Watching your child live their dreams and fulfill their purpose in life is truly rewarding. Giving them access to quality education can set them firmly on the path to their greatness.
You need a partner who shares in this vision to power their dreams by equipping them to thrive in and build a better world. NCBA Bank Kenya Plc is one such partner.
The bank in partnership with ICEA Lion will Today 12th July 2022, roll out an education policy dubbed ‘NCBA Educator’, which aims at providing financial relief to parents or guardians at different points in their child’s education.
What is NCBA Educator?
The NCBA Educator is an education policy developed to enable a parent or guardian to meet the education expenses for their child.
It is designed to enable a parent or guardian to put aside as little as 2,000 shillings monthly and receive partial payments at agreed intervals throughout the term of the policy, or a lump sum payment at the end of the policy term.
The policy gives a platform to save for the education of your child even in the unfortunate event of your demise.
How does it work?
The parent/guardian has the flexibility of choosing today, at what stage they would like the policy to cover the cost of their child’s education.
The frequency of payments is weekly, monthly, quarterly, semi-annually, and annually with the annual premium payment enjoying an added advantage of a 5 percent premium discount.
On the mode of remittance, the premiums may be paid through check-offs, standing orders, bank orders, direct deposits, M-Pesa, and personal or company cheques.
Who is eligible for the policy?
Anyone between the ages of 18 and 62 can take the cover for their children. However, considerations can be made to accommodate customers who are above the maximum entry age of 65 with a corresponding change in the monthly premiums for a similar sum assured.
What are the minimum and maximum monthly premiums for the policy?
The minimum monthly premium for this policy is 2,000 shillings. However, it is the desire of every parent to be able to provide for his or her children the best education money can buy. It is therefore advisable to calculate the premium with the end in mind.
With an estimated termly/yearly school fee of the desired school, a quotation is generated and a relevant monthly premium arrived at. The maximum monthly premium is determined by the customer’s desired partial and final maturity estimates.
What are the minimum and maximum policy terms for the policy?
The minimum policy term for this policy is 8 years whereas the maximum term is 20 years. A policy term refers to the period for which the policy remains in force from the date of purchase to the date of final maturity settlement.
What is covered under the NCBA Educator policy plan?
- Death
Upon the death of the life assured/Insured Parent, the following benefits are payable;
Double Death Benefit (Accident and Illness): This is an optional benefit. If the insured opts for this double death benefit, on the occurrence of death (due to accident or illness) during the term of the policy, ICEALION will pay out this rider’s sum assured.
- Critical Illness
This is an optional benefit. ICEA LION will pay 50 percent of the sum assured, a maximum of 5 million in the event of a critical illness as defined in the policy schedule.
- Permanent Total Disability
This is an optional benefit. The Insurer shall pay the Assured Amount if an Insured Parent suffers a Permanent Total Disability as a result of an Accident or Sickness that renders the Insured Parent unable to follow any occupation for which he/she is reasonably suited by education, training, or experience and is not following any other occupation for-profit and reward.
- Waiver of premium
Premiums payable up to the maturity date of the Policy are waived upon the death of the insured parent or in the event of joint life cover, upon the first death of either of the insured parents.
- Medical Second Opinion
The benefit allows the insured, spouse (if on joint life basis), and named children access to a Medical Second Opinion to;
- Confirm the accuracy of your diagnosis
- Explore all treatment options available to you
- Change your diagnosis, optimize your treatment plan and improve health outcomes, based on the second opinion outcome
- Unemployment benefit
This is an optional benefit. ICEA LION will waive the premiums for a maximum period of 6 months for loss of income due to the retrenchment, restructuring, or winding up of the employer’s business.
What Is not covered under the policy
The following exclusions apply in the event of the death of the policyholder, before the expiration of the policy term, under the following circumstances;
- Suicide
- Judicial death sentence
- Death as a result of illegal or unlawful activities
- War risks
So, if you are a parent or guardian on the look for saving and investment opportunities towards retirement, purchasing a home, or starting a business to create a better life for your family as well as securing the future education of your child, then NCBA Educator plan could be your best option.
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