Madison Insurance has today launched a education plan for university and college students named Uniplan. This plan was launched after Madison commissioned a survey on the Higher Education Sector which highlighted the fact that a good education is one of the top priorities for parents, others are good health and security of their children.
According to the survey, 9 out of 10 of the parents interviewed indicated that it was their wish that their children make it to university. However, only 29% of the parents had put in place financial plans to ensure that the children are able to make it to university. 71% face financial difficulties with the majority not being able to have meaningful savings by the time their children need the funds. The study also established that there are “hidden” non-fees cost of living which is never fully factored in by the parents and guardians when saving for their Children’s higher education. On average, monthly expenses ranging from airtime, to accommodation, food and medical related bills amount to Kshs. 25,000 per month; when multiplied by 12 months over a four year course duration, this amounts to Kshs.1.2 million. Hence a need for an education plan that enables parents to start planning for their children’s education early and at their convenience hence guaranteeing that their children’s dreams are achieved.
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Uniplan is different from other education plans in that the policy has a term range of 5 to 15 years. This makes it the lowest term range for an education policy as others usually start from 8 or 10 years. This is important in that it can allow an individual whose child is already in say class 7 to start saving up for university education. Also in the event that the beneficiary of the cover dies the principal can choose to nominate another beneficiary. The policy also allows flexible funding by allowing variation of the contributions during the term of the policy.