What is our education plan?
Get a lump sum payment to cater for high school and/or tertiary education upon maturity, early death, or disability of the policyholder.
Guaranteed maturity
benefits
The plan is not market linked. All the benefits are clearly illustrated, known in advance, and guaranteed, provided all future premiums are paid on a timely basis when due.
Medical underwriting
The policyholder will be required to perform medical tests where total sum assured exceeds Kes 20M across active policies, or if any medical question is answered to the affirmative.
What can you expect?
- Paid up benefit - Should your circumstances change in the future such that you can no longer afford to continue paying the premiums, but are interested in keeping the plan, you may request for your plan to be paid up. This means you will cease paying premiums, and your plan will have a reduced sum assured, in proportion to the duration of the plan at the paid-up date compared to the original premium-paying term. The plan will qualify for paid-up maturity bonuses at the end of the original premium-paying term.
- Tax relief - If your plan term is at least 10 years, you will then qualify for tax relief of 15% on your premiums up to KES 60,000 per annum.
- Inflation protection - You have the option to choose an annual inflation payment of 0%, 5% or 10%.
- Surrender benefit - Should you cancel your plan before the end of the premium payment plan, the plan will pay an immediate benefit depending on the time of surrender.
To know more about this plan:
SMS - “Education” to 20114
Call - +254 20 400 8000 or 0709 008 000
Email - AbsaLifeKenya@absa.africa
For more details on our Education Plan please download the product brochure as a PDF from here.
