ZB Life Assurance, a subsidiary of ZB Financial Holdings, has launched an education plan that offers a savings element and life and disability cover.
by BUSINESS REPORTER
The product is meant for young couples that want to save towards the future of their children up to university degree level.
ZB Life brand manager Cynthia Muzira said the plan’s minimum cover is 10 years and the maximum is 20 years and targets children under 10 years.
“The unique part is that in the event of the death of the parents, children are automatically taken care of up to university. There will be no disruption to the child’s education due to non-payment of fees,” Muzira said.
Muzira said the plan allows one to empower his or her child for academic performance in the last 10 years and it has an award feature that will release an annual payment equal to one-tenth of the targeted benefit amount.
The plan allows parents to choose any school of their choice and pay a monthly premium that suits them. A parent can make partial withdrawal in the face of financial difficulties before maturity.