Below is a list of companies with the best education insurance policy in Kenya:
Jubilee Insurance
Education Plan (Career Life Plus)
Why get an Education Policy?
- The parent is the life assured and the child is the beneficiary, which ensures their future no matter what happens
- Benefits and bonuses are flexible, based on the sum assured and the policy term chosen by you. It can vary from 5-20 years depending on your financial plan.
- Premiums can be paid monthly, quarterly, bi-annually or annually through a variety of convenient methods.
Key Benefits
- 2 in 1 – Education Savings in addition to life cover
- Financial Security
- Flexible investment options
- Accident and disability cover
- 2 in 1 – Education Savings in addition to life cover
Is there a minimum or maximum amount assured?
The minimum sum assured is KES 200,000. There is no maximum sum assured.
Standard Chartered Bank
| Benefits | |
| Maturity Benefit |
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| Natural Death |
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| Accidental |
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| Critical Illness |
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| Permanent Total Disability (PTD) |
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| Premium Discounts | There are premium discounts based on your preferred cycle of premium payment laid out as follows: A discount of 4% for quarterly premium payments, 6% for semi-annual premium payments and 8% for annual premium payment |
| Medical Examination Lien Option | The policy holder may opt not to undertake medical examinations, in the event you choose this option you will be subjected to waiting periods applied to payments on natural death, critical illness and permanent total disability from natural causes. An insured has the option of undertaking medical examinations at Sanlam Life Company cost and getting exempted from the waiting period applied to payments on natural death, critical illness and disability due to natural causes. |
| Free Look Period |
|
Old Mutual Insurance
Elimika Education Plan
What’s in it for you?
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- Your savings gain a cash value after 2 years
- You can choose how long you want to save for, between 5 and 21 years
- We guarantee access to all your savings on maturity.
- Our savings plan comes with a life cover benefit.
- You are entitled to tax relief of 15% of your premiums.
- When you pass on before your savings period expires, we’ll pay the remaining premiums on your behalf and still pay for your child’s fees on maturity.
How do I apply?
The proposer sitting/speaking with an agent chooses the desired cover, the agent runs a quotation in relation to the sum assured client desires or the amount of premium they want to save. The proposer in the presence of the agent then completes the application/proposal form and provides the required documentation (new business requirements). The agent then submits the application to Branch Support Officers who capture the client’s information in the system to kickstart the new business process.
What’s excluded from the cover?
No death benefit will be payable if death occurs as a result of:
- War and terrorism activities
- Radioactivity or nuclear explosion
- Intentional intake of drugs and/or alcohol
- Violation of criminal law by Life Assured
How can I pay my premiums?
There are various payment options you can use to make your premium contributions. These are:
- M-Pesa
- Direct Debit
- Check off
- Standing Order
- Cheque
- Airtel money
- Direct bank deposit
Where should I make payments to?
All bank deposits, standing orders and direct debit payments for Elimika Education Plan should be made to:
Mpesa
Business Number: 505000
Account Number: Policy number
Bank details
Beneficiary Account: Old Mutual Life Assurance Kenya Limited
Bank: Standard Chartered Bank Kenya Ltd
Branch: Yaya Centre
A/C No.: 010 2069 386 500
Swift Code: SCBLKENXXXX
Payment Reference Number: Policy Number
Beneficiary Account: Old Mutual Life Assurance Kenya Limited
Bank: Faulu Bank
Branch: Kimathi
A/C No.: 100-316-054-4
Payment Reference Number: Policy Number
APA Insurance
Education Plan (APA Elimu)
We work hard now to ensure the futures of our little ones remain bright. A great education is the best foundation for a good life, ensure that your child gets this chance through the elimu policy.
Our policy enables you to build a fund over a period of time, making suitable provision 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 premium will be payable for the policy term selected (capped at 20 years) or until the death of the life assured if it occurs within the term.
The minimum and maximum ages at entry are 18 years and 65 years respectively. The maximum maturity age is 70 years.
Why the Elimu cover?
Financial Security
This plan allows for a disciplined, systematic, and easy way to save for your child’s financial education needs.
Flexible premiums
The sum assured and premiums are determined at the onset and they remain fixed throughout the term of the policy. You can, however, increase your premiums or sum assured at your policy anniversary.
Flexible term
The plan also has a (saving period) that ranges from 5 to 20 years, which will be chosen by you, and this will depend on when you require the funds.
Product Specification
- a) Premiums
This is determined by:
- Life assured’s age.
- Frequency of premium payment.
- level of cover selected.
- Term of the policy.
The premiums can be paid on a monthly, quarterly, semi-annually or annually and the modes of payment include Standing Order, Cheque, and Direct Debit Authority, M-Pesa or Salary Check off.
The premium is payable up to the end of the term of the policy or on earlier death.
- b) Terms
- 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.
Our main products features include:
Survival Benefits
On survival of the Policyholder up to :
- 100% of the sum assured plus.
- Simple reversionary Bonus: computed as a percentage of the sum assured (4%).
- Terminal bonus: computed as a percentage of the sum assured (50%).
Death Benefits
Option 1: On death as a result of an accident.
- 100% of the sum assured plus.
- Premiums are waived.
- 3. At the end of the term of the policy 100% of the sum assured plus accrued bonus (simple reversionary bonus) and terminal bonus is paid.
Option 2: On death as a result of accident or illness.
- 100% of the sum assured is paid immediately.
- Premiums are waived.
- 3. At the end of the term of the policy, 100% of the sum assured plus accrued bonus (simple reversionary bonus) and the terminal bonus is paid.
Rider Benefits
On payment of an additional premium, the following rider benefits are available;
- Total and Permanent Disability
On total and permanent disability due to an accident, an amount equal to the basic sum assured will become payable as a lump sum subject to a deferment period of 6 months. from the date of the accident. The disability referred to must be such that there is neither then or at any time thereafter any work, occupation, or profession that the life assured can do to earn or obtain wages, compensation, or profit.
- Accidental Death
On death, due to an accident, an amount equal to the basic sum assured will become payable. This is in addition to the main benefit.
- Waiver of Premium
All future premiums will be waived following total permanent disability due to accident or illness.
- Medical Reimbursement Rider
In case of an accident leading to the injury and hospitalisation of the life assured, the in-patient medical expenses incurred will be reimbursed subject to a maximum of 60% of the policy sum assured but not exceeding Kes. 500,000/-.
- Critical Illness rider
In the event of the first diagnosis of a specified critical illness, an amount equal to 50% of the sum assured is payable to the life assured up to a maximum of Kes. 5,000,000. Includes: Cancer, Stroke, Heart Attack, Kidney Failure, Paraplegia or Paralysis, Coronary, Artery Disease, Major Organ Transplant, e.g. Kidney transplant.
- Retrenchment rider
In the event of loss of employment due to adverse business conditions e.g. introduction of new technology or re-organization of the business by the employer, future premiums will be waived off up to a maximum of 6 monthly instalments. This will cease if the assured secures employment before the end of 6 months.
Additional benefits
Paid Up and Surrender
The policy will acquire paid-up and surrender values after payment of at least 3 full years’ premium.
Loans
Loans will also be available within the surrender value of the policy.
Tax benefit
By law, a 15% insurance relief will be granted to the policyholder up to a maximum of Kes. 5,000 p.m. (Kes. 60,000 p.a.).
Equity Bank
Education Insurance
This policy is designed to cater for the future education needs of children aged between one and 12 years.
The policy offers 5 annual cash payments of 20% of the sum assured. The first payment begins on the policy anniversary date, after the insured child attains the age of 13 up to and including the anniversary date after the insured attains the age of 18. These cash bonuses are paid to the premium payer to enable him/her pay school fees for the insured child.
How To get started with this product
- Click the button below to sign up.
- Fill in your details.
- Submit the details. A representative from our team will give you a call.
Britam Insurance
Super E Education Plan
Savings
- Your savings appreciate enabling you to gain much more value over time.
- You get guaranteed bonuses of 130% of the sum assured paid in cash over the last 6 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 and the full amount payable at the end of the policy is tax free.
- You are entitled to premium discounts each time you make a payment of KES 5,000 and above. This means a lower premium for the same amount of cover.
- In case you miss a payment, you have until 60 days to pay your arrears and proceed with your policy as normal.
Investment
- Super E Plus allows you to make your other investment dreams a reality in addition to investing in yours or your children’s education.
- It provides 6 bonuses totalling 130% of the sum assured and a lump sum of 100% of the sum assured at the end of the term.
- You can also take a loan of up to 80% of the value of your policy. Imagine how much further your investments could be with access to such capital.
- For policies lasting more than 10 years, you are entitled to a tax relief of up to 15% of the premium paid, and the full amount payable at the end of the policy is tax free.
- In case you miss a payment, you have until 60 days to pay your arrears and proceed with your policy as normal.
Protection
- Super E Plus comes with a life insurance policy equal to the sum assured.
- In the event you contract any critical illness covered by the policy for example cancer, stroke or a heart attack, Britam pays 50% of the sum assured immediately.
- You will be exempted from paying all future premiums. Bonuses and lump sum payments will also be paid when they fall due.
- If the insured passes on accidentally, Britam pays 100% of the sum assured and waives all the other premiums required as Britam makes the payments for you.
- Bonuses and lump sum payments will also be paid when they fall due.
- If you are unable to pay the premiums due to a disability, accident or illness, all the future premiums will be paid by Britam.
- In case you miss a payment, you have until 60 days to pay your arrears and proceed with your policy as normal.
Cooperative Bank
Soma na Co-op
Upon application, the customer needs to understand the following terms before signing up:
- Policy term (ranging from 9 to 18 years): This is the entire period where the policyholder pays the premium and receives the benefits. The policyholder is usually covered for the term duration.
- Premium paying term (ranging from 5 to 14 years): This is the period the policyholder pays the premium before the maturity.
- Policy maturity (4 years): The product pays pre-defined benefits in 4 years. 15% of the sum assured each and a final payout of 45% sum assured (105% of sum assured plus bonus). Minimum premium is Ksh 2,000.
Death Benefit
The death benefit is payable provided that the first premium has been paid by the insured and received by the insurer and the policy was active at the time of death. No waiting period on the SOMA NA CO-OP product.
On natural death/PTD (Permanent Total Disability): PTD will mean medically-certified total disability, as a result of illness, injury or disease, which cannot be cured or treated and which prevents the life assured from earning an income or from following his own or a similar occupation in keeping with his/her education, training or ability and experience.
The policyholder shall also be deemed to have suffered permanent and total disability upon the permanent loss of use of any of the following: both hands, both feet or both eyes. CIC Life Assurance will pay immediately 50% of the sum assured
The funeral expense of 15% of the sum assured paid immediately (natural death only)
Waive Future Premiums
The policy will still be in force.
Continue to pay 4 partial maturities of 15% sum assured each
Pay 45% of the sum assured for the final pay-out
Accidental Death
CIC Life Assurance will pay immediately 150% of the sum assured.
The funeral expense of 15% of the sum assured is paid immediately.
Waive Future Premiums
The policy will still be in force
Continue to pay 4 partial maturities of 15% sum assured each
Pay 45% of the sum assured for the final pay-out
Critical Illness
The benefit covers the life assured in the case of the first diagnosis of a listed critical illness.
The listed critical illnesses are Heart Attacks, Coronary Artery By-pass Surgery, Stroke, Cancer, Kidney Failure, Paraplegia and Major Organ Transplant.
CIC Life Assurance will pay immediately 50% of the sum assured
Waive Future Premiums
The policy will still be in force
Continue to pay 4 partial maturities of 15% sum assured each
Pay 45% of the sum assured for the final pay-out.
Surrender and Policy Loan Benefits
This is after the policy has been in force for at least 3 years. Surrender will not be allowed on policies that are already receiving premium waiver benefits.
The policy loan up to 85% of the surrender value is acceptable after 3 years repayable at an appropriate interest rate determined by the insurer.
Cooling Off Period (Free Look Period)
There is a 30-day cooling–off period from the date the first premium is received. The policyholder may cancel the policy and the full premiums refunded.
This benefit is payable provided no claim has been paid in terms of the policy.
Grace Period
There will be a grace period of 30 days from the date of the outstanding premium due. During the 30 days, the life assured remains covered.
Underwriting
Medical Underwriting
No medical tests will be carried out below a sum assured of 3 million.
However, there will be a series of medical questions to be completed by the policyholder at the application stage.
Based on the responses to the questions, the applications may either be rejected or accepted for cover. Above 3 million sum assured, medical tests will be required and CIC Life Assurance will take care of the medical costs.
Beneficiaries
Beneficiaries must be nominated if the child is below 18 years. A guardian who is above 18 years must be nominated.
Rating Factor
The following factors will affect premiums rates:
- Age
- Policy term
- Premium frequency
- Monthly
- Quarterly
- Semi-annually
- Annually
Premium Collection
Premiums will be collected via debit order from the policyholder’s bank account.
Non-payment of Premiums
On the first non–payment of premiums, the policy enters a 30-day grace period.
The life assured will remain covered during this period. If no premium is collected, the policy will lapse.
The life assured will not be covered post the grace period.
The policy will lapse after two (2) consecutive months of unsuccessful collection of premiums.
Reinstatement
A lapsed policy can get reinstated within 12 months of the lapsed date by a written request to CIC Life Assurance.
A personal medical report will be required if it’s more than 2 months. There will be no cover between the lapse and reinstatement period.
Policy Alterations
The following alterations will be allowed on the policy, up to a maximum of six (6) times:
- Change of sum assured
- Change of premium
- Beneficiary
- Policy term within the first year only
- No alterations will be allowed during the last 3 years of the policy
Claims
Death Claim
Claims must be submitted to any branch of Co-operative Bank of Kenya / CIC Life
- Assurance during the normal working hours
- Duly completed and signed death claim form
- Certified copy of the deceased’s identification documents (Passport/National Identity Card)
- Certified copy of the deceased’s burial permit
- Certified copy of the claimant’s identification documents
- Police abstract report form if death is due to an accident
- Certificate of Identity – duly filled
- Certificate of attending physician – duly filled
- Copy of the death certificate
- Copy of the post-mortem report
- The original policy document (if lost, provide an affidavit)
Critical Illness
Claims must be submitted to any branch of Co-operative Bank of Kenya / CIC Life Assurance during the normal working hours
- Due proof of critical illness acceptable to the company shall be presented in writing within sixty (60) days of the date when life assured becomes aware of the presence of the illness
- At the option of the company, the proof may also include medical examination of the life assured by a medical examiner appointed by the company
- The proof, medical reports etc. will be submitted at the expense of the life assured
Permanent Disability Claim (PTD)
- Duly completed and signed disability claim forms by life assured, medical attendant, medical specialist and the employer if employed
- Certified copy of the policyholder’s identification documents
- Certified copy of the claimant’s identification documents
- Police abstract report form if accidental disability
Exclusions
- Death and disability resulting from suicide, attempted suicide or self–inflicted injuries will be excluded for the first 24 months after the policy commencement date
- Death or disability resulting from active participation in any act of war, terrorist activities, riots, strikes, civil commotion, insurrection, poison, radiation, nuclear explosions or activities in breach of criminal law will be excluded throughout the lifetime of the policy
- Disability that existed prior to policy commencement date
- Critical illness before the commencement of the policy
- Being affected by alcohol or drugs not prescribed by a medical practitioner
- Refusing medical treatment by a registered medical practitioner
- Radioactivity or nuclear explosion
- Involvement in criminal acts
- Attempted suicide or intentional self–inflicted injury before 24 months
- Active participation in any insurrection, civil commotion, war, hostility, rebellion or military police action (except those employed in the associated industry and this was indicated in the application form)
Pioneer Insurance
School Fees Plus Policy
What is offered
School Fees Plus Policy Your child’s education is important, and so is your peace of mind. Parenting can be tough, but with our School Fees Plus Policy, you can relax a little bit knowing that you’re taken care of. Our School fees plan offers partial maturities, family benefits and tax relief so that you can focus on what’s important – your child’s education. So why wait? Protect your family today with our School Fees Plus Policy.
School fees plus pays in two ways:
- It makes annual payments in line with school fees needs of your child
- Pays maturity value at the end of term
Benefits at Glance
- Partial maturities when you need school fees
- Final maturity when Child moves to the next level
- Family benefits in case of death, disability or critical illness
- Tax relief
- policy loans
- Final maturity when Child moves to the next level
- Family benefits in case of death, disability or critical illness
- Tax relief
- Policy loans
ABSA Bank
Ensure that your children’s education is covered, should anything happen to you
- Select a sum assured between KES100 000 and KES5 million
- Payment periods vary between 5 and 18 years
- Receive the agreed benefits when your plan reaches full term
- Your benefit amounts are guaranteed if all future premiums are paid on time
- In the event of death or disability, 10% of the premiums paid at time of death will be paid out immediately and the remainder will be paid out at full term
- The policy is insured against accidental death or disability of the policy holder
Family Bank
Education Plan
Education Plan provides insurance for the life of your child for a specific period of time. It may also include an early payment feature allowing the recipients a specific percentage of the insured amount each year, with the remainder of the sum assured plus interest paid at the end of the policy term.
Benefits
- Education savings plan providing funds for the future education financial needs of a child.
- Benefits paid out in 6 installments plus accumulated profits at maturity.
- Offers accident hospitalization cover for child and parent/guardian.