Union Assurance launches education protection plan for children

Thursday, 16 July 2020 00:37 - - {{hitsCtrl.values.hits}}

Union Assurance Chief Executive Officer Jude Gomes

Union Assurance launches its newest product, Sisumaga+, a unique, protection-based education plan that helps parents manage the cost of higher education for their children. The Plan offers assured returns combined with customisable benefits to secure future education milestones.

The uncertainty of today has given rise to new ways of planning for the future. Most parents fail to plan early enough to comfortably secure the cost of higher education for their children. Further exacerbating the issue are rising costs, and additional considerations such as stationery, private tuition, textbooks, boarding fees and transport, making it more important than ever to start planning a child’s future from a very young age. In being financially aware, parents now can estimate future education expenses against the rising inflation rate and secure an education protection plan that fulfils these requirements.

Union Assurance Chief Executive Officer Jude Gomes said in a statement, “In Sri Lanka, only a minority of students qualifying at the Advanced Level examination have the opportunity to enter local universities which offer free higher education. This leaves us with a significant number of students enrolling into private universities and institutions both locally and overseas which causes the family’s finances to be stretched. Sisumaga+ is introduced to help parents plan for a sound investment that provides good returns to cushion against the sudden shock of the cost of higher education or an untimely demise, and to ensure that your money is with your children when they need it most.”

Sisumaga+ is designed to provide a customisable education fund that grows continuously with an annual interest paid by Union Assurance in the form of monthly dividends towards the fund balance and a loyalty bonus of 15% paid at maturity. Going beyond the average education plan, Sisumaga+ offers all-round protection in the event of a demise by offering a lump-sum amount to fuel the immediate education needs of the child or children through its Life cover, while continuing to build the fund with continuous premium settlements made by Union Assurance until maturity. It also offers the added benefit of customising the education protection plan with options for partial withdrawal which is useful in providing financial support in the event of an emergency.

Union Assurance is one of the largest Life insurance solutions providers in Sri Lanka, and has been in the business of protecting lives, empowering people to achieve their dreams, and providing peace of mind to thousands of Sri Lankans since 1987.