Capital Express Assurance Limited has repackaged its education insurance policy to ensure unhindered education for children up to university level.
The Managing Director of the firm, Mrs. Bola Odukale, explained that the Capital Express Guaranteed Education Assurance Plan, is designed to guarantee the education of the named child up to university level subject to the sum assured.
She said, “The plan pays the sum assured in the event of the death of the breadwinner during the policy term and creates immediate estate sufficient to guarantee payment of school fees of the named child. This is to forestall the abrupt stoppage of the child’s education.”
According to her, if the breadwinner suffers critical illness, permanent disability due to accident or sickness or death, the policy will ensure that the child’s education is not unduly halted.
While explaining some of the key features of the policy, she said, the parent or breadwinner decides at inception of the policy, the estimated amount required to finance the future education of the named child.
After this, she said that the estimated amount will represent the sum that will be assured under the policy.
The managing director explained that the breadwinner can arrange to be paying his premium annually or in installments over a maximum period of five years
Odukale said, “The policy has flexible benefit administration options that suit payment of school fees. One child can also be substituted for another during commencement of benefit or benefit payable to the insured’s estate.”
The insurer noted that education is relevant to the society and that it remains a cogent permanent legacy parents or guardians can pass on to the children to ensure their future.
Without insurance, she explained that this vision may be completely jeopardized in the event of sudden death of the parent or guardian.
For this reason, she said that Capital Express introduced this plan to guarantee children’s education and help them to realise their vision in life.
She also said that premiums paid under this plan enjoy 100 per cent tax rebate while all benefits are tax-free.
“Our product offerings have witnessed a lot of transformation of recent, all through last year, we worked on ensuring different products that can bring out lasting solutions. We have an array of products that can meet the needs of an average Nigerian, student, family man, retiree, and everybody,” Odukale said.