How to benefit from the educare plan offered by the Stanchart Bank Insurance Agency
Educare Plan
Standard Chartered Insurance Agency (SCIAL) – a subsidiary of Standard Chartered Bank Kenya, regulated by Insurance Regulatory Authority, complements the bank in delivering comprehensive financial solutions to all our Clients. Through SCIAL, we are committed to helping our clients provide the best opportunities in life for their families to thrive. That’s why we distribute the Educare Education Plan, which works to secure the future of your family. The solution doesn’t just give your children a head start in life, it helps maintain your legacy of success.
At Standard Chartered Bank, we are committed to helping our clients provide the best opportunities in life for their families to thrive. That’s why we offer you the Educare Education Plan, which works to secure the future of your family .The solution doesn’t just give your children a head start in life, it helps maintain your legacy of success.
This is a unique educational insurance cover with regular premiums payable to secure the life assured on death, Permanent and Total Disability (PTD), Critical Illness and Survival. This cover has partial maturities paid out at prescribed intervals. The policy also has a double accident benefit and a waiver of premium rider on permanent and total disability (PTD) and critical illness. This leaves you with peace of mind and protection for you and your loved ones in case of unforeseen events.
Other Benefits
Accidental Death – This is a benefit that covers death arising from bodily injury caused solely and directly by an accident and such injury is the sole cause of death.
Double Accident Benefit – This benefit offers the life assured a sum equivalent to the sum assured payable as a result of accidental death.
The Permanent and Total Disability (PTD) benefit – This benefit is payable under the double accident benefit and is based on a pre defined scale of benefits (continental scale) provided by the insurer, meaning that partial and full benefits are payable in accordance with the claim event.
Critical Illness Benefit – This benefit covers the life assured for a sum equivalent to 50% of the sum assured under the main benefit on first time diagnosis. This applies to any of the critical or terminal illnesses specified by the insurer.
Critical Illnesses – The listed critical illnesses are: cancer, myocardial infarction (heart attack), stroke, kidney failure, paraplegia or paralysis, coronary artery disease (coronary artery bypass graft) and major organ transplant.
Waiver of Premium (WOP) on Permanent and Total Disability – This benefit will apply if the life assured is diagnosed for the first time with any of the critical or terminal illnesses specified by the insurer. The benefit entitles the client to have the insurer pay premiums directly into the policy on his/her becoming critically ill.
Waiver of Premium (WOP) on Critical Illness for the remainder of the policy term – This benefit will apply if the life assured is diagnosed for the first time with any of the critical or terminal illnesses specified by the insurer. The benefit entitles the client to have the insurer pay premiums directly into the policy on his/her becoming critically ill.
Minimum and maximum cover per life – This policy has a minimum sum assured of Kshs. 500,000 and a maximum sum assured of Kshs. 30,000,000
Policy Loan – Policy Loans will only be available from the insurer after the policy has acquired a cash value (three years of premium payment). The maximum loan amount will be 75% of the cash surrender value repayable at an appropriate interest rate determined by the Insurer.
Tax Relief – An insurance tax relief of 15% on annual contributions up to Kshs. 60,000. The Insurer will provide you with a Tax certificate to enable you factor in the applicable amount during the filling of your personal Tax Returns to the Kenya Revenue Authority.
How do I enrol? This product is available at any of the Standard Chartered Bank Branches countrywide. Simply walk in and ask for assistance or request for assistance from your Relationship Manager
| How it works: If you were to take a sum assured of Kshs 1,000,000, the benefits will be payable as follows | |
| Natural Death | In case of the natural death of the insured, Sanlam Life will pay immediately 100% of the sum assured (Kshs.1,000,000) less partial maturities already paid at point of natural death.
Note: waiting period will apply as per the policy document where applicable |
| Accidental | In case of the accidental death of the insured, Sanlam Life will Life will pay immediately 200% of the sum assured (Kshs.2, 000,000) less partial maturities already paid at point of accidental death.Note: no waiting period on accidental death |
| Critical Illness | The listed critical illnesses are: cancer, myocardial infarction (heart attack), stroke, kidney failure, paraplegia or paralysis, coronary artery disease (coronary artery bypass graft) and major organ transplant.
Note: Waiting period will apply as per the policy document where applicable. The claim on critical illness is only available once in the lifetime of the policy. |
| Permanent Total Disability (PTD) | In case of PTD of the insured due to natural courses, Sanlam Life will: waive future monthly premiums, pay immediately 100% of the sum assured (Kshs.1, 000,000), continue to pay partial maturities.
Note: waiting period will apply as per the policy document where applicable In case of PTD due to accidental causes: Sanlam Life will waive future monthly premiums, pay immediately 200% of the sum assured (Kshs. 2,000,000) and continue to pay partial maturities. Note: no waiting period due to accidental cause |
| Premium Discounts | There are premium discounts based on your preferred cycle of premium payment laid out as follows: A discount of 4% for quarterly premium payments, 6% for semi-annual premium payments and 8% for annual premium payment |
| Medical Examination Lien Option | For sums insured below Kshs 5 Million the policyholder may opt not to undertake medical examinations. In the event you choose this option you will be subjected to waiting periods applied to payments on natural death, critical illness and permanent total disability from natural causes. An insured has the option of undertaking medical examinations at Sanlam Life Company cost and getting exempted from the waiting period applied to payments on natural death, critical illness and disability due to natural causes. Sums assured above Kshs 5 million must undergo a medical examination |
| Free Look Period | The customer has the right to review the policy within 30 days and if not satisfied, they have a right to a return of full premium paid. |
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