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EDUCATION POLICY QUOTE CALCULATOR

Education Plan Details


(The Education Benefit Sum Assured)

Questions?

Is this an accurate quote?
Yes, the quote you will see is an accurate quote of one of the best education insurance policy in Kenya. You can use this to understand the structure and benefits of the policy, it will help you to plan while saving for your child's education.
What is the sum assured?
This is the total amount you want the education insurance policy to pay back to you. If you estimate that your child's education fees will total to KSh 1 million for high school, then this will be the sum assured. This will be used to calculate how much you need to save monthly to achieve this sum assured.
How long/much should I save?
Start by looking at the age of your child and understanding the ages corresponding to the stage of their education. If they have 8 years before they start their high school, then saving for a minimum of 8 years is recommended.
Knowing how much you should save can be estimated using two key factors. Affordability is the most important factor, choose a monthly premium you can easily afford, similarly, choose an amount that is big enough to provide a sufficient lumpsum for your child's education when the policy matures.
It is advisable to save for longer periods of time because all education insurance policies in Kenya give better benefits payments for longer policy terms. In addition, some insurance companies give discounts for policyholders that save larger amounts. These discounts are in the form of higher benefits payouts on policy maturity.
What is the premium term and policy term?
The premium term is the total number of years you will pay the premiums for the policy. Once the contributions have ended, the policy will start to pay out benefits for your child's education fees. This policy starts paying out the first of 4 benefits payments in the final year of your premium contribution. Therefore the policy term is the total period from Day 1 of the policy to the final benefit payment to you of the policy.
What are the mandatory riders?
These are options on the education policy that emphasise the insurance part of the scheme, allowing to save for your child's education with the peace of mind that even the most catastrophic circumestances, your child's future is take care of.
  1. Waiver of Premium on PTD
    All future premiums/contributions are waivered in the event of Permanent Total Disability, the policy will continue to run till its maturity and it will pay out all the benefits as set out on initiation.
  2. Waiver of Premium on Critical illness
    In the event of critical illness of the policyholder, all remaining future premiums are waived and the policy will continue to run till its maturity and it will pay out all the benefits as set out on initiation.
    Cancer, Stroke, Heart Attack , Kidney, Paralysis, & Coronary Artery Disease
  3. Critical illness benefit
    This benefit pays out to the policy holder a lumpsum amound which is usually 50% of the total sum assured in the event that the policy holder is diagnosed with any one or more of these critical illnesses : Cancer, Stroke, Heart Attack , Kidney, Paralysis, & Coronary Artery Disease

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