Nigeria
Sign in

Education Endowment Assurance

Education Endowment Product

Education is very important, and our children and wards cannot be disadvantaged because of unforeseen circumstance. The rise of the rate of out of school children because of death of parents and guardian is enough to worry a parent or guardian. Fear no more, the Stanbic IBTC Endowment Assurance is a solution that guarantees peace of mind.

Some of the benefits

Security

Stanbic IBTC Life Insurance is backed by strong and reputable financial institutions

Flexibility

Simplified policy update process ensures your policy remains updated

Track Record

The Stanbic IBTC Group has been managing funds for companies and individuals for over 2 decades

Professional Service

Our team of expert advisors are available to help you make the most of your money

Security

Stanbic IBTC Life Insurance is backed by strong and reputable financial institutions

Flexibility

Simplified policy update process ensures your policy remains updated

Track Record

The Stanbic IBTC Group has been managing funds for companies and individuals for over 2 decades

Professional Service

Our team of expert advisors are available to help you make the most of your money
Features
  • Minimum and Maximum age at entry of 18 and 65 years respectively
  • Maximum exit age at 70 years
  • Minimum period of 5 years and Maximum of 20 years
  • Premium can be paid Monthly, Quarterly, Semi-Annually, Annually and Lump sum (Single premium)
  • Cover is against Death from any source
  • Minimum benefit of N1,000,000.00 can be chosen
  • The original guaranteed sum assured (benefit) is specified in advance by the parent/guardian (policyholder)
  • A simple reversionary bonus (profit) which begins to accrue at the end of every year of the policy, this is currently guaranteed at 2% of sum assured per annum.
  • Policy can be used as collateral for loan
Benefits
  • Family protection- It provides benefit for one’s dependents in case of death.
  • The policy guarantees peace of mind on child’s/ward’s education
  • It can be used as a collateral security to secure loan
  • The future education of the child is secured to the tune of the targeted amount
  • At maturity, the targeted amount is payable
  • Bonus declaration enhances the benefit
  • A vehicle for saving
How to get started

The following will be required before the inception of the Education Endowment  Assurance Cover.

  • Completed Proposal Form
  • Required KYC documents- Passport Photograph, valid and acceptable means of identification and evidence of residence
How do I make a Claim

You can report a claim by:

Claim Turnaround Timelines

CLAIMS TYPE

EVENT

TIMELINE

REMARK

 

ALL CLAIMS

Acknowledgement of claim

Within 24 hours of receipt of notice

Count from noon of the working day of receipt of claim notification

 

Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims

 

CLAIMS TYPE

CLAIM EVENT

PAYMENT TIMELINE

REMARK

 

 

Maturity

Payment on the due date

Count from noon of the working day of receipt of executed voucher

 

SAVINGS and ENDOWMENT

Surrender and Termination

72hrs after receipt of the request

 

 

 

 

 

GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN

Death

48hrs - 72hrs after receipt of executed discharge voucher

Count from noon of the working day of receipt of executed voucher

 

 

Other Riders

 

 

 

 

N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria.

 

*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents.

 
 

 

Frequently Asked Questions
  • Features
  • Benefits
  • How to get started
  • How do I make a Claim
  • Frequently Asked Questions
  • Minimum and Maximum age at entry of 18 and 65 years respectively
  • Maximum exit age at 70 years
  • Minimum period of 5 years and Maximum of 20 years
  • Premium can be paid Monthly, Quarterly, Semi-Annually, Annually and Lump sum (Single premium)
  • Cover is against Death from any source
  • Minimum benefit of N1,000,000.00 can be chosen
  • The original guaranteed sum assured (benefit) is specified in advance by the parent/guardian (policyholder)
  • A simple reversionary bonus (profit) which begins to accrue at the end of every year of the policy, this is currently guaranteed at 2% of sum assured per annum.
  • Policy can be used as collateral for loan
  • Family protection- It provides benefit for one’s dependents in case of death.
  • The policy guarantees peace of mind on child’s/ward’s education
  • It can be used as a collateral security to secure loan
  • The future education of the child is secured to the tune of the targeted amount
  • At maturity, the targeted amount is payable
  • Bonus declaration enhances the benefit
  • A vehicle for saving

The following will be required before the inception of the Education Endowment  Assurance Cover.

  • Completed Proposal Form
  • Required KYC documents- Passport Photograph, valid and acceptable means of identification and evidence of residence

You can report a claim by:

Claim Turnaround Timelines

CLAIMS TYPE

EVENT

TIMELINE

REMARK

 

ALL CLAIMS

Acknowledgement of claim

Within 24 hours of receipt of notice

Count from noon of the working day of receipt of claim notification

 

Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims

 

CLAIMS TYPE

CLAIM EVENT

PAYMENT TIMELINE

REMARK

 

 

Maturity

Payment on the due date

Count from noon of the working day of receipt of executed voucher

 

SAVINGS and ENDOWMENT

Surrender and Termination

72hrs after receipt of the request

 

 

 

 

 

GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN

Death

48hrs - 72hrs after receipt of executed discharge voucher

Count from noon of the working day of receipt of executed voucher

 

 

Other Riders

 

 

 

 

N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria.

 

*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents.