EDUCATION: It is undoubtedly every parent's wish that their children are successful and that that their children have a better life than they had. Omni Educator is a long term tax-free investment plan that allows parents to save for their children's tertiary education. It is the only education savings plan in Jamaica that pays a 20% grant on the eligible accumulated value .
Features & Benefits
- Benefits payable for local or overseas study
- Additional 20% grant
- Attractive interest rates
- Interest rate on lump sum premium is guaranteed for one year
- Monthly compound interest
- Tax-free returns *
- Life insurance coverage
- Structured & convenient investment plan
Condition for the education grant
- The first $100,000 of Contractual Premiums per year is eligible for the Grant, to a lifetime maximum of $1.8 million.
- The Grant is calculated as 20% of the Accumulated Value of these eligible premiums.
- The policy must be held for at least 5 years to be eligible for Grant payment.
* Conditions apply
How it Works?
When the policy is issued, the owner designates a single Education Grant Beneficiary. This beneficiary could be different from the beneficiary(ies) who will receive the death benefit proceeds. Over the years, the owner contributes premiums regularly (frequency and amount as defined in the policy) and the Accumulated Value of the policy increases.
When the Education Grant Beneficiary is ready for tertiary education, the Education Grant is calculated, and is paid directly to the qualifying tertiary education establishment for education fees and expenses. The Accumulated Value is also available to defray the cost of education.
The Education Grant
Mr. Michael Lee-Chin's dream is that one day every Jamaican child will have the opportunity to complete tertiary education. OMNI Educator delivers on his promise to re-invest in Jamaica and specifically in Jamaican children's education.
The NCB Jamaica Education Initiative (JEI) launched in May 2003, established a Foundation that is funded initially by Key Card sales, and by a donation from Mr. Lee-Chin himself. This Foundation supports a comprehensive education programme including early literacy efforts, computer donations, CXC sponsorship, and loans for teachers. The Education Grant for the OMNI Educator is also funded through the JEI Foundation.
The first $100,000 of Contractual Premiums per year, to a lifetime maximum of $1.8 Million are eligible for this Grant. These contributions, less the expenses and cost of insurance, form the Accumulated Value on which the Grant is calculated.
For more information see our Frequently Asked Questions , visit any Insurance Advisor at any NCB Branch islandwide or call 1-888-MY NEEDS(69-63337)