The Seychelles Hospitality and Tourism Association (SHTA) has organized this initiative with the Seychelles Sustainable Tourism Foundation (SSTF) in order to encourage ecofriendly and sustainable practices. A green initiative that we have fully supported with our participation as volunteers to clean up the historical sites in Victoria.
A team of 6 SACOS staffs were posted at the National Museum to clean up the entire area and to explain and raise awareness of the effects of littering, which is illegal and an issue that Seychelles is still facing. SACOS has an important role to play in promoting a green outlook in the local community, and in becoming more environment-friendly. We have already taken several steps to embrace digitalization and this shall lead to numerous benefits for us and our customers, such as improving operational efficiency, enhancing customer experience, and adopting sustainable business practices.
We will continue contributing to environmental, social and economic sustainability and provide our continuous support to the Seychelles Hospitality and Tourism Association in their future green projects.
Sacos Here for you.
For more information, please contact:
Mélissa Duffets
Public Relations and Marketing Manager Sacos Insurance Group T 429 5000 E melissa.duffets@sacos.sc
The Sacos Education Plan provides parents with a broad choice on how to plan out the payment for their child’s tuition fees. In the last post, we explored how parents could use the Sacos Education Plan to pay fees for university education. This time we illustrate how parents can pay both the primary and secondary tuition fees on the same plan.
> Go for a 10 year plan
If you plan to use the Sacos Education Plan to pay for both primary and secondary education for your child, your most suitable option is a 10-year plan. Normally, students enter primary school at the age of 6. If you take this plan when your child is born or before they turn 1, you will receive the first payment by the time your child turns 5 years of age.
> Payment schedule
The payment schedule below shows how you can use the yearly payment from the Sacos Education to pay for annual tuition fees for both primary and secondary school. In this example, we assume that you take out a SCR630,000 insurance policy which is sufficient to cover the tuition fees for primary and secondary school, as well as admission fees and other related expenses.
The tuition fees cited below have been estimated based on existing market prices.
Payment
Schedule
% Payout
Claims Payout per year (SCR)
Primary School year
Annual Tuition Fees (SCR)
Savings made per year (SCR)
Secondary School year
Annual Tuition Fees (SCR)
Year 1
10%
63000
P1
45000
18000
S1
60000
Year 2
10%
63000
P2
45000
18000
S2
60000
Year 3
10%
63000
P3
45000
18000
S3
60000
Year 4
10%
63000
P4
45000
18000
S4
60000
Year 5
10%
63000
P5
45000
18000
S5
60000
Year 6
50%
315000
P6
45000
270000
Total
100%
630000
270000
360000
300000
In the example above, every year for five years (Year 1 – 5) you will receive SCR63,000 from your insurance policy. This is enough to cover the annual tuition fees for primary school from P1 to P5
The tuition fees for primary school can go at SCR45,000 per year (SCR15,000 per term). As a result, each year you will make a saving of SCR18,000 from your insurance payout. Savings from Year 1 can also be used for admission fees such as enrolment and deposit fees.
In the last year (Year 6), you will receive SCR315,000 which is 50% of the total sum assured (SCR630,000). From this amount, SCR45,000 can go towards the tuition fees for P6 and the remainder (SCR270,000) towards the payment for secondary school.
Assuming that the annual cost for secondary school is SCR60,000, the total cost of tuition for S1 – S5 is SCR300,000. Using your savings made so far, a total of SCR360,000 (SCR270,000 remaining from Year 6 + SCR18,000 per year from Year 1 – 5), you will be able to meet the full cost of tuition for secondary school using your policy.
Useful tip: It is better to save all remaining amounts from annual payouts in case the cost of tuition rises over the years.
Now, you may be thinking that a SCR630,000 insurance policy is a bit much. It is not. This is what you will be paying in any case after 11 years of paying for your child’s private education. What you are securing with this insurance policy is:
Doctor? Lawyer? Accountant? CEO? Acknowledging that your children will grow up with dreams and goals of their own, you can do your part to help them reach those goals. The Sacos Education Plan is especially designed to help you meet your child’s future needs.
Why is there a need for a special fund for university?
Today, the government subsidises university education for undergraduate students. However, university education is becoming more expensive and more competitive. There is no guarantee that such provisions will still be around in your child’s generation. Moreover, with the establishment of UniSey, scholarships are limited to the courses available for both undergraduate and graduate degrees. A special fund from the outset will ensure that funds would be available in the future should it be required.
Why use the Sacos Education Plan?
Your monthly savings is guaranteed as the monthly premiums can be deducted straight from your salary
You can decide on the amount comfortable for you bearing in mind the average cost of tuition for university degrees
Using life insurance as a savings option restricts your ability to chip away at the savings for unnecessary spending
Should you ever suffer the misfortune to become disabled or pass away, the Sacos Education Plan will still remain valid for your child upon maturity.
How the Sacos Education Plan can pay for university?
Policy term
The Sacos Education Plan matures in 10, 15 or 20 years. This provides you, as the parent, with ample time to save up for university fees. Students normally attend universities between the ages of 18 and 22. You can tailor your plan according to the current age of your child.
Example: Say your child is currently 3 years old and start university at the age of 18, the most suitable option would be a 15-year plan.
Survival benefits
The Sacos Education Plan pays 10% survival benefits every year during the last five years of the policy. Bearing in mind that a bachelors degree normally averages three years, parents can save the total amount of the survival benefits to pay for first year annual tuition fees and other associated costs such as visa application, admission fees, deposit for accommodation and/or airfares. Parents can also use the total amount saved as evidence of sufficient fund, normally requested by universities and immigration.
Example: Say the parent took out a SCR500,000 policy, parents will receive SCR50,000 every year in the last five years of the policy. By saving each year’s survival benefit payment, parents would have saved a total amount of SCR250,000 which can cover the cost of first year tuition fees and other associated costs.
Maturity
At the end of the maturity period, the policy pays out the remaining 50%, with accrued benefits. The total amount can be used to pay the tuition fees for the second and third year.
Example: On a SCR500,000 policy, the remaining 50% equals to SCR250,000. This amount will be split to cover the tuition fees for the second and third year, including exam resits if required.
Due date for payment of fees
When devising a plan which is suitable for your situation, you should consider the maturity date and due date for payment of fees. If you intend to use the survival benefit to pay first year tuition fees, you should ensure that the final 10% is received before the due date for tuition payment. Similarly, the payment of the last 50% should be received prior to the due date for second year tuition fees.
Example: Your payment schedule would be like the following,
Year 1 – 10%, Year 2 – 10%, Year 3 – 10%, Year 4 – 10%, Year 5 – 10% and Year 6 – 50%.
Part of the savings you have made from payments received from years 1 – 4 will be used to show proof of fund, visa application fees and admission fees when requested. The remainder would be added to the 10% received in Year 5 to pay first year tuition fees. The payment received in Year 6 should be received by you before second year tuition fees are due.
These options can be explained in further details with an agent or a life insurance officer at Sacos Insurance Group. Contact us at life@sacos.sc or on 4295000 or visit any of our branches for further guidance.
Like many parents, you may currently be contemplating whether to put your child in private or public school. Both are very great options by the way. However, if you are more inclined to choose private school, the Sacos Education Plan can help to contribute towards the annual tuition fees.
How is that possible, you ask?
Sacos Education Plan has some very unique features, compared to other life insurance plans. These features were especially designed to support parents in providing the best education for their children.
Survival benefits paid out at intervals
The Sacos Education Plan, which is available for terms of 10, 15 or 20 years, pays out survival benefits (of the sum assured) at intervals. 10% of the sum assured is paid out every year for five years from the last six years of the term taken and 50% of the sum assured is paid out in the last year. This provides parents with an easily available annual cashflow for tuition fees payment.
Survival benefits matches academic years for Secondary schools
Secondary education in Seychelles usually runs for five years. The interval payment of the Sacos Education Plan (10% every year for five years) coincides with the academic years for secondary education. Parents can thus use this insurance plan to fully meet the tuition cost for secondary school.
Match the survival benefit with the annual tuition fees
If the tuition fees are SCR10,000 per term, parents are expected to pay SCR30,000 each year to the school. Parents should ensure that the 10% survival benefits is sufficient to cover the cost of the annual tuition fees. In the above example, the 10% annual survival benefits should be at least SCR30,000 or more in order to cover the full cost of the tuition fees. In the above example, the sum assured needs to be at least SCR300,000 to fully cover the cost of the annual tuition fees every year.
Schedule your survival benefits in line with tuition fees due date
In order for you to meet the due date for the payment of the tuition fees, you have to ensure that the survival benefits are paid in a timely manner. To give yourself some room to breathe and avoid unexpected delays, ensure that the survival benefit is paid out at least two months before the due date for the tuition fees. If the annual fees have to be paid in January, then it is safer to ensure that your first payment is received by November of the previous year.
Use the remaining 50% for other academic fees
Remember, that you have received 10% of the sum assured each year for five years which have gone towards the private tuition fees for the secondary school. In the example given above, you have received and paid SCR150,000 for tuition fees. You are now left with 50% of the sum assured (SCR300,000) which is paid out in the last year (the sixth year). With the 50% remaining (which is SCR150,000), you can contribute towards other academic fees that come up, e.g. tuition fees for A’Levels (normally 2 years) or sending your child to college overseas, payment for exam resits or contribution towards university costs(for example application fees, airfares, accommodation etc.).
The Sacos Education Plan was especially designed to help parents meet the cost of education for their children. This ensures that your child is able to make the most out of the opportunities available in life. This plan is also ideal for primary education fees as well as university tuition fees.
The figures above are only indicative, for a substantial quotation, you can complete our request for quote on our website (https://www.sacos.sc/here-for-you/education-plan/) providing us your details, send an email to life@sacos.sc, call us on 4295000 or visit any one of our branches.
The Sacos Junior Plan is a life insurance policy designed for children. Parents or legal guardians can purchase the policy for their child, which matures upon the child reaching the age 18, 19, 20 or 21 or is fully paid upon the unfortunate death or total permanent disability of the parent.
Choosing the sum assured for the insurance policy requires careful consideration, so to help you consider your options we are starting with a SCR200,000 life insurance policy.
Factors to consider:
Term – The longer the term, the cheaper the monthly or annual premium. E.g. Assume you are 35 years of age, a SCR200,000 policy maturing in 10 years will cost around SCR1,688 per month, whereas the same policy maturing in 20 years will cost SCR687 per month. The maximum term is 20 years and minimum is 10 years.
Your Age – In insurance, you are considered to be of a higher risk, the older you are. For the Sacos Junior Plan, the premium rate is similar for parents aged between 18 and 35 years, but increases for parents aged between 36 and 55 years of age. The policy is not available to parents aged above 55 years of age.
Your child’s age – You can easily have a 20-year policy if you purchase the Sacos Junior when your child is one-year-old. Because of our age limit, your child must not be older than 21 years of age when the policy matures. The policy matures when your child reaches between the ages of 18 and 21 years.
Premium – When purchasing the policy, you must decide what is financially comfortable for you. You can choose to pay your premium on a monthly, quarterly, half yearly or an annual basis. The higher the premium you pay, the bigger the sum assured for your child. E.g say you are 30 years of age and you choose a policy lasting 15 years, with a SCR1,017 monthly premium you are insuring SCR200,000 life insurance policy. However, with a SCR2,541 monthly premium you are insuring a SCR500,000 insurance policy for your child.
When purchasing a Sacos Junior Policy, always consider inflation and what the sum assured would be worth in the future. Speak to an agent or one of our officers for more assistance on a right policy for you. You can also use the online calculator on our website (https://www.sacos.sc/here-for-you/life-assurance-plans/) to try out different rates.
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