Sberbank Life Insurance Helps Set Aside Funds for College
OREANDA-NEWS. Sberbank Life has launched a new universal life insurance savings product "Children's Education Plan". The program helps clients set aside funds for their child's college education.
The "Children's Education Plan" is a convenient tool for our clients who want to save money for their children's education and build a solid foundation for their transition to adult life. The program is simple: the client begins by selecting an area of studies. Then taking into account the age of the child, cost of education and annual cost increase for the last few years, the estimated cost is calculated along with the required annual savings. The child is guaranteed to receive the accumulated amount even if the insured loses their source of income.
This savings program provides the client insurance protection, financial appeal and flexibility.
Insurance. The program is insured against the following: death (beneficiary - child or trustee) and following the death of the insured - immediate payment to maintain the current lifestyle and payment of the accumulated sum saved for education. Disability insurance is also available to cover the cost of the premiums if the insured is disabled with a type 1 or 2 disability and is no longer able to pay the premiums.
Financial appeal. Like other cash-value life insurance plans, "Children's Education Plan" provides for not only additional investment income, but possible personal income tax deductions (a 13% refund, the upper limit of the insurance premium, from which RUB 120,000 is deducted annually).
Flexibility. The product is easily tailored to meet the needs of the client. For example, depending on the current age of the child, the client chooses the length of the contract: from 5 to 17 years. The client also chooses a contract currency: ruble, dollar, or pound. The initial payment can be made at signing or in quarterly, monthly, or annual installments and for convenience the auto-payment service is available. And at the end of the program there is an option to break up the accumulated sum into smaller disbursements depending on the number of years of education (4-6 years).
The "Children's Educational Plan" is available at all Sberbank First branches, Sberbank's premium branch network, and at Sberbank Premiere in Moscow, Ryazan, Nizhniy Novgorod, and Novosibirsk.
OOO Sberbank Life Insurance is a Sberbank subsidiary specializing in risk, savings, and investment life insurance programs. The company Sberbank Insurance was created in 2012 and in July of 2014 was renamed Sberbank Life Insurance when Sberbank entered the life insurance market. The General Director of the company is Maxim Chernin, who is also Chairman of the All-Russian Insurance Union Committee for Life Insurance Development.
Sberbank Life Insurance is the leader on the Russian life insurance market and the only life insurance company that is ranked in the top ten insurance companies in Russia. In 2014 insurance premiums amounted to RUB 36.4 bln. The company has been awarded a A++ rating (extremely high reliability) on the RAEX scale by Expert RA.
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