The Educational Support Plan is a savings product designed to meet future educational needs.
It allows you to save for the future financial obligations of your dependents. The plan also has a protection component embedded in it.
What you need to know
The minimum and maximum entry ages to sign for the policy are 18 and 59 years respectively.
The maximum age for cover is 70 years.
You can take the plan for a minimum duration of eight years and a maximum of 25 years with a premium between GH¢100 and GH¢1000 per month.
You have the option to make a lump sum payment with a minimum and maximum premium payment of GHs 100 and GHs 1,000 respectively.
If you keep the policy in force till the end of the term, we celebrate your achievement by paying out a lump sum of 4% of total premiums paid.
The investment account of the policy at maturity is the benefit amount payable. The maturity date of the policy will be the anniversary of the commencement date coinciding with the expiry of the term of the policy.
If you are unable to continue to pay a premium for the rest of the term of the policy, there is the option to convert it to a Paid-Up policy. This is on condition that the accumulated value of the fund exceeds GH¢300.
Partial Withdrawal Benefit
Yearly partial withdrawal can be made after the first year of the policy coming into force. Withdrawal can only be made once a year and shall not exceed 50% of the accumulated fund.
Waiver of premium on the death of the policyholder
We will pay premiums on your behalf if death should occur before you attain the age of 60. This benefit will cease on expiration of the term of the policy, attainment of your 65th birthday or encashment of the policy, whichever of these events occur first.
Waiver of premium on permanent disablement of the policyholder
We will pay premiums on your behalf if you become permanently disabled before the attainment of age 60. This benefit will cease on expiration of the term of the policy, attainment of your 65th birthday or encashment of the policy, whichever of these events occur first.
The waiver of premium benefit applies only if you were aged between 18 and 54 at the time you took the policy.
To protect your money against inflation, you have the option to choose an inflation protection rate (5%,10%,15%,20%,25%, and 30%). There will be an increase in sum assured and premium every year based on the rate you choose.