Omni Educator is a long term tax advantaged life insurance plan offered by NCB Insurance Company and is a vehicle through which parents and family members can plan and save towards tertiary education for their children.

Omni Educator is the only education savings plan in Jamaica that pays a 20% grant on top of the interest on accumulated regular premium once the Education beneficiary enroll in an accredited tertiary institution.

The Education Grant is based on the Accumulated Value built up from Contractual Premiums only.

The first $100,000 of Contractual Premiums per year, to a lifetime maximum of $1.8 million is eligible for the Grant.

The Grant is calculated as 20% of the Accumulated Value of these eligible premiums.

The Education Grant Beneficiary can be any one of the following persons:

• child (by birth or adoption) , step-child
• grand-child, step grand-child
• sister, brother
• niece, nephew

Yes, with written notification to NCBIC, the grant beneficiary can be changed. 

The maximum age of the Education Grant Beneficiary at the time of the first payment must be 25 years or less.

The policy must be held for 5 years before the Education Grant can be paid out.

No Grant will be paid, but you may withdraw your Accumulated Value.

You may also name another eligible child as the Grant Beneficiary.

Yes, as long as it is an approved institution for an appropriate course in which the student is enrolled for a minimum period of 12 consecutive months.

The Grant will be converted to US$ at the applicable exchange rate and paid directly to that institution overseas.

At the request of the Death Benefit Beneficiary, the Company at its discretion may agree to continue the policy as a paid up policy such that the Accumulated Value continues until the Education Grant Beneficiary enrolls in a qualified education program.

This paid up policy will have no further life insurance element.

Alternatively, the Death Benefit Beneficiary may elect to withdraw the Accumulated Value on the death of the insured, in which case the policy is terminated and no Grant will be paid.

Premium paid on the Omni Educator policy are tax free up to specific limits. These are:

• Contractual (regular) Premiums up to $60,000 p.a.
• Additional (Lump Sum) Premiums up to $1 million p.a. provided that no withdrawals are made from the lump sum for 5 years.