EduCare
You want the best education for your child
We make it possible
Give your child a headstart in life – You can provide your child with every advantage and ensure that his/her potential will be nurtured to its fullest.
EduCare Insurance Plan underwritten by Enterprise Life Assurance Limited is the solution. As parents, we sometimes have to compromise on our child's interests, welfare and future because of lack of funds to pay for his/her education. But not anymore!
Let your child be the best that he/she can be by letting EduCare Insurance Plan take care of your child's education.
Features:
- Choose the term of the insurance plan according to your wishes (minimum term of 7 years to a maximum of 18 years)
- Minimum cover amount of GHS 5,000
- Maximum cover amount of GHS 100,000
- Age of the policy holder should be more than 18 but not more than 60
- Flexibility for the customer to pay premium on a monthly basis (to avoid any lump sum payment)
- Premium can be increased annually to cover inflation and improvements in lifestyle.
- Flexibility of encashing the plan anytime (early encashment may result in losses)
- Ability to make partial withdrawals
Additional Features:
EduCare is a unit linked product underwritten by Enterprise Insurance Company Limited, providing you an excellent vehicle for savings and investment with vital protection against tragic incidents of life.Some additional features attached to the product are:
- Death of policy holder: Incase the policyholder passes away during the tenor of the policy, the premium is waived till the child reaches the specified college age (end of the term). The sum assured will then be paid to the child in 5 annual installments when the child reaches the specified college age.
- Completion of policy duration: When the duration of the policy is completed, the policy holder will receive the cash value of the policy in 5 annual installments.
Illustration:
Let us draw an example:The father’s age is 28 years and he has a 2 year old child. His goal is to send him to a well reputed college in 18 years time.
Estimated working of the Insurance plan:
| Today | ||
| Child’s Age | Premium | Child’s Age (at maturity) |
| 2 Years | GHS 20 per month | 20 years |
| 18 Years Later |
| Lump sum payment of GHS xxx |
| GHS xxx per annum payable in 4 installments |
Note: The Growth rate of 42% considered for the calculation. The average rate of growth for the last 5 years (2003 – 2008) for investments maintained with ELAC is 42%.