AIICO Insurance strengthens cover to boosts child education

AIICO Insurance plc has strengthened its education cover called AIICO Group Education Policy (AGEP) to ensure that the education of children is not disrupted should the sponsoring parent die or permanent disability.

David Sobanjo, managing director, AIICO Insurance stated that the insurance policy can be arranged to guarantee continuous education of children in nursery or primary school, as well as those in the secondary school.

He explained that the policy covers both death occurring naturally and death arising from accidental means, while suicide is also covered if committed after two years of joining the scheme.

As the insurance scheme has a 24 hour worldwide cover, he also informed that AGEP covers the policyholders against permanent disability arising directly and independently of all other causes from bodily injury resulting from an accident but subject to the conditions and limitations specified in the policy.

On the benefits of the policy, Sobanjo said the insurance company will pay for the education of the child named in the policy in case the sponsoring parent dies or becomes permanently disabled.

Where the named child repeats a class, the AIICO boss said the policy will pay the school fees until such a child leaves school.

In case the need to pay claim arises, Sobanjo further explained that the school fees that will be paid by AIICO covers tuition, books, school bus fees, PTA levy, boarding fees, two sets of uniforms, medical levy and development levy.

Sobanjo noted that the school fees shall be disbursed to the school upon the death or permanent disability of the sponsoring parent, until the child graduates from either nursery/primary or secondary school, as the case may be.

The AIICO boss added that if for any reason the policyholder no longer wishes to continue with the insurance contract, the policyholder is free to terminate the policy by giving a written notice, stating when this shall be effective.

“Notice to terminate the policy must, however, reach the insurance company at least a month before the date the policyholder wishes the termination to take effect from.”