WAPIC designs ‘Smart School Plan’ to reduce burden of children education

WAPIC Insurance has designed ‘Smart Scholar Plan’, an insurance solution that provides an opportunity to save funds toward financing children’s education with embedded insurance protection against the risks of demise or permanent disability on the lives of either or both parents

The policy, according to the company, is written in the name of the child, as the policy owner, and also provides a medical expense cover for the child, as a result of an accident while in school.

Wapic Managing Director, Life Assurance Rantimi Ogunleye explained that the demise of a parent/sponsor is a tragic event, which adversely affects the education and future financial security of the child.

“Not putting adequate plan in place to edge against this risk could present a circumstance that is too hot to handle. Wapic Smart Scholars Plan is a means of transferring that risk to Wapic. It ensures your child is financially protected and education guaranteed; that ultimately gives you rest of mind.

“For most parents, ensuring the security of the children’s education tops the priority list when it comes to financial planning. How excited will your child be knowing that he/she has an education plan written in his/her name?

“The policy he said is written in the name of your child, as the policy owner, and also provides a medical expense cover for the child, as a result of accident while in school. What’s more – There is a cash benefit for your child should he/she be best in class!”

He listed the following as the benefits of buying the Wapic Scholar Plan; Accidental Medical Expenses (child): payable once in a year, Academic Award (Best in Class): Up to 10% of your annual contribution, Premium Waiver: Subject to no outstanding premium at the time of demise.

Others are: Maturity Benefit: Applied toward payment of the child’s school fees, Family Income Benefit: 10% of life cover, Permanent Disability Benefit: 200% of the sum assured, Life Cover: Payable in the event of demise among others.

The company had recently introduced WAPIC Smart Life+ Plan to provide an opportunity for users to systematically accumulating funds toward meeting short-term obligations and emergencies.

According to Ogunleye, the insurance solution that is designed with a free life cover comes with a guaranteed principal and assurance of a good interest rate.

He added that it also allows withdrawal of the money saved even before the expiration of term without penalties. “With a minimum annual contribution of N60, 000 for a minimum of 1 year, anyone between the ages of 18-54 years can sign up.

“With the ever-evolving technology and ease of purchases, saving has become anything but easy. Especially considering ‘pressing issues’ which include bills (school fees, house rent, grocery shopping, daily transportation etc.) to be taken care of, making it harder to even think of saving money.

“Even long-term projects like property investments and starting up a business can seem quite far-fetched for an average Nigerian. This is where Wapic steps in, prioritizing one’s needs is a smart thing to do but creating a clear, sustainable and realistic financial pathway to meet those needs is a smarter way and not just that, it is the Wapic kind of ‘SMART’.