This is a list of the best education insurance policies in Kenya. The best gift that any loving parent can give his/her child is a bright future, particularly investing in tailor-made education plans that help in the financial planning of your child’s future. There are several insurance providers in Kenya that offer reliable education covers that are worth your time and money.
Here is a list of the best education insurance policies in Kenya.
1. Elimu Bora Education Plan
The plan is a product of Britam Insurance. It is a combination of insurance protection and savings that allows you to prepare for the cost of education of your child. The plan has been specifically designed to provide funds for your child’s fees while in secondary school and a lumpsum amount for joining university.
Benefits of the plan
- Five annual bonuses amounting to 20% of the sum assured are paid in cash after the child reaches 13 years.
- The policy will pay 100% of the sum assured on maturity before the insured 19th birthday regardless of any previous benefit payments.
- Death benefit.
- Lien option.
- Insurance tax relief amounting to 15% of the premiums paid.
2. Super E-plus Education Plan
The plan is a product of Britam. It is a combination of insurance protection and savings that allows customers to arrange for the cost of education in advance. The plan is risk-free and provides continuous savings with each premium you pay.
- You get guaranteed bonuses of 130% of the sum assured paid in cash over the last six years of the policy.
- For policies lasting more than 10 years, you are entitled to a tax relief of up to 15% of the premium paid. The full amount payable at the end of the policy is completely tax-free.
- You are entitled to premium discounts each time you make a payment of Kshs 5,000 and above.
- In case you miss a payment, you have until 60 days to pay your arrears and proceed with your policy as normal.
3. Elimika Education Plan
The plan is offered by UAP Old Mutual. It is an affordable savings plan that allows you to invest as little as Kshs. 2,500 for up to 21 years and to receive staggered payments to cater for your child’s school fees.
- Access to all your savings on maturity.
- Life cover benefit.
- Tax relief of 15% of your premiums.
- When you pass on before your savings period expires, they pay the remaining premiums on your behalf and still pay for your child’s fees on maturity.
4. Career Life Plus
The plan is offered by Jubilee Insurance. It is tailored to ensure that your child’s dreams are fulfilled through a well-managed fund.
- Flexible investment options
- Accident & disability cover.
- Education savings with life cover.
- Financial security.
5. Bima Ya Karo
Bima Ya Karo is a policy offered by Madison Insurance. It presents an opportunity like no other, where parents can now create guaranteed funds and provisions for their children’s education whether they are alive, disabled or deceased.
- Cash payments are available and payable during the last 5 years before the maturity date.
- In the event of death or permanent disability, while the policy is still valid, all future premiums shall be dropped and cash benefits will be payable.
- The policy term ranges from 10-18 years.
- If the parent passes on while the policy is still valid and premiums are up to date, the company will pay 50% of the amount on the cover for the needs or upkeep of the child mentioned in the policy.
- Upon diagnosis of critical illness, while the policy is still in force, the company will pay 25% of the amount payable on the policy.
- The policy provides funeral cash benefits in the following limits of the amount payable on the policy: Adults Kshs 100,000 and children Kshs 50,000.
6. KCB Elimisha
KCB Elimisha is not only an education policy but also a life insurance plan. It is a product of KCB bank.
- You or your beneficiaries will receive the sum assured plus accrued interest in the event of loss of life as a result of accident or illness or upon maturity of the policy.
- In the event of a critical illness, a 35% payout of the sum assured is made on the first diagnosis.
- In the event a parent loses their job or is retrenched, they will receive a waiver for payment of premiums payable for a period of six months.
7. Educare Education Plan
The plan is offered by Standard Chartered Bank. It combines savings for your child’s education with life cover to ensure that your dreams for them are realised.
- Upon diagnosis of a critical illness, 50% of the agreed sum assured will be paid immediately.
- Cash benefits at maturity.
- In the unlikely event of accidental death, your beneficiary immediately receives 200% of the sum assured.
- Permanent and total disability benefit.
- In the unlikely event of natural death, your beneficiary immediately receives 100% of the sum assured.
- After making consistent premium contributions for three years, there will be no need to cancel this policy prematurely due to financial constraints.
- You are entitled to a 15% tax relief benefit of your annual contributions, for policies with a minimum term of 10 years.
8. Usomi Bora Education Plan
The plan is offered by ICEA Lion Group. The plan enables you to set aside a given amount every so often; monthly, quarterly or annually for a specified period of time so that you have sufficient funds to invest in the quality of education you desire for your child.
- Flexible payment options.
- Premium waiver in the unfortunate event of your demise.
- The policy combines the life insurance cover aspect with investment.
- You can choose how your investment gets paid to you on maturity.
- The sum assured will be paid to you tax-free upon maturity when your policy matures.
- 15% tax relief if you are employed and you advise your HR department about your policy.
9. APA Elimu
APA Elimu is an education plan by APA insurance. The plan enables you to build a fund over a period of time, making suitable provisions for your child’s school fees requirements as to when they are required. It also ensures that the child’s fee required is available even in the untimely death of the policyholder during the term of the policy.
- The policy term ranges from 5 to 20 years.
- Premium will be payable for the policy term selected or until the death of the life assured if it occurs within the term.
- Premiums can be paid on a monthly, quarterly, semi-annually or annually and the modes of payment include standing order, cheque, direct debit authority, Mpesa or salary check off.
- The plan allows for a disciplined, systematic and easy way to save for your child’s financial education needs.
10. Educator Plan
The plan is offered by Liberty Insurance. It is designed as a savings and protection plan to provide for the future education needs of your child, ensuring you will have the money to meet any critical educational needs in future.
- Earn policy bonuses at each policy anniversary.
- Death benefits are 100% of the sum assured plus any accumulated bonuses.
- Enhance your policy benefits at reduced rates using optional cover.
- You can take a loan against the accumulated value of the policy from liberty life or other financial institutions.
- Flexible premium payment modes.
- Annual insurance relief of 15% of gross premiums paid or Kshs. 60,000, whichever is lesser.
- Cover can start from as early as three months and runs from 10 to 20 years.
Uniplan is an education policy offered by Madison Insurance. It is an investment policy that enables parents and guardians to save up to guarantee their children’s university education. The policy term is 5 to 15 years.
- The policy is a life policy that offers cover upon your death but is still an opportunity for you to collect high returns on the initial amount in the policy.
- Has a minimum guaranteed return of 5% per annum.
- In case of your unfortunate demise or disability, while the policy is still valid, they will drop any additional payments on policy premiums and guarantee to fund the child’s university education.
- In case of the unfortunate demise of the child or beneficiary, while the policy is still valid, the parent or guardian has the option to either continue with the policy until the maturity date, nominate another child or receive a full amount of the value of the fund.
- If the child fails to join university, the full fund value will be payable to the parent or guardian.
- If the course is more expensive than what it was insured for, there is a provision to revise the policy.