Life - Saham Education

Saham Education

The desire to keep children happy forever is in-born in human beings. It entails great responsibility and therefore needs a firm financial commitment to secure their future.

 

The Endowment plan is written on the Life of the parent to provide a child's education needs. It is the easiest and cost-effective as the parent decides how much money will be needed and the date when the fund will reach maturity. The Benefits are payable in eight (8) installments.

 

The policy incorporates a waiver of Premium Benefit.

 

Example:

Assumed Age - 35 Years
Sum Assured - Ksh. 100,000/=
Term - 10 Years
Annual Premium - Ksh. 23,125/=
Monthly Premium - Ksh. 2,023/=


The payments for this Policy of 10 Year Term which has remained in force for at least 3 Years, will be as follows:

 

At the end of:

3 Years - 10% of the Sum Assured = KShs.10,000/=
4 Years - 10% of the Sum Assured = KShs.10,000/=
5 Years - 10% of the Sum Assured = KShs.10,000/=
6 Years - 10% of the Sum Assured = KShs.10,000/=
7 Years - 20% of the Sum Assured = KShs.20,000/=
8 Years - 20% of the Sum Assured = KShs.20,000/=
9 Years - 20% of the Sum Assured = KShs.20,000/=
10 Years - 100 of the Sum Assured (Plus Accrued Bonuses)*

 

* This applies only to with Profit Policies

 

In the event of death of the parent at anytime during the policy term, premiums for the remainder of the term will be waived but all benefits will continue unabated. If the child dies during the term of the policy, the parent can either;

 

>Substitute the deceased child with another one of the same family or
>Get a refund of all premiums paid.