Societe Generale Ghana and Prudential Life Insurance Ghana, have launched the Sound Education Plan to help parents achieve the best possible futures for their children.
The plan enables parents to save for school or university fees while receiving a high level of interest.
It is an alternative to taking out a loan which often involves making interest payments for many years.
It is the first education plan in Ghana to feature a unique four per cent bonus, which is awarded to parents who pay all of their premiums.
Parents could save as little as GH¢ 30 a month from eight- 25 years.
As the plan is an insurance product, Prudential would continue to make payments into it even if a parent passes away or is permanently disabled.
The launch of the plan follows the signing of a partnership agreement between the two organisations in April which allows Societe Generale’s customers to buy Prudential’s life insurance products in any of the bank’s 40 branches throughout Ghana.
Emmanuel Mokobi Aryee, CEO of Prudential Ghana, said: “Prudential is delighted to work with Societe Generale as we both want to provide superior financial solutions to improve the quality of life of our customers.
“The Sound Education Plan is an easy way for parents to save for their children’s education which is often the most significant investment they will ever make.”
He said the plan was designed to guarantee customers that their children would be able to enjoy a great education, regardless of unfortunate circumstances that may affect their parents.
Parents have the flexibility of saving for any period and should anything happen to the customer, the payments would continue to be made by Prudential, he said.
Francois Marchal, Deputy Managing Director of Societe Generale Ghana, said: “We are delighted to launch the unique Sound Education Plan with Prudential, which is one of the world’s leading life insurance companies.”
“We are committed to giving our customers the best possible range of products, especially when it comes to insurance, and look forward to working with Prudential over the coming years as we grow our insurance portfolio.”
He said the Sound Education Plan offer customers who are parents and/or guardians the perfect way to guarantee their children to enjoy a great education no matter what may happen to them.
With the plan, every parent or guardian would be able to save money over a fixed amount time, determined by him or her, during which their funds would grow.
At the end of the term, the funds would be available to be used for paying for their child’s education.
“This product is particularly important to Societe Generale Ghana because we believe in continuing to cultivate team spirit with our customers by providing great, practical life changing solutions for them,” Mr Marchal said.
He encouraged customers to invest in insurance, saying ‘education changes lives positively and creates success and helps build a better future.’
Prudential Ghana is one of the fastest-growing life insurers in the market, with 1.3 million customers.
“It is our ambition to become Ghana’s leading life insurer. Our partnership with Societe Generale is playing an important part in helping us achieve that goal,” said Matt Lilley, Africa CEO Prudential Life.
