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School Fees Plan
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IGI School Fees Plan is a children education contract that protects Pupils/Students of participating schools from the premature stoppage of schooling as a result of:

 

  • Death of Parent/Guardians/Sponsors
  • Total permanent disability of Parent/Guardians/Sponsors resulting from accident, and
  • Parent/Guardians/Sponsors contracting any of the named critical illnesses


The IGI School Fees Plan is basically designed as an education protection plan to provide financial security for Pupils/Students. It is open to pupils/students in Nursery, Primary, Secondary and Tertiary Institutions. IGI SFP exists in two variants, viz:

 

  • Group Life Version
  • Individual Life Version

What You Get

 

  • Guarantee that your child or ward will complete his or her education, no matter what happens
  • Assurance that the lofty dreams of a bright future is realized for your child 
  • No risk of emotional trauma when children are forcefully withdrawn from school, because death or permanent disability has diminished the family income

 

Period of Cover

 

The  period of cover  is one year and the plan becomes renewable annually thereafter.


Benefits

 

In the event of death, disablement or diagnosis of a critical illness of the parent, guardian or sponsor, the benefits payable shall be the amount of school fees outstanding to the graduation of the child/student from school.


   Benefits to Pupils and Parents/Guardians

 

  • The IGI School Fees Plan prevents drop out that may be caused by death or defined critical illness of the Parent/Sponsor/Guardian
  • Cover is guaranteed for the entire period at the same educational institution
  • The policy guarantees payment of school fees up to university level or any other tertiary college (stage) subject to the sum assured
  • It gives peace of mind
  • It helps to keep the children's and parents' vision alive

  

   Benefits to the School

 

  • Sustainability of pupils
  • Ensures that school population is maintained or increased, which results to improved income
  • Makes planning possible and stable

 

Features

 

  • Annually renewable term assurance
  • Premium payment frequency is yearly or at the beginning of each school term
  • School Fees may also be accepted in foreign currency

 

Premium Payment


Premium will be payable annually on pre-agreed dates. There will be a maximum of 3 payments per annum.

 

  • Premiums are due at the beginning of the session or term
  • A 3% premium discount will be awarded to parents with more than two children in the same school

 

Flexibility

 

  • The school cover can be transferred to another child if the benefiting child dies or is transferred to another school
  • Balance of premium will be refunded proportionately if the child dies (with no substitution) where annual premium has been paid in advance
  • If the Life assured and the benefiting child/children die at the same time, the refund if any will be paid to the estate
  • The policy holder or sponsor can be substituted in the following circumstances:
    - If the parents divorce/separate
    - If the sponsor is out of employment
    - If the sponsor is declared insolvent
    - If the sponsor or parent is imprisoned


Examples of Premium Payable

 

Assuming an amount of N500,000 is to be school fees per annum, the premiums will be as follows:

 

 Level of Education

 Sum Assured(N

 Premium per Annum (N

 Nursery/Primary 

500,000 

 2,345

 Secondary

 500,000  

 4,400

 Tertiary

 500,000  

 9,630


In the case of an individual parent applying for the policy, age becomes a factor.
Assuming an amount of N500,000 is to be school fees per annum, the premiums will be as follows:

 

 AGE  

 Sum assured (N

 Premium per annum (N)

 UP to 30 

  500,000 

 2,175

 31-35 

 500,000

 2,285

 36-40 

 500,000

 2,705

 41-45 

 500,000

 3,745

 46-50 

 500,000

 5,520

 51-55

 500,000

 8,890

 56-60

 500,000

14,290

 61 and above  

 500,000

22,864

 

Trust Fund


On the occurrence of the insured events, an amount equal to the guaranteed sum assured will be transferred into a trust fund administered by a bank where IGI Plc pays the proceeds.


Payment of School Fees


All subsequent school fees will be paid from the trust fund as they fall due.

 

Suitability

 

IGI SFP is suitable for:

 

  • All public and private educational institutions; Nursery, Primary, Secondary and Tertiary
  • Individual  Parents, Guardians or Sponsors, and
  • Any other institution of learning

 

Give Yourself Peace Of Mind. Guarantee Your Children's Education Now!


 

 

  


 
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