Education Endowment Assurance
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
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:
- Call 01 270 6801
- Send an email to [email protected]
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
- What does tax-deferred mean?
Annuities are tax-deferred income. This means taxes are not charged on them until they are withdrawn. - What is the difference between deferred and immediate annuity?
An Immediate annuity payment pays out of income right after the initial purchase. While the deferred annuity payment pays out income at an agreed later time. - Can I sell my annuity?
You are unable to sell your annuity.
-
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:
- Call 01 270 6801
- Send an email to [email protected]
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. |
||||
- What does tax-deferred mean?
Annuities are tax-deferred income. This means taxes are not charged on them until they are withdrawn. - What is the difference between deferred and immediate annuity?
An Immediate annuity payment pays out of income right after the initial purchase. While the deferred annuity payment pays out income at an agreed later time. - Can I sell my annuity?
You are unable to sell your annuity.