By Ngozi Onyeakusi— Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings
has unveiled an Education Endowment Plan, an offering that empowers parents and guardians to secure academic future of their children/wards.


The StanbicIBTC Insurance
Education Endowment Plan according to the firm is a life assurance policy with multiple benefits to the policyholder and the named beneficiary.


Speaking at the unveiling of the product in a press conference Lagos, the Chief Executive, Stanbic IBTC Insurance, Mr Akinjide Orimolade stated that the Education Endowment Plan is a robust policy that guarantees long-term benefits and financial security for children, among other impactful benefits.


“The new offering, empowers parents and guardians to secure the academic future of their children/wards.

“This product ensures the protection of their children’s education, regardless of life’s uncertainties; providing reassurance and confidence. By making strategic investments today, parents can secure access to education for their children, enabling them to realize their full potential and pursue their aspirations.


We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for the education of their children.


As a leading insurance provider, we recognize the profound impact education has on a nation and its populace, and we are dedicated to supporting parents in their quest to provide quality education for their children by insuring the future,” he assured.

Admonishing parents/guardians, Orimolade insisted that the best legacy parents could give their wards is education even as he urged them not to wait until when eventuality occurs before they start planning.

He equally assured that the product has the potential to cater for a child’s education even when parent/ guardian is no longer alive to take care of him/her.

“The loss of a parent or guardian is profoundly devastating and can greatly affect a child’s educational journey. With this in mind, we have created a product to reassure parents and guardians. It ensures that their children and wards’ education will remain secure and uninterrupted regardless of life’s uncertainties.”

The Stanbic IBTC Education Endowment Plan offers numerous benefits. It provides financial support for dependents in case of death; guarantees the child’s or ward’s education; and gives parents and guardians peace of mind. The plan can also be used as collateral to secure a loan, where urgent needs arise. At the plan’s maturity, the targeted amount is payable, plus a bonus enhancing the benefits, making it an effective vehicle for saving.

The plan features include minimum and maximum entry ages of 18 and 65, respectively, with a maximum exit age of 70. The plan terms range from 5 to 20 years, and premium payments can be made monthly, quarterly, semi-annually, annually, or through lump sum payments. Coverage is provided against death from any source, with a minimum benefit of N1,000,000.00. The guaranteed sum assured is specified in advance by the policyholder, and an annual reversionary bonus currently guaranteed at 2 percent of the sum assured begins to accrue at the end of each year.