Stanbic, Metropolitan Life launch education plan

The Stanbic Bank Ghana, in partnership with Metropolitan Life Ghana, has launched a new educational insurance policy to allow parents to invest in the future of their children.

The Stanbic Education Plan offers a two-fold benefit – it enables parents to save for school or university fees while at the same time receiving high interest for many years.

Speaking at the event, the Head of Personal and Business Banking at Stanbic, Nana Dwemoh Benneh, said the product offered customers who were parents or guardians the perfect way to guarantee their children a great education no matter what happened to them.

“We encourage our customers to invest in insurance for this reason, and I know we would all agree that the most important investment a person and a country can make is education,” he said.

The Managing Director of Metropolitan Life Ghana, Mr Tawiah Ben-Ahmed, observed that no investment had such long-term benefits as education.

Touching on the mechanics of the new product, the Head of Bancassurance, Mr Henry Manyo-Plange, said “Customers can sign up in all the Stanbic bank outlets across the country, there is no medical underwriting required, a customer can make withdrawals, amendments or even surrender in a simple process with a minimum monthly contribution of GH¢ 50,” he said.

He noted that the new product offered interest rates at all times, regular annual statements, a planning tool and updates to help a customer to determine whether it’s up-to-date in meeting the target investment.

“You can make windfall payments into your plan at any time to help you keep up with inflation or reach your target quicker; can withdraw up to 50 per cent of accumulated savings once a year if you need to,” he added.

He noted that the underlying investment for the plan was a high-yielding savings account at the highest interest rate on a savings account currently at 16 per cent.