Education Plan-SIC

 

DO YOU WANT TO CLIMB THE HIGHER EDUCATION LADDER?
DO YOU HAVE THE FUNDS TO REALIZE THIS?

What about planning purposely to obtain the requisite funds to make it possible?
This is what SIC Life's Education Plan is offering you today.

What is it?
It is a plan which will enable you take care of your own further education/training.

It enables you to plan to build up an Investment Account from which you can make periodic withdrawals to pay your fees and to meet other educational expenses. Thus, subscription to this plan will enhance your educational qualifications and ultimately improve your social status.

How does the policy operate?
You would have to make regular minimum contributions of at least Sixty Ghana cedis (GH¢60.00) every month. This is however, subject to review to bring it in line with economic trends. Extra payments can also be made at any time irrespective of the regular monthly contributions to accelerate the growth of the Investment Account.

The fund accruing from the Investment Account is used to pay for the various educational/training expenses that one has to grapple with until the ultimate is achieved.

What is the investment account?
This is a special savings account established for the Policyholder. It is built through regular contributions by the policyholder. The interest credited to the account is comparable to what is offered at the Bank and other Savings Institutions.

How can you know the balance in your account?
You will be provided with easy-to-understand financial statements which will keep you informed of your Investment Account status on request. The statement will among other things show your total contributions, death benefit, cash value and interest accrued so far. It will also give details of any credits and debits during the past year.

What happens if the policyholder dies?
In the event of untimely death, the benefit under the policy will become payable to your named beneficiary or next of kin.

How can you ensure adequate policy benefits?
You can increase premiums any time to fight inflation and to grow the policy benefits.

It will be advisable to estimate what levels of fees will be applicable in the future before determining your monthly premiums in order to ensure that you will have adequate funds to meet your fees schedule.

Can you take a loan?
Yes! You are entitled to take a policy loan (in addition to making partial withdrawals from your Investment Account) after two years. The loan amount will attract an interest charge.