This is a type of life insurance that allows you to save towards your child’s education. 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.
This policy also has a protection component that pays out the amount you intend to your nominated beneficiaries in the unfortunate event of your demise, so that the education dreams you have for them continue uninterrupted. At ICEA LION, we refer to this product as UsomiBora.
Looking to start investing but not sure what to start with, here is some advise from ICEA LION’s Asset Management CEO, Einstein Kihanda on starting your investment journey.
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In the unfortunate event you lose your source of income, you can reduce your premium payments up to KES 2,000 and you can later revise them upwards when your circumstances improve.
You can opt to pay premiums monthly, quarterly or annually which is suitable for self-employed as well as salaried employees.
In this event, we take over the payment of the premiums until the policy attains maturity. At maturity, your beneficiary will be paid the Sum Assured plus the accrued bonuses, with your child as the primary beneficiary.
Our education policy combines the life insurance cover aspect with investment. The interest your premium contributions earn are given back to you in form of bonuses. ICEA LION offers both terminal bonus and reversionary bonus. However, it is important to note that the amount that is guaranteed is your Sum Assured, the bonuses are paid out subject to market performance during the duration of your policy.
If you are employed and you advise your HR department about your policy, you get a 15% tax relief each month. If you are self-employed you can claim the same from Kenya Revenue Authority (KRA).
In the unfortunate event of your demise, your child can still have the quality of education you envisioned for them. That said, it is very important that you ensure you have structures in place to ensure that the people who are left in control of your funds use it as you desired. In order to protect your legacy for your intended purposes, it would be advisable to consider Estate Planning and perhaps set up a Trust. Click here to find out about out ICEA LION Milele Trust.
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If you would like to talk to us in person, you can call us on +254 719 071 999 or request a call back by clicking here.