Education Plan
Insurance
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Educate your child with confidence
It is a lifetime desire of every parent to give their children and
dependents uninterrupted education/vocational
training to acquire employable and/or entrepreneurial skills
when they are alive, disabled or, called to eternal rest.
At Sanlam Allianz Life, we appreciate the need to empower parents with financial confidence to educate their children through the various stages of education and vocational training.
The cost of educating children can be challenging. The cost includes school fees, accommodation, clothing, feeding, books, medical care, other learning materials etc.
- Do you intend to have children or have children and you want to ensure secure provision for their education?
- How will the fees and welfare of your children be catered for in the event of call to eternal rest, or loss of income through disability?
- What happens if your pure savings to educate your children are not enough in the event of call to eternal rest? Will your children drop out of school?
- Does your savings to educate your children consider the increasing cost of education?
- Given the age and stage of your children, will your savings accumulate the amount of money you will need to finance the educational expenses of your children at the tertiary level?
ABOUT
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SanlamAllianz Education Plan addresses the above questions and provide financial protection for the education of every Ghana- ian child to enable parents to live a life of confidence knowing that what matters most to them is protected by SanlamAllianz Education Plan.
This product is designed with flexible options to cater for the needs of everyone.
The minimum cover amount offered under the plan is Ghs10,000 but maximum cover amount is linked to the cost of educating your child.
The full estimated cost of educating the child becomes the cover amount to ensure the protection of the education of the beneficiary child against call to eternal rest or disability of the parent guardian.
The minimum monthly premium under the plan is Ghs100.00.
The cover amount and selected term together with the age of the parent determine the monthly premium payable over the life of the policy.
The plan covers the parent being the policyholder under the policy
The plan is designed with tenure linked to the age and stage of the beneficiary child with minimum tenure of ten (10) years.
The sponsored child is the beneficiary and should be named in the policy as such. The parent being the policyholder shall be the trustee under the policy. The parent is however free to name another person above the age of 18 as trustee in the event of their demise.
Trustee becomes applicable if the child being the beneficiary is younger than 18 years.
Savings Benefits
The plan has a savings benefit, and the savings premium will be
invested prudently to generate returns to enable the parent to finance the educational expenses of children during the lifetime of the parent.
1. Maturity Benefit
The plan pays the fund value as a maturity benefit. The fund value is made up of savings premiums plus investment return allocated to the fund less withdrawals and applicable allocated charges.
The payment of the maturity benefit will be made in the last 4 years of the policy in annual installments as per the table below:
| Benefit Payment Year | Percentage of Fund Value Payable |
| 3rd year before maturity date | 30% |
| 2nd year before maturity date | 40% |
| Last year before maturity date | 55% |
| Maturity date | 100% |
2. Partial Withdrawal Benefit
This plan allows the withdrawal of up to 50% of the fund value of the policy annually after the first three (3) years of the policy.
Life Cover Benefits
The plan covers the parent being the policyholder as the life assured and provides the following benefits:
1. Death Cover Benefit
The cover amount selected in addition to the fund value will be paid in the event of death of the parent to finance the education of the beneficiary child.
2. Physical Impairment Cover Benefit
The cover amount selected in addition to the fund value will be paid in the event of total disability of the parent to finance the education of the beneficiary child.
3. Retrenchment Waiver of Premium Benefit
We will pay premiums under this policy shall be waived for a period of 3 months if the parent, as the policyholder, is retrenched or declared redundant while the policy is active. The cover remains in force during the 3 months period.
The savings premium is excluded under this benefit.
Product Key Features
Automatic Annual Cover Increase
We care about the value of your benefits due to inflation. The Policy provides a standard 10% automatic inflation protector of the cover amount selected from the effects of rising costs of education and living expenses i.e., inflation to the extent of the premium increase selected to preserve the value of the benefits to finance the educational expenses of your child under this policy.
The table below provides the annual premium increase options and the corresponding increase in cover amount.
| Percentage Premium Increase | Percentage Cover Amount Increase |
10% | Standard (7.5%) |
15% | 11.25% |
20% | 15.0% |
25% | 18.75% |
30% | 22.5% |
Additional Contributions
The policyholder is free to make additional premium contributions to the policy in addition to the monthly regular premium to enhance the fund value during the tenure of the policy. This is recommended to boost the value of benefits to manage the impact of inflation much better.
Claims made Easy
We are committed to delivering our promise to serve you with CARE. Sanlam Allianz has done this for a combined period of 238 years and continues to serve many in over 27 countries in Africa.
Your claim experience is very important to us. Please, complete a claim form digitally or at any
Sanlam Allianz Life Customer Care Centre nationwide or visit our website: www.gh.sanlamallianz.com to download and complete the claim application form. Feel free to email the
completed claim application form together with supporting documents to us: care@gh.sanlamallianz.com
Please refer to your policy terms and conditions for required claims documents.
Waiting Period
Death, Permanent Disability Cover and Temporary Disability Cover benefits are subject to waiting period of six (6) months whereas retrenchment benefit is subject to waiting period of twelve (12) months with details in Terms and Conditions (T’s & C’s).