Allianz introduces Eduflex Plan, an educational insurance policy


Allianz Ghana has introduced another product onto the market, the Allianz Eduflex Plan — a savings plan that provides financial security by accumulating funds for the sole purpose of funding the education of the client’s children.

The Eduflex plan also allows the policyholder to choose a guaranteed death benefit that will be paid to their beneficiary and the payments that’s made above the cost of insurance can grow in a savings fund. This also allows the insured and the beneficiary enjoy life insurance protection during the term of the policy and an additional accidental injury cover for the beneficiary.

Explaining further on the product characteristics, Jane Kitome, Chief Retail and Marketing Officer at Allianz, said the minimum and maximum entry ages for beneficiaries or children are one year and 25 years whereas the maximum number of children allowed is four.

She noted that with a monthly premium ranging from a minimum of GH¢50 to a maximum of GH¢5,000, the policy holder can introduce onto the policy additional children after start of the policy until the four slots are exhausted.

“We have studied the market and realized there is good market for the education programme. So we decided to come up with this educational savings plan in terms of insurance which provides financial security by helping you meet the educational needs of your children whether you’re alive or no more. The interesting thing about this is that the insured and the beneficiary enjoy insurance protection and it has additional accidental injury cover,” she added.

In the case where the policyholder loses their ward, 50% of the sum assured will be paid. The sum assured payable as death benefit for the policyholder is in addition to 100% of the accumulated funds.

Ms. Kitome again noted that in the case of an accidental death benefit, twice the sum assured will be paid in the event that the policy holder dies through a vehicular accident, before the policy matures.

For temporary disability benefit, she explained that “upon becoming temporarily disabled, Allianz Life will pay the insurance premiums to run your cover for six months. This does not include the premium that goes into savings and in case of permanent disability; Allianz Life will pay 100% of the death sum assured plus the accumulated fund value.”

She was however quick to explain that in the case of medical expense, up to a value of GH¢1,000 will be paid as an accidental injury benefit to the named children. This benefit expires once the GH¢1,000 is exhausted.

Another benefit worthy to note is that when the policyholder makes no claims after two years, they qualify for a 15% of their total insurance premium contribution after two years. Also, when the benefits mature, the accumulated fund value of the policy will be paid out.

Ms. Kitome noted that clients are eligible to make partial withdrawals once in a calendar year, after two years of policy inception with the maximum withdrawal amount being 50% of the accumulated fund value.

Also, present at the launch was the Deputy Commissioner for the National Insurance Commission, Mr. Michael Andoh, who congratulated Allianz Ghana on the introduction of the Eduflex plan and assured that the National Insurance Commission has vetted and approved the product.

“Allianz is one of the best life insurance companies and so we are very confident that this product will go a long way to protect you. Insurance does something different from savings and it is important that we educate the public to know the difference between insurance and savings. We are not in normal times and that should reflect on the products and services we should engage in.”

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