Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has launched the ‘Education Endowment Plan’ aimed at enabling parents and guardians in Nigeria to secure financial stability for their children’s education.
The unveiling took place during a media interactive session at the company’s Head Office in Lagos. The plan is designed to raise awareness about the critical role of investing in education.
The Education Endowment Plan encourages parents and guardians to adopt a long-term strategy for investing in their children’s educational journey. It provides a comprehensive investment solution that ensures the continuity of their academic pursuits.
Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance, emphasized the plan’s role in providing families with a strong financial safety net. He highlighted its ability to protect children’s education from life’s uncertainties, offering reassurance and confidence to parents.
Orimolade stated, “We are proud to launch the Education Endowment Plan campaign, aligning with our commitment to empower Nigerian parents in securing their children’s education financially. As a leading insurance provider, we understand the profound impact of education on society and are dedicated to supporting parents in providing quality education for their children through reliable insurance coverage.”
He further explained, “Losing a parent or guardian can severely disrupt a child’s education. Our product is designed to provide assurance to parents that their children’s education will remain secure and uninterrupted, regardless of what life may bring.”
The Stanbic IBTC Education Endowment Plan offers multiple benefits including financial support for dependents in case of death, guaranteed educational funding, and peace of mind for parents. It can also serve as collateral for loans when urgent financial needs arise. Upon maturity, the plan pays out the targeted amount plus additional bonuses, enhancing its savings benefits.
Key features of the plan include entry ages ranging from 18 to 65 years, with a maximum exit age of 70 years. Policyholders can choose terms ranging from 5 to 20 years, and premiums can be paid monthly, quarterly, semi-annually, annually, or through lump sum payments. Coverage includes death from any cause, with a minimum benefit of N1,000,000.00. Additionally, an annual reversionary bonus, currently guaranteed at 2 percent of the sum assured, accumulates each year.
Stanbic IBTC Insurance boasts a reputable history spanning over two decades within the Stanbic IBTC Group, known for its commitment to excellent service delivery.
Orimolade urged parents and guardians to take proactive steps towards securing their children’s future through the Stanbic IBTC Education Endowment Plan. “By investing today, we can empower the next generation to achieve greatness and contribute to Nigeria’s brighter future. Your decision now can significantly impact your child’s future success, empowering you to take charge of their educational journey.”
The Education Endowment Plan serves as a call to action for parents and guardians to make informed decisions regarding their children’s educational security. It represents a transformative investment aimed at providing a competitive advantage for the future.
To start benefiting from the Stanbic IBTC Education Endowment Plan, applicants need to complete a proposal form and submit necessary documents including a passport photograph, valid identification, and proof of residence. For more information, interested individuals can contact 02 01 270 6801 or email educationendowment@stanbicibtc.com.
