Stanbic Bank Ghana and Metropolitan Life launch Education Plan
By Christian Akorlie, GNA
Accra, June 14, GNA - Stanbic Bank Ghana in partnership with its bancassurance partners- Metropolitan Life has launched an Education Plan to ensure an uninterrupted quality education of wards of contributors to the scheme.
Dubbed: 'Stanbic Eduplan,' the product comes in a combination of savings and investment accounts that provide flexibility, convenience and predictability to contributors and their wards.
Henry Manyo-Plange, Head Bancassurance, Stanbic Bank, said the underlying investment for the plan is a high-yielding savings account with an interest rate of 16 per cent.
He said customers could sign up at any branch of Stanbic as they do not require medical underwriting and are also allowed to make withdrawals, amendments, or even surrender in a simple process with a minimum monthly contribution of GH? 50.
Mr Manyo-Plange said a unique feature of the Plan is that the sum assured is paid as a lump sum on death or permanent disability in addition to any accumulated investment on the plan.
Besides, interest rates, annual statements, planning tool and updates are provided to help contributors determine whether they are up-to-date in meeting their target investment.
Contributors could also withdraw up to 50 per cent of accumulated savings once a year and surrender earlier than the term in the course of the plan.
Nana Dwemoh Benneh, Head, Personal and Business Banking at Stanbic Ghana, said the product is unique because it is the first of its kind in Ghana where two financial institutions have come together to put their core competences together that would inure enormous benefits to the account holders.
'Life is not straight forward and that makes this policy very necessary looking at its nature' he noted.
According to him, the product which allows a minimum of GH¢ 1,000 to GH¢ 200,000 investment would be insured, 'so in case of any eventualities, the target of amount set in for a child of a contributor is guaranteed.'
The product is available to all Stanbic Account holders and customers have a choice to plan over a period ranging from three years to 18 years.
GNA