One of the greatest things about Seychelles is that education is free for all children (from the age of 3 ½ onwards). Yet despite this fact, more and more parents are investing their own finances in their children’s education, whether it be a private school or a university of their choice.
Parents do this in the hope that their children can benefit from the best education available. It is no surprise therefore that parents will dedicate special funds for future use. The Sacos Education Plan was introduced for that very purpose; to assist parents in creating an education fund for their children in the hope that they can afford a university of their choice in the later years.
Going on today’s rates, tuition fees for a local university can cost around SCR210,000 and SCR450,000 for an overseas education. As an example, a parent can choose to assure the sum of SCR500,000 for their child’s education. There is no maximum limit on the sum assured but we do impose a minimum limit of SCR100,000. A policy of 20 years can mean that a parent pays around SCR2,000 on monthly premium as investment into the education plan. The actual monthly premium paid however will depend on a number of factors such as age, policy term and income capabilities of the parent.
The Sacos Education Plan is designed in a unique way to ensure that you can reap the benefit of the plan by instalment. You may have different costs to meet prior to the tuition fees such as university application, visa application and accommodation deposit etc.
There are six partial payments made in total by the end of the policy term (by the maturity date). You will receive 10% of the sum assured every year for five years before the policy matures. Based on the example above, this is a payment of SCR50,000 each in Year 15, 16, 17, 18 and 19 of the policy. This allows parents with the flexibility to choose how they want to invest in their children’s education. You can finance tuition fees for secondary schooling on this plan.
In the final year (maturity of the policy), you will receive 50% of the sum assured. Based on the above example, this is a payment of SCR250,000 at the end of the policy term. You can invest the remaining amount towards the university tuition fees.
How you choose to spend the sum assured is up to you. You can contact us and ask us as many questions as possible in order to help you determine which plan is right for you.