The Sacos Junior Plan is a life insurance plan designed specifically for children up to the age of 11 years.
With many life insurance plans available, as well as other savings tools for children, you may be asking yourself what is special about the Junior Plan?
It’s a very good question because there are plenty of benefits which are unique to the Junior Plan.
Sacos Junior Plan benefits:
The child receives the sum assured even if the parent passes away
One of the clear benefits of the Sacos Junior Plan is that it has the features of any life insurance policy. Meaning that if you die before the term of maturity is reached, your child receives the full sum assured you intended for them to receive.
Whereas with some savings tools, you may not reach a set target for your child at the time of your passing. Your child will only receive whatever amount you were able to save.
For example, providing the terms and conditions of the life policy are met, if you assured the sum of SCR250,000 upon your child reaching their 21st birthday – SCR250,000 is the amount they will receive under the Sacos Junior Plan even if you, as the policyholder, passed away unexpectedly tomorrow.
The parent receives the sum assured if the child passes
In the event of your child’s passing before the end of the policy term, the sum assured will go to the parent, or any other beneficiary named in the policy.
If the child passes away after reaching the age of 6, the sum assured is paid out fully to the beneficiary. If the child passes before reaching the age of 6, the sum assured is paid out according to percentages fixed to their ages at the time of death.
The child is the direct “beneficiary” if the policyholder passes
In insurance terms, beneficiary usually means the person named on your life insurance to receive the sum assured in the event of your – the insured – passing during the term of the policy.
As the child will be “the insured” under the Junior Plan, the beneficiary will be whoever else the policyholder has named in the policy.
But if the policyholder passes away and the child is still alive, the child is the direct beneficiary of the policy. Why is this information important?
With the Sacos Junior Plan, there can only be one inheritor to the life insurance if the insured is still alive – that is your child.
The Sacos Junior Plan is therefore a guaranteed way for your child to receive an inheritance from you (the policyholder) in the event of your passing. This inheritance could never be challenged as it is a result of a direct contract between the policyholder (the parent) and the insurer (Sacos).
*You are now able to purchase the Sacos Junior Plan for your child from the day of their birth. The earlier you get started, the more affordable the monthly premium.
For more information on the Sacos Junior Plan, call us on 429 5000, send an email to life@sacos.sc or request a quote via our website.
