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 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) which 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:
  1. Life assured’s age.
  2. Frequency of premium payment.
  3. level of cover selected.
  4. 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

  1. The policy term ranges from 5 to 20 Years.
  2. 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 :
  1. 100% of the sum assured plus.
  2. Simple reversionary Bonus: computed as a percentage of the sum assured (4%).
  3. Terminal bonus: computed as a percentage of the sum assured (50%).

Death Benefits


Option 1: On death as a result of an accident.

  1. 100% of the sum assured plus.
  2. 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.

  1. 100% of the sum assured is paid immediately.
  2. 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 additional premium, the following rider benefits are available;
  1. Total and Permanent Disability
  2. On total and permanent disability due to an accident, an amount equal to the basic sum assured will become payable in equal monthly installments over a period of 24 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.

  3. Accidental Death
  4. 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.

  5. Waiver of Premium
  6. All future premiums will be waived following total permanent disability due to accident or illness.

  7. Medical Reimbursement Rider
  8. In case of an accident leading to the injury and hospitalization 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/-.

  9. Critical Illness rider
  10. In the event of the first diagnosis of a specified critical illness, an amount equal to 30% of the sum assured is payable to the life assured up to a maximum of Kes. 300,000. Includes: Cancer, Stroke, Heart Attack, Kidney Failure, Paraplegia or Paralysis, Coronary, Artery Disease, Major Organ Transplant, e.g. Kidney transplant.

  11. Retrenchment rider
  12. 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 installments. 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.).

If you are interested in learning how much this insurance product would cost you, or if you are interested in purchasing this insurance product, please click Get Cover.

If you would like further explanation or assistance about this insurance product, please I Need Assistance.

Download formswill give you access to any relevant documents for this insurance product, such as the bronchure, proposal form, etc.