Barclays Education Plan

Key Facts

This plan helps you to pay for your child’s school fees. It provides five annual benefit payments, which is to be used to cover the education expenses of the policyholder’s child/children.

Key features and benefits

Blue Arrow - Bullet The minimum term is 7 years.
Blue Arrow - Bullet The maximum term is 18 years
Blue Arrow - Bullet The minimum age at entry is 18.
Blue Arrow - Bullet The maximum age at entry is 60.
Blue Arrow - Bullet Cover ceases at age 70. This limit also defines the maximum term available for each age e.g. for a 60 year old, the maximum cover term is 10 years.
Blue Arrow - Bullet The minimum payable premium is GHS15 per month exclusive of the policy fee.
Blue Arrow - Bullet The maximum payable premium is GHS200 per month exclusive of the policy fee.
Blue Arrow - Bullet A policy fee of GHS 0.5 per month will be added to the premium.

The net premium after deduction of the policy fee will be allocated to an investment account and will comprise unit holdings in one or more of Enterprise Life’s investment portfolio after taking into account investment management expenses.

The policy provides five annual benefit payments, which can be used to cover the education expenses of the policyholder’s child. The 5 annual benefits will commence during the last five years of the policy and are equal to the following percentage of total fund value.


Payments Percentage of fund
1st  Payment 25%
2nd payment 30%
3rd  payment 35%
4th  payment 50%
5th  payment 100%

In the event that any of the covered children dies, the policy holder can elect to receive the full benefit and when this happens the policy terminates. Premiums are payable for the duration of the policy that is they continue after the annual payments commence.

The maturity benefit of this policy is the payment of the final cash proceeds to the policyholder at the maturity date of the policy.

When the policy has acquired a surrender value exceeding GHS200 or such greater amount as may be determined by the company, the principal life assured may decide to stop paying premiums and convert the policy a paid –up assurance.

Once a policy has acquired a surrender value, partial encashment may be made not more than once a year and may not exceed 50% of the surrender value.

If the policyholder dies before the age of 65, Enterprise Life will pay all the monthly premiums that would have been paid until the earliest of either the end of the term, or the 65th birthday of the policy holder had they not died.

If the policyholder becomes disabled before age of 60, Enterprise Life will pay all the monthly premiums that would have been paid until the earliest of either the end of the term, the 65th birthday of the policy holder or the encashment of the policy.

Each year on the anniversary of the policy issue date, your monthly premium will increase by the percentage you chose for your update option on the application form. You do not need to confirm this increase as it happens automatically and the benefits are based on the value of the fund. Increasing your premium increases the value of the benefit.

The policy holder may voluntary terminate the policy before maturity subject to an appropriate surrender penalty. The cash value of the policy will be available and all benefits will cease.