”
Features of education provider
- Installment benefits of 30 percent of the Sum Assured are payable on each of the 4th, 3rd, 2nd and 1st anniversaries preceding maturity.
- 100 percent of the Sum Assured plus accrued bonuses are paid in four equal annual installments.
- On death or total and permanent disability within policy term, a child maintenance benefit of 10 percent of the Sum Assured is payable immediately and thereafter on each anniversary ceasing with the commencement of the 30 percent installments.
- No more premiums will be payable on death or total and permanent disability of the insured during the term.
ILLUSTRATION
Client Name: Mr. Antony Kariuki
Age Next Birthday-26 Years
Policy Term – 14 Years
Sum Assured Kes 200,000.
Monthly Premium=SA/1000 x Rate; Thus 200,000 x 14.26 x 1/1000= Kes 2,852
Total Premium=Kes 2,852
Survival Benefits
30% of S.A on 10th Year 60,000/-
30% of S.A on 11th Year 60,000/-
30% of S.A on 12th Year 60,000/-
30% of S.A on 13th Year 60,000/-
Total partial maturities- 240,000/-
Maturity Value on the 14th (Maturity Year) Paid in 4 Instalments = Sum Assured + Bonuses
Maturity Value = (200,000 + 112,000) = 312,000
14th Year Kes 78,000
15th Year Kes 78,000 + earned interest
16th Years Kes 78,000 + earned interest
17th Year Kes 78,000 + earned Interest
Total Benefits = Kes 522,000 + earned interest on the balance of maturity value
- In case of death or permanent disability of the policyholder, Kenyan Alliance will pay the rest of the premiums.
- Kenyan alliance will pay the benefits as illustrated above therefore enabling the parents to give the most valuable gift to their children.
Education is an inheritance that all parents ought to have the capacity to bequeath their children.
Unfortunately, poverty, debilitating disease, death, and the vagaries of life do sometimes get in the way and destroy all progress a well-meaning parent may have made. It needn’t be this way. All our education would be meaningless if we cannot assure parents that it is possible for their children to carry on with their study plan uninterrupted by misfortune.