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.
Sacos Insurance Group Blog 