Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has launched its Education Endowment Plan, which empowers parents and guardians to secure the academic future of their children or wards.
At the launch of the plan in Lagos recently, it was revealed that the education endowment plan encouraged parents and guardians to adopt a long-term strategy for investing in the educational future of their children and children.
Recently, the United Nations Children’s Fund said that Nigeria has the largest number of out-of-school children globally at 18.3 million, with only 63 per cent of primary school children regularly attending school.
The UN agency also lamented that about 10.2 million primary school-age children and an additional 8.1 million at the junior secondary level were out of school in Nigeria.
During the launch in Lagos, the Chief Executive of Stanbic IBTC Insurance, Akinjide Orimolade, explained that the education endowment plan offered families a strong financial safety net.
According to Orimolade, this product ensures the protection of their children’s education, regardless of life’s uncertainties; providing reassurance and confidence.
“By making strategic investments today, parents can secure access to education for their children, enabling them to realise their full potential and pursue their aspirations.
“We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for the education of their children.
As a leading insurance provider, we recognise the profound impact education has on a nation and its populace, and we are dedicated to supporting parents in their quest to provide quality education for their children by insuring the future,” Orimolade stated.
He noted that the loss of a parent or guardian is profoundly devastating and can greatly affect a child’s educational journey.
“With this in mind, we have created a product to reassure parents and guardians. It ensures that their children and wards’ education will remain secure and uninterrupted regardless of life’s uncertainties.”
He mentioned that the Stanbic IBTC Education Endowment Plan provided financial support for dependents in case of death; and guaranteed the child’s or ward’s education. According to Orimoladem, the plan can also be used as collateral to secure a loan, where urgent needs arise. The plan features include minimum and maximum entry ages of 18 and 65, respectively, with a maximum exit age of 70.
He urged parents and guardians to take charge of their children’s future today by securing the Stanbic IBTC Education Endowment Plan.
“We can empower the next generation to achieve greatness and build a brighter future for Nigeria just by the investments we make today. Your decision today can significantly impact your child’s or ward’s future; making you feel empowered and responsible for their success,” he stated.