To give quality education to the young ones, the Stanbic IBTC Insurance has floated an Education Endowment Plan to help parents and guardians secure the academic future of their children or wards.
The endowment plan encourages parents and guardians to adopt a long-term strategy to fund the education of their children.
Unveiling the plan in Lagos, Chief Executive of Stanbic IBTC Insurance, Akinjide Orimolade, explained that the Education Endowment Plan offers families a strong financial safety net.
“This product ensures the protection of children’s education, regardless of life’s uncertainties; providing reassurance and confidence. By making strategic investments today, parents can secure access to education for their children, enabling them to realise their full potential and pursue their aspirations.
“We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for their children’s education.
“As a leading insurance provider, we recognise the profound impact education has on a nation and its populace, and we are dedicated to supporting parents in their quest to provide quality education for their children by insuring the future,” Akinjide stated.
He further said: “The loss of a parent or guardian is profoundly devastating and can greatly affect a child’s educational journey. With this, their children and wards’ education remains secure and uninterrupted regardless of life’s uncertainties.”
Head, Technical, Stanbic IBTC Insurance, Olufunmilayo Ogunbiyi, said the plans offer numerous benefits, as it provides financial support for dependents in case of death; guarantee the child’s or ward’s education; and gives parents and guardians peace of mind.
She said the plan could also be used as collateral to secure a loan, where urgent needs arise, stating that at the plan’s maturity, the targeted amount is payable, plus a bonus enhancing the benefits, making it an effective vehicle for saving.
Head, Retail, Elvis Eikponobhoa, said the company decided to come up with the policy because there are circumstances such as death and unforeseen factors that destroy parents’ educational plans for children.
