▣ The original guaranteed sum assured is specified in advance by the parent/guardian (policyholder)
▣ Minimum sum assured is Five Hundred Thousand Naira (N500,000)
▣ Maturity date (term) of the policy will usually coincide with commencement date of the child’s education
▣ The product is available at policy term of 5 - 20 years
▣ The minimum age at entry is 18 years while the maximum age at maturity is 70 years.
▣ A simple reversionary bonus (profit) which begins to accrue from the beginning of the second year is added to the sum assured, this is currently guaranteed at 2% of sum assured per annum.
▣ Policy can be used as collateral for loan
▣ Policyholder pays single, annually, half-yearly, quarterly or monthly to NSIA Insurance Limited to secure the guaranteed benefit and bonuses
▣ Medical examinations may be required in certain cases
▣ The policy will lapsed if premiums are not paid within 60 days after due date.

On Death of the Policyholder (Parent)
In the event of death of the policyholder before maturity,10% of the guaranteed sum assured is payable as an annual family income benefit. This is payable to the named beneficiary from the date of death to maturity year subject to a maximum of 100% of the sum assured.
Also, the guaranteed sum assured is payable to the named beneficiary at the maturity of the policy.
All outstanding premiums will be waived
▣ If the child dies before the maturity date, he can be replaced with another child.
▣ If there is no other child, NSIA will refund the total premium paid.

On Discontinuation
If the policyholder discontinues the policy after two complete years’ of premium payment and two years of being in force, NSIA Life will pay a reduced benefit known as surrender value.

On Maturity
Payment of the guaranteed sum assured and all accrued bonuses to fund child’s education
Payment could be spread over the period of education

Policy Loan
On acquiring a surrender value after two years, the policyholder can apply to NSIA for a loan of up to 90% of the surrender value on the policy.

No payment is made if the policy is terminated within two years of its inception.

The Education Endowment product is suitable for:
▣ An individual who wants to save for future education of the children
▣ An individual who wants to ensure that his/her children’s future education is not disrupted in the event of early death
▣ Educational institutions who want to make their schools more attractive to parents/children
▣ Financial institutions granting children education loans
▣ Any individual who wants to save towards his/her future education.