Everyone needs some form of financial security for the future. Our life insurance plans give you two levels of security for your peace of mind. You can make a savings plan for yourself and/or provide for your loved ones in the event you are no longer around.
The Educational Assurance Plan is a life insurance plan which assists parents in making savings for the future as an investment in their child’s education.
Understanding that academic and tuition fees can be costly, the plan is designed to help parents reduce the financial burden of the education expenses by helping them save a smaller amount on a long-term basis.
The Education Plan is available for terms of 10, 15 and 20 years. Parents can decide an option which suits their needs, whether it be paying for secondary school tuition at a private school or for an undergraduate degree at a university.
How does the Education Plan work?
Sacos starts to pay out the sum assured during the last six years of the policy.
> 10% of the sum assured for the last 5 years prior to maturity.
> Upon maturity, 50% of the sum assured is paid to the policyholder with accrued bonuses.
Upon death during the policy term, we pay the full sum assured together with accrued bonuses.
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Our clients most frequently asked questions
What is the key difference between the Education Plan and the Junior Plan?
The Sacos Education Plan is designed principally to assist parents to manage tuition payments during the academic life of the child. The insurance pay-out therefore goes to the parents at the time of maturity. The Sacos Junior Plan is designed principally to assure the life of the child. As such, the child will receive the full sum assured at the end of the policy period.
How can the Education Plan be used to pay tuition fees?
The insurance pay-outs are given during the last six years of the plan, therefore it can cover secondary and/or tertiary education fees. For example, on a SCR500,000 Education Plan, the parent will receive SCR50,000 (10% of the sum assured) every year for five years at the end of the policy period, this can go towards the yearly cost of secondary school tuition or enrolment fees. The parent will also receive 50% of the sum assured at the end of the policy period. In the above example, the parent can use the remaining SCR250,000 to enrol their child in a university of their choice. Alternatively, the Education Plan can be used entirely for university tuition fees.
Why do I need to pay an Education Plan if I can save the money by myself?
As the Education Plan functions as a life insurance policy, in the event of the death or permanent disability of the policyholder (the parent), we will pay out the full sum assured plus accrued bonuses to the beneficiary. Your child will still receive the full sum you intended them to benefit from even if you pass away before the survival benefits are due.