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Education Plan

Educational Plan banner

A protection and investment plan to help you guarantee funds for payment of your child or ward’s education up to the highest level in the future. It provides an insurance cover on your target amount, so that your children get money for their education should you pass away or be permanently disabled before the plan matures.

Some benefits of Educational Plan

Flexibility

Choose a target amount to plan towards and the monthly contribution you can afford starting from GHS25

Multiple Beneficiaries

You can name up to six (6) children and the percentage share of the maturity benefit due them

Life Insurance

Full Life Insurance that covers death of policy holder

Convenience

Premiums deducted directly from your account monthly
What you get
  • Your Education Plan pays out the target amount you choose immediately upon your death or permanent disablement
  • You can put down the names of up to six (6) children and the percentage share of the maturity benefit due them
  • You can plan for a period covering a minimum of 3 years to 18 years
  • Your target amount for which you are insured, may be from GHS1,000 up to GHS200,000
  • You may deposit any windfall funds into your plan to build up your investment quicker
  • No medical examination is needed.
  • The minimum age to take out a policy is 18 years and the maximum is 67 years
Benefits

Surrender Benefit

You may surrender the policy at any time before maturity, though you will pay a penalty if the plan has run for less than the minimum three (3) years as shown below. 

Period (Year) Surrender penalty/% of Investment Balance 
Less than 13 months (Year 1)  50%
13th to 24th Month (Year 2) 10%
25th to 36th Month (Year 3) 5%


Partial Encashment Benefit

After an initial 12 months of contributions, you may make a partial encashment of up to 50% of your investment balance, once in a year for any educational expenses you have.
 

How to get it
  • Have an account with us.
  • Be under the age of 65 years.
  • Visit your nearest branch and complete an application
  • What you get
  • Benefits
  • How to get it
  • Your Education Plan pays out the target amount you choose immediately upon your death or permanent disablement
  • You can put down the names of up to six (6) children and the percentage share of the maturity benefit due them
  • You can plan for a period covering a minimum of 3 years to 18 years
  • Your target amount for which you are insured, may be from GHS1,000 up to GHS200,000
  • You may deposit any windfall funds into your plan to build up your investment quicker
  • No medical examination is needed.
  • The minimum age to take out a policy is 18 years and the maximum is 67 years

Surrender Benefit

You may surrender the policy at any time before maturity, though you will pay a penalty if the plan has run for less than the minimum three (3) years as shown below. 

Period (Year) Surrender penalty/% of Investment Balance 
Less than 13 months (Year 1)  50%
13th to 24th Month (Year 2) 10%
25th to 36th Month (Year 3) 5%


Partial Encashment Benefit

After an initial 12 months of contributions, you may make a partial encashment of up to 50% of your investment balance, once in a year for any educational expenses you have.
 

  • Have an account with us.
  • Be under the age of 65 years.
  • Visit your nearest branch and complete an application