Stanbic IBTC Insurance Launches Education Endowment Plan for Parents, Guardians

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings Plc, has launched the Education Endowment Plan

The scheme empowers parents and guardians to secure the academic future of their children or wards through a comprehensive investment solution that safeguards their children’s academic journey.

The initiative, which targets young adults, encourages parents and guardians to adopt a long-term strategy for investing in the educational future of their children.

The plan offers families a strong financial safety net, ensuring the protection of their children’s education, regardless of life’s uncertainties; and providing reassurance and confidence.

The Stanbic IBTC Education Endowment Plan offers numerous benefits. It provides financial support for dependents in case of death; guarantees the child’s or ward’s education; and gives parents and guardians peace of mind.

It can also be used as collateral to secure a loan, where urgent needs arise. At the plan’s maturity, the targeted amount is payable, plus a bonus enhancing the benefits, making it an effective vehicle for saving.

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 million. The guaranteed sum assured is specified in advance by the policyholder and an annual reversionary bonus currently guaranteed at 2 per cent of the sum assured begins to accrue at the end of each year.

By making strategic investments today, parents can secure access to education for their children, enabling them to realize their full potential and pursue their aspirations.

“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.

“As a leading insurance provider, we recognize the profound impact education has on a nation and its populace, and we are dedicated to supporting parents in their quest to provide quality education for their children by insuring the future,” the chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, said at a media interactive session in Lagos.

“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 further stated.