Blog

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.

Education Plan

 

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.

The figures cited in the above article is only indicative. For a formal quotation please contact us on 4295 000, request a quote from our website (https://www.sacos.sc/here-for-you/life-assurance-plans/), send an email to life@sacos.sc  or visit one of our branches.

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.

Since 2018 you may have noticed one or several Sacos pop-up stalls at various locations. We have been working tirelessly to bring our services closer to you, our esteemed clients, and have since started a flurry of road shows, mobile information desks and reward programmes!

This month, three lucky winners were fortunate enough to win back their annual Motor Private Comprehensive Insurance Premium from Sacos Insurance Group; Mrs. Doris Mancienne who has been with Sacos since 1971, Richard Talma who has been with Sacos since 2011 and Emma Valentin are the first winners for this first quarter of 2019.

Sacos’ aims to award a total of twelve customers with their annual Motor Private Comprehensive premium  this year, in draws that will be taken on a quarterly basis. The next draw will be on 31 July 2019.

Thirteen winners were drawn from a list of all existing Motor Private Comprehensive and Taxi customers this quarter. Runner ups did not go empty handed and were awarded with Sacos branded gifts, emergency car kits, first aid kits, sunshades, mobile phone holder, car USB charger, beach stools and cooler bags.

The promotion is a continuation of the 2018 campaign which sought to thank loyal customers for choosing Sacos Insurance Group as their primary insurance provider, and also to raise awareness on the benefits of Motor Private Comprehensive Insurance.

“We would like to keep up the awareness of the importance of insurance to everyone in general. Knowing that Motor Insurance is compulsory, we only deem it fair that we reward our long time customers” says CEO Jennifer Morel. The first quarter’s winners have expressed their shock and satisfaction over their wins. Mrs. Mancienne, a loyal customer since 1971, has just retired this year and was shocked to learn that she had won. Mr. Terry Assary, a loyal customer since 2011, is a second time winner of the draw and expressed his hope that he eventually wins back his annual premium!

Get your insurance from Sacos… our next lucky winner could be you!