Education Endowment Assurance Plan
It is the desire of every parent to provide their children with quality education.
NSIA education endowment product (NSIA Education Support) serves as a vehicle for saving towards future education of the children. The policy also supports the child in the event of early death of the parent.
- The original guaranteed sum assured is specified in advance by the parent/guardian (policyholder)
- Minimum sum assured is Five Hundred Thousand Naira (N500,000)
- Maturity date (term) of the policy will usually coincide with commencement date of the child’s education
- Payment of the full sum assured and bonus at the maturity date of the policy to fund child’s education.
- Bonus (profit) is added to the sum assured every year.
- In the event of death before maturity, payment of an annual guaranteed income of 10% of sum assured from date of death till maturity date (i.e. Family Income Benefit).
- Policy can be used as collateral for loan.
- Policyholder can apply for policy loan after the policy has been actively maintained for two consecutive years
- Policyholder pays annually, half-yearly, quarterly or monthly to NSIA Life Assurance Limited to secure the guaranteed benefit and bonuses
- Medical examinations may be required in certain cases
On Maturity Date
Payment of the guaranteed sum assured and all accrued bonuses to fund child’s education
Payment could be spread over the period of education
On death of the Policyholder (parent)
On death of the policyholder, NSIA Life pays 10% of the guaranteed sum assured every year for the child’s maintenance until maturity date when the full sum assured becomes payable.
All outstanding premiums will be waived
On death of the child
If the child dies before the maturity date, he can be replaced with another child.
If there is no other child, NSIA will refund the total premium paid.
If the policyholder discontinues the policy after two complete years’ premiums have been paid and the policy has been in force for two years, NSIA Life will pay a reduced benefit known as surrender value.
On acquiring a surrender value after two years, the policyholder can apply to NSIA for a loan of up to 90% of the surrender value on the policy.
No payment is made if the policy is terminated within two years of its inception.
The Education Endowment product is suitable for:
- an individual who wants to save for future education of the children
- an individual who wants to ensure that his/her children’s future education is not disrupted in the event of early death
- educational institutions who want to make their schools more attractive to parents/children
- financial institutions granting children education loans
- any individual who wants to save towards his/her future education