There is no better way to celebrate the month of June, which is the month for the children by giving your child a present that will make a difference in their life. The Sacos Junior Plan provides your child with financial security later in life, allowing them to have an early start on their future projects. This can be a deposit on their first home/apartment, payment towards their further studies or payment towards their first car.
How does the Sacos Junior Plan work?
With the Sacos Junior Plan, parents can purchase a life insurance policy on behalf of their child, which would be disbursed to the child upon the maturity of the policy. Parents can choose the sum assured (e.g. a SCR500,000 insurance policy) by taking into consideration several factors such as the child’s age, the parent’s age, the term of the policy, the age of the child at maturity of the policy and the cost of the premium.
The Sacos Junior Plan is available to children from the age of one and the child should be no older than 21 years of age when the policy matures. The policy has a minimum term of 10 years and in consideration of the child’s age, parents can choose to have the policy mature upon reaching a meaningful age. As an example, a parent can choose to purchase a SCR500,000 policy with a 20 year maturity period for their one year old child. The child will be paid the full sum assured, with accrued benefits upon reaching their 21st birthday.
Who can purchase the policy?
Only parents and legal guardians can purchase a Sacos Junior Plan on behalf of their child. Nevertheless, other family members and friends can help you as the parent or legal guardian by contributing towards the payment as an annual birthday or Christmas gift and even on special occasions such as Holy Communion, graduation and Children’s day. It is important to note that only parents or legal guardian between the ages of 18 – 55 can purchase this policy.
What happens in the event of an unfortunate death or accident?
In the unfortunate event of the child passing away, the age of the child at the time of passing is taken into consideration. If the child is six years of age or older, the full sum assured is paid to the proposer which is the parent or legal guardian. If the child is younger than six years old, a percentage of the sum assured is paid to the parent depending on the age of the child at the time of passing. If the proposer passes away or becomes permanently disabled during the term of the policy, the payment towards the policy is waived. Nevertheless, the policy remains in force until the maturity period.
The Sacos Junior Plan is a great way to set up your child to have financial dependence later on in life.
Visit our website (https://www.sacos.sc/here-for-you/life-assurance-plans/) for more details on the Sacos Junior Plan and try out our online calculator to decide on the best plan for you and your child. You can also request a quote from our website and one of staff will then be in contact with you. Alternatively, you can call us on 4295000 during working hours or visit one of our branches.