Investing in a quality education plan is one of the best ways parents can secure a bright future for their children. Education insurance policies offer a combination of savings and insurance protection to cover school fees and provide financial security in unforeseen circumstances. Below is a list of some of the best education insurance policies in Kenya, each with unique features to help you plan for your child’s future.
1. Elimu Bora Education Plan by Britam
- Description: Combines insurance and savings, tailored to cover secondary school fees and offer a lump sum upon university entry.
- Benefits:
- Five annual bonuses (20% of sum assured).
- 100% sum assured at maturity.
- Death benefit, lien option, and tax relief of 15% on premiums.
2. Super E-plus Education Plan by Britam
- Description: A risk-free education savings plan with additional insurance protection.
- Benefits:
- Guaranteed 130% sum assured over the last six years.
- 15% tax relief on policies over ten years.
- Premium discounts for payments above Ksh 5,000.
- 60-day grace period for missed payments.
3. Elimika Education Plan by UAP Old Mutual
- Description: Affordable savings plan with a life cover benefit.
- Benefits:
- Access to savings on maturity.
- Tax relief (15% of premiums).
- Life cover with waiver of premiums on the death of the policyholder.
4. Career Life Plus by Jubilee Insurance
- Description: A flexible plan providing education savings with life cover.
- Benefits:
- Accident and disability cover.
- Flexible investment options for financial security.
5. Bima Ya Karo by Madison Insurance
- Description: Covers educational needs through guaranteed funds and provisions.
- Benefits:
- Cash payments in the last five years before maturity.
- Premium waiver upon disability or death.
- Critical illness cover and funeral benefits.
6. KCB Elimisha by KCB Bank
- Description: Education plan that doubles as life insurance.
- Benefits:
- Payout upon loss of life or at maturity.
- 35% payout for critical illness.
- Six-month premium waiver in case of job loss or retrenchment.
7. Educare Education Plan by Standard Chartered Bank
- Description: Combines savings for education with comprehensive life cover.
- Benefits:
- 50% payout upon critical illness diagnosis.
- Double sum assured for accidental death.
- Tax relief (15%) and permanent disability cover.
8. Usomi Bora Education Plan by ICEA Lion Group
- Description: Flexible education savings with life insurance.
- Benefits:
- Flexible payment options.
- Premium waiver on policyholder’s death.
- Tax-free sum assured at maturity with 15% tax relief.
9. APA Elimu by APA Insurance
- Description: Builds a fund to cater for educational needs.
- Benefits:
- Premiums payable until the policy term ends or death.
- Multiple payment options including standing order and Mpesa.
- Comprehensive coverage to meet education needs.
10. Educator Plan by Liberty Insurance
- Description: Savings and protection plan for education.
- Benefits:
- Annual bonuses and death benefits.
- Option for policy loan against value.
- Flexible payment modes and 15% insurance relief.
11. Uniplan by Madison Insurance
- Description: Investment plan for university education savings.
- Benefits:
- Guaranteed minimum return of 5% per annum.
- Coverage for death or disability.
- Option to revise policy if educational costs increase.
These education insurance policies offer parents various options to ensure their children’s future is secure, with additional benefits like premium waivers, tax relief, and bonuses. Investing in one of these plans provides peace of mind and financial security for your family.
