CIC Insurance Kenya

Education is one of the most critical investments parents make, yet rising school fees and unforeseen life events can disrupt even the best-laid plans. The CIC Academia Policy is a tailored education insurance product designed to help Kenyan families save systematically for their children’s education while providing vital life insurance protection. Offered by CIC Insurance Group, a leading insurer in Kenya, this plan combines savings and risk cover to ensure your child’s education continues uninterrupted, regardless of financial or personal challenges.

What Is CIC Academia Policy?

The CIC Academia Policy is a combination of insurance protection and savings, structured as an endowment policy aimed at funding education expenses for children of any age. It offers a flexible policy term ranging from 9 to 18 years, with premium payment terms between 5 and 14 years. The policy is designed to provide guaranteed returns through partial and final maturity benefits, aligning payouts with your child’s educational milestones.

This plan is particularly suitable for Kenyan parents and guardians who want a disciplined savings mechanism coupled with protection against risks such as death or permanent disability of the policyholder. Read more about why education insurance is essential for parents.

Key Features of CIC Academia Policy

Policy Flexibility

• Policy Term: Flexible terms from 9 to 18 years, allowing alignment with your child’s education timeline.
• Premium Payment Term: Between 5 and 14 years.
• Minimum Premium: Monthly premiums start as low as KShs 2,000 to KShs 3,000, making it affordable for many families.

Financial Benefits

• Guaranteed Returns: Partial maturity benefits paid after premium payment term, with final maturity benefits paid later.
• Tax Relief: Eligible for government tax relief of 15% of the monthly premiums, up to a maximum of KShs 5,000 per month.

Protection Coverage

• Death and Permanent Disability Cover:
  • Immediate payment of 50% of the sum assured upon death or permanent disability of the policyholder.
  • Accrued bonuses paid out.
  • Waiver of all future premiums, ensuring the policy continues without interruption.
• Flexible Beneficiary Options: If the child beneficiary dies, the policyholder can nominate another child or claim a refund of premiums paid.
• Surrender Option: The policy can be surrendered after 3 years, providing some liquidity.

How CIC Academia Policy Works

The policyholder pays premiums for a selected term (5-14 years). After the premium payment period ends, the policy enters a maturity phase during which partial maturity benefits are paid out over four years. These staged payments help cover school fees at different education stages such as secondary school and university.

If the policyholder dies or suffers total permanent disability during the premium payment term, CIC pays 50% of the sum assured immediately, all accrued bonuses, and waives future premiums. This ensures the child’s education fund grows uninterrupted and the full benefits are paid at maturity.

Not sure if this is the right plan? Learn how to choose the right education insurance policy for your child.

Benefits of CIC Academia Policy

• Guaranteed Education Funding: Provides structured savings with guaranteed payouts at key education stages.
• Life and Disability Protection: Protects your child’s education if you are unable to continue payments due to death or disability.
• Affordable Premiums: Low entry premiums make it accessible to many Kenyan families.
• Flexible Terms: Choose policy and premium terms that suit your child’s age and your financial situation.
• Tax Incentives: Eligible for tax relief, reducing the effective cost of premiums.
• Peace of Mind: Knowing your child’s education is secured regardless of unforeseen events.

Compare education insurance vs traditional savings plans to understand why education insurance might be a better option.

How Step by Step Insurance Acts as an Intermediary for CIC Academia Policy

Step by Step Insurance plays a vital role as a trusted intermediary between you and CIC Insurance Group, simplifying your journey to securing the CIC Academia Policy. Our partnership with CIC enables us to provide personalized, expert guidance tailored to your family’s education savings and protection needs.

What We Do for You

• Personalized Needs Assessment: We begin by understanding your financial situation, education goals, and timelines. This helps us recommend the most suitable CIC Academia plan options, including the right premium amount, policy term, and beneficiary structure.
• Application Support: Navigating insurance paperwork can be daunting. Step by Step Insurance assists you in gathering all necessary documents such as identification, proof of income, and your child’s birth certificate. We guide you through completing the application accurately to avoid delays or errors.
• Policy Customization: Every family’s needs are unique. We help you customize your CIC Academia Policy to cover one or multiple children, choose flexible premium payment frequencies, and align the policy term with your child’s education milestones.
• Ongoing Customer Service: Once your policy is active, we remain your primary point of contact. Whether you have questions about premium payments, want to make changes to your policy, or need assistance understanding your benefits, we are here to help.
• Claims Assistance and Advocacy: In the unfortunate event of a claim, such as the policyholder’s death or permanent disability, Step by Step Insurance supports you through the claims process. We liaise directly with CIC to ensure timely and fair settlement of benefits, minimizing stress during difficult times.
• Regular Updates and Education: We keep you informed about any changes to CIC Academia Policy features, government tax relief updates, and other relevant information that could impact your plan.

Why Use Step by Step Insurance?

• Expertise: Our team is well-versed in CIC’s products and the Kenyan insurance landscape, ensuring you get accurate and up-to-date advice.
• Convenience: We handle the complex parts of the insurance process, saving you time and effort.
• Trust: We prioritize your interests and provide transparent, unbiased guidance.
• Local Presence: With a deep understanding of Kenyan families’ needs, we tailor solutions that work in your context.

Getting Started

To begin securing your child’s education with CIC Academia Policy through Step by Step Insurance, simply reach out for a free consultation. We’ll walk you through your options, help you apply, and support you every step of the way.

Comparison Table: CIC Academia vs Other Popular Education Plans in Kenya

Learn more about:

Check out our guide to the top 5 education insurance policies in Kenya.

Frequently Asked Questions About CIC Academia Policy

Who is eligible for CIC Academia Policy?

Any parent or guardian with an insurable interest in the child can apply, subject to underwriting and age limits.

What happens if I miss a premium payment?

There is typically a grace period. Prolonged non-payment may cause the policy to lapse, but reinstatement is possible by paying arrears.

Can I surrender the policy early?

Yes, surrender is allowed after 3 years, but it may affect the final benefits.

What if the policyholder dies during the term?

CIC pays 50% of the sum assured immediately, all accrued bonuses, and waives future premiums to ensure the child’s education continues.

Can I nominate a different beneficiary if the child dies?

Yes, you can nominate another child or claim a refund of premiums paid.

Are premiums fixed or can they be adjusted?

Premiums are generally fixed for the term but can be reviewed with CIC and your intermediary.

Tips for Maximizing the Value of CIC Academia Policy

• Start Early: The longer the savings term, the greater the maturity benefit.
• Pay Premiums Consistently: Avoid lapses to maximize bonuses and benefits.
• Align Policy Term with Education Milestones: Choose terms that match your child’s school entry points.
• Review Annually: Reassess your plan as your child grows or your financial situation changes.
• Leverage Tax Relief: Ensure you claim available tax benefits to reduce costs.

Real-Life Scenario: How CIC Academia Policy Works

Case Study:

Jane, a 30-year-old mother, starts a CIC Academia Policy for her 4-year-old son with a monthly premium of KShs 3,000. She chooses a 14-year premium term with an 18-year policy term. After paying premiums for 14 years, she begins receiving staggered payouts over the next 4 years, covering her son’s secondary and university fees. When Jane unexpectedly falls ill and becomes permanently disabled in year 10, CIC waives all future premiums and pays 50% of the sum assured immediately, ensuring her son’s education continues uninterrupted.

Conclusion

The CIC Academia Policy offers Kenyan parents a comprehensive, affordable, and flexible solution to the rising challenge of funding quality education. Combining disciplined savings with life and disability protection, it guarantees that your child’s education is secure, even in the face of adversity. With the added advantage of tax relief and flexible terms, CIC Academia stands as a top contender among education insurance plans in Kenya.

Partnering with Step by Step Insurance ensures you get expert advice, personalized service, and ongoing support to make your education planning journey smooth and successful.

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