Affordable Child Education Insurance Cover

If you hope to have a successful future for your child, then Vanguard Life’s Child Education Plan has a good education plan for you today.

What do you hope for? That one day you would be able to afford the kind of education that improves your life? That, if you have children, they will enjoy the benefits of studying? You know that a good education is a vital stepping stone to a solid career. However, access to further education and skills has become very expensive. Start with what you hope for and plan from the beginning to make sure you can make your dreams come true.

We all have dreams of success, achievement and happiness. A good education equips one in life and at work and also helps one to lead a fulfilled life. And, as a parent, one of your most important responsibilities would be to ensure that your children attain the skills and knowledge they need in order to make a good life for themselves.

If you hope to have a successful future for your child, then Vanguard Life’s Child Education Plan has a good education plan for you today. What do you hope for? That one day you would be able to afford the kind of education that improves your life? That, if you have children, they will enjoy the benefits of studying? You know that a good education is a vital stepping stone to a solid career. However, access to further education and skills has become very expensive. Start with what you hope for and plan from the beginning to make sure you can make your dreams come true.

Vanguard Life Child Education Assurance Plan offers you complete financial solution to fund the education of your child(ren) through the various stages of education even in the unfortunate eventuality of death or permanent disability.

With this plan, you’ll be paid out in a lump sum within 72 hours for valid claims on receipt of all required claims documents. Most importantly, it’s affordable child education insurance policy.

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The Child Education Plan assures continuous payments of the school fees of your child(ren) and it also provides the child support income to enable their uninterrupted quality education in the eventuality of your death or permanent total disability.

The policy provides you the following as the main benefits as long as the policy is active.

Where this option is selected, the sum assured will be paid in four (4) annual instalments as per the table below:

Payment Percentage of Sum Assured
1st Annual Payment 30 %
2nd Annual Payment 50 %
3rd Annual Payment 70 %
4th Annual Payment 100 %

In the eventuality of death or permanent total disability of the policyholder anytime before the policy maturity date, Vanguard Life shall pay 25% of the sum assured annually up to a maximum of four(4) years or policy maturity year(the earliest of the two options) as support income for the upkeep of the child(ren). The payments will be made to the policyholder in case of permanent total disability or to the trustee in the eventuality of death of the policyholder if the beneficiary is less than eighteen (18) years. In the event of default in premium payment at any time during the lifetime of the policy, the premium for the child support income cover shall be deducted from the premiums paid to keep the child support cover benefit active.

If the policyholder dies or becomes permanently disabled anytime during the lifetime of the policy, Vanguard Life shall assume future monthly premium payment to maturity. Automatic benefit increase provided by the automatic benefit update option where selected shall however cease and the policy shall continue on the benefit level (sum assured) attained as at the date of death or permanent total disability of the policyholder.

POLICY LOAN BENEFIT OPTION

The policyholder qualifies to apply for policy loan anytime the policyholder has made a minimum of twenty-four(24) premium payments from the issue date.

The maximum amount of policy loan allowable is ninety percent (90%) of the surrender value. Policy loan are allowable for the payments of expenses associated with the education of sponsored Child(ren) before the maturity date. Policy loans shall attract interest and be repaid over a maximum period of twelve (12) months in addition to monthly premium

In the event of default in repaying policy loans, monthly premiums shall be used to pay the loan (principal and interest) or deducted from the policy benefits before claims under the policy are paid.

Policy loans are not applicable when the policy matures.

AUTOMATIC ANNUAL BENEFIT INCREASE

This option enables the policyholder to increase the benefit lever of his cover himself and secondary lives annually to preserve the value of the benefit from the effect of inflation to the extent of the annual automatic increase options selected.

The annual premium increase and the corresponding annual benefit increase options are as stated in the table below.

Automatic Annual Premium Increase 10.00 % 15.00 % 20.00 % 25.00 % 30.00 %
Automatic Annual Benefit Increase 7.50 % 11.25 % 15.00 % 18.00 % 22.00 %

If you selected any of the option on the application form, your monthly premium payment will automatically be increased based on the option selected at each anniversary of the policy issue date. Once selected, the policy holder cannot during the life time of the policy changed to a higher benefit increase update but can change to a lower benefit update option. The policyholder, however, have the option to cancel automatic benefit update on the policy at any time in writing to us.

Please note that all life assured has an automatic benefit increase of 3.75% of their life cover for a corresponding increase of 5% premium

SAVINGS BENEFIT

This benefit provides an opportunity for the policy holder to save. It is an investment account with a guaranteed return of 5%, it aims to serve as an avenue for policyholders to save. The minimum monthly premium is GH¢20.00.

Policyholder can withdraw from the investment account after every three (3) years and the maximum allowance withdrawal is 50% of the investment accrued subject to an administration fee of 1% on the monthly savings premium. On the death of the Life Assured the amount of the savings benefit as at the date of death will become payable.

The policy attracts surrender value after it has been in force for twenty-four (24) months. This benefit is therefore payable if the policyholder decides to terminate the policy after a minimum period of twenty-four (24) months from the issue date. Thus, if the policy is surrendered before twenty-four (24) months from the issue date, no benefits shall be paid. The benefit payable shall be the paid-up value at the date of surrender less a surrender penalty based on the year of surrender.

The table below defines the surrender penalty when the policy has a surrender benefit.

Policy Years Surrender Penalty
Two (2) years but less than four (4) years 15 %
Four (4) years but less than six (6) years 10 %
Four (6) years but less than six (10) years 5 %
Any period from ten(10) years 0 %

Do you need to claim?

Follow the easy steps below to get your claim fast and efficiently.

Notify us

Please notify us of your intent to claim within 24-hours of the event. If this isn’t possible, please call us as soon as possible on the below numbers.

Contact our Customer Service Department:

Monday to Friday

Walk in centre hours: 08:00 to 16:30
Call centre hours: 8:00 to 17:00 - Monday to Thursday

Fridays - : 8:00 to 16:30
Telephone numbers: 0302 235437 - 5, 028 9533900
Email: info@vanguarglife.com

2. Required documents

You’ll need to send us relevant Final Dignity Assurance Plan documentation. Download the necessary forms by clicking on the links in the lists below.

Natural Death

In the event of a natural death, Vanguard Life requires the following documents to process the final dignity assurance policy payout:

  1. Completed Claim form by the claimant
  2. Original policy documents
  3. Original or Certified true copy of medical certificate of the cause of death
  4. Certified copy of death certificate
  5. Certified copy of identity document of both the insured and beneficiary or trustee
  6. Certified documentary proof of marriage (if applicable)
  7. Prove of age of deceased life if age is not admitted.
  8. Any other documents deem necessary by the insurer.

Unnatural Death

In the event of an unnatural death, Vanguard Life requires the following documents to process the funeral policy payout:
  1. Completed Claim form by the claimant
  2. Original policy documents
  3. Original or Certified true copy of medical certificate of the cause of death
  4. Certified copy of death certificate
  5. Certified copy of identity document of both the insured and beneficiary or trustee
  6. Certified documentary proof of marriage (if applicable)
  7. Prove of age of deceased life if age is not admitted.
  8. Any other documents deem necessary by the insurer.

1st Anniversary Claim

Admitted funeral claim with 1st Anniversary claims may not be subject to any claim application process excess for the claimant to request for the payment. Where the funeral claim is paid and subsequently confirmed that the claim was fraudulent, the 1st Anniversary claim will not be paid.

Cash Back/Loyalty Benefit

A completed application or written request for cash back or total return of premium benefit by policyholder. Payment will be made to the bank account of the policyholder used to pay premium or the policyholder will provide a bank account to enable the payment if the mode of premium payment is employer education.
3. We’ll keep you posted on the status of your claim

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We value your concerns, comments and compliments. If you are not satisfied with anything concerning our services, or if you have any enquiries, complaints or you wish to make changes to your policy etc.,

Kindly contact our customer clinic on 0302 235437 - 5, 028 9533900 or www.vanguardlife.com or contact any of our branches and sales offices nationwide.

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