Insurance company ICEA Uganda has introduced a new product that his hoped to provide better security for parents that want to see their children through school regardless of life’s inevitable changes.
The ICEA Toto Education plan was unveiled as a solution to parents who want to guarantee the education of the young ones, whether or not they are around to ensure it.
The product, which the company CEO Emmanuel Mwaka described as a “game changer,” is tailored for the people with both low and high incomes and is highly flexible.
Encouraging parents to take up the plan at its launch in Kampala, Mr Mwaka stressed that education in Uganda is and will continue to be costly, which will necessitates long term planning.
“Demand for quality education will continue to grow, which means that the cost of education will keep going up,” he said.
“This is why one needs a plan to ensure the dream they see in the eyes of their children will come to fruition.”
The Toto Education Plan, according to Anne Njogi the ICEA Chief Operating Officer, allows one to choose a payment period for their child ranging from 5 years and upward, and also to decide what level of education they need covered.
“This plan is a solution to parents who want to ensure continuation of the education of their children in case of eventualities like death,” she said.
Speaking at the launch of the plan, Ibrahim Kaddunabbi the head of the Insurance Regulatory Authority thanked ICEA for coming up with the new product.
“We ask all players to invest heavily in new product development and services so as to reach a wider population,” he said.