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Best education insurance policies(plans) in Kenya

Since education is a long term commitment, it requires that is planned for appropriately and early enough. This is to ease the pressure on parents when the time comes for their children to start school and progress to higher levels of education. Getting an insurance plan that helps you save and ensure guaranteed education for your children is the best gift you can offer them. 

School fees in Kenya, especially university tuition have been on the rise and the only way to avoid debts related to education is to take an Education Insurance policy. Such a type of insurance can come handy to save money for your children’s education, and guarantee them education whether you are present or not.

Before taking up an Education policy its vital to understand exactly what an education policy is, what kind of coverage one needs and points of consideration during taking the policy. In the Kenyan Market, most insurance providers offer an education policy. 

What is an educational insurance policy?

This is basically tailored as saving product that eventually pays either a lump sum payment or several partial amounts prior to the end of the agreed term or when they reach 18 or above just before joining university or even before joining high School. The parent/legal guardian is policyholder and the child is the life assured.

Benefits of education policy:

  1. It’s a savings with protection
  2. Starting to save early gives you enough time to save up for a long time hence expect a considerable returns at maturity.
  3. You child’s education is guaranteed whether you’re there or not.
  4. Flexibility in premium payments; Premiums payments can be on a monthly, quarterly, semi-annual and annual basis.
  5. You can adjust your premiums, that is increase or reduce the amount you pay and in turn improve your savings with exceptional premiums.
  6. Tax relief of 15% of your monthly premium refunded by KRA at the end of the financial year. 
  7. Eases the pressure of you when your children get to higher levels of Education.

Here is a list of top and best education plans in Kenya

They are not arranged in any particular order of preference;

1. Lengo Education Saving plan 

This is an educational policy designed by Old Mutual Insurance to help parents have an easy time for saving for their children’s education.

2. Elimu Bora education plan

Elimu Bora Education plan is a combination of insurance protection and a savings option that help parents to prepare for the cost of education for their children.

Elimu Bora Education plan is designed in a way to provide funds for the assured child while in secondary school and a lump sum amount for joining university or college.

3. Bima Ya Karo by Madison

Bima ya Karo Educational plan is a wonderful insurance option that helps parents/guardian to create a guaranteed fund for provision of their children’s education expenses whether the parents or guardians are disabled ,alive or not.

Its a sure way of securing children’s future education.

4. Britam education policy

This is an educational policy by Britam. It is a combination of insurance protection and savings that allows you to prepare for the cost of education.

5. Usomi Bora by ICEA 

Usomi Bora Education plan is an educational policy designed by ICEA LION Group Insurance to help parents save for their children’s educational expenses.
The plan has flexible arrangements to help parents  save as little as they can afford.
The plan also provides life cover protection.

6. Elimisha by KCB 

This is a cover designed as a saving tool to provide money to parents/guardians to fund their children’s education. The policy is offered as a partnership between KCB Insurance Agency Limited and Liberty Assurance.

 7. FlexiEducator Insurance plan

This is an educational insurance cover designed by the Pan African Insurance Company in Kenya to help parents save for their children’s future education.
The FlexiEducator policy is designed in a way that its convenient and considerable cheaper.

8. Elimika Education Plan

Elimika Education plan from UAP OldMutual is an affordable savings plan that allows you to invest as little as KShs 2,500 for up to 21 years and to receive staggered payments to cater for your child’s school fees.

9. Premier Education Plan

Premier Education plan is another product of UAP OldMutual. Its a flexible savings plan allowing you to invest a minimum of KES. 7, 000 for 10 years, while giving you access to emergency funds in the short term and staggered payments in the long term to cater for your child’s school fees.

10. Masomo Plus Co-op Education Plan

This an education plan that is offered by Co-operative bank.

11. Career Life Plus

The smartest way to secure your child’s future begins with investing in the right educational plan. Career life plus is an education plan from Jubilee insurance.

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