By now, you must have read about some of the key features of the Sacos Education Plan and how it can help you pay for your your child’s tuition fees. There are other interesting features of the Sacos Education Plan and we have listed all of them below to help you make your final decision.
Key features of the Sacos Education Plan:
- Policy Term
Unlike other life insurance policies, there are only three term plans available – 10 years, 15 years and 20 years.
- Schedule of Benefits
The schedule of benefits are paid in the last five years of the plan, prior to maturity. For example in a 10-year plan, the survival benefits are paid in Year 5, Year 6, Year 7, Year 8, Year 9 and Year 10 of the policy term. Unique to the Sacos Education Plan, the purpose of this schedule is to coincide with tuition payments such as all five years of secondary school.
Upon maturity of the policy, the remainder of the sum assured, plus accrued bonuses is paid out to the policy holder.
- Minimum Sum Assured
While there is no maximum sum assured, the minimum sum assured is SCR100,000.
- Death and Permanent Disability
Upon the unfortunate demise or permanent disability of the policyholder, the full sum assured plus accrued bonuses is paid to the beneficiary.
In contrast to the Sacos Junior Plan, the policy holder in this case is the proposer of the policy – the parent or legal guardian.
Unlike other plans, parents cannot just name any beneficiary to this policy. The beneficiary must be the child whose education will benefit from the policy.
- Policy Advance
Up to 90% of the Cash Surrender Value of the policy may be granted for emergency needs as a policy advance.
If you have made up your mind, send us a simple email to firstname.lastname@example.org, call us on 4295000 or visit us at any of our branches.