The best education insurance offers savings in education funds as well as life protection. Like health insurance, education insurance must also be prepared, especially for those of you who already have children for a guaranteed future.
Not only guarantees for education, this type of insurance is also very good for financial planning for the sake of protected financial conditions in the future.
One consideration of using education insurance is because the cost of education goes up every year.
This is what many people have not realized so that they ignore the importance of insurance for children’s education. In addition to being reluctant to spend money on insurance, one of the other reasons is because the premium cost is quite expensive.
This time, Qoala will discuss in full various important information about education insurance. Yup, check it out!
Why Do You Need Education Insurance?
Every parent would know that the cost of education must always rise per year. Meanwhile, income may stop at some time due to unwanted causes. This can threaten or even jeopardize a child’s education.
In addition, not a few people think that the government has subsidized education so that there is no need to pay insurance costs for education.
In fact, education costs are not only monthly fees or building costs, but also uniform costs, books, and other expenses. Therefore, education insurance can provide protection for their future until college.
In addition, not all children can get an education in public schools which are generally due to value factors so that they are not accepted. What about getting a private school?
Of course, the cost of the prepared should be more. Reporting from Kompas, inflation in the education sector is quite high, which is around 15 percent and this is what causes the cost of education to always rise.
There are also other factors and risks that may occur, namely if at any time the child’s parents experience something unwanted, such as death, accident, physical disability, or retirement when the child is still in school. Such risks can certainly be minimized with the ownership of education insurance.
Types of Education Insurance in Indonesia
In general, there are 2 types of education insurance in Indonesia, namely unit link and dwiguna. Although it has a goal to provide protection for education costs in the future, the two are certainly not the same. Then, what’s the difference?
Unit-linked education insurance aims to provide opportunities for customers to invest. Meanwhile, dwiguna education insurance prioritizes savings and protection in the future. You can see the difference below.
Unit link
Unit link is a type of insurance that consists of a combination of insurance and investment services. Simply put, insurance premiums paid by customers per month, not only for children’s education in the future, but also will be run as an investment product such as mutual funds.
This investment profit will be handed over gradually according to the child’s learning period when entering school levels such as Elementary School, Junior High School, and High School.
Unit link education insurance provides benefits for parents who are reluctant to experience the hassle of managing insurance and investment. You can get 2 benefits, namely insurance and investment with one premium per month.
Dwiguna
Dwiguna education insurance will provide safe potential for the future including savings in it. Children’s education funds are guaranteed by insurance if parents can no longer make a living, either because of death or total disability.
Another function, children will get an education savings fund that can be disbursed within a certain period. The amount of money in accordance with the agreement that has been negotiated by the insured and the insurance. When compared, the dual-purpose function is almost the same as futures investment.
How To Choose The Best Education Insurance
Choosing education insurance that suits your needs is not easy because there are various factors that must be considered. Not to mention the potential for default such as some cases that adorn the media coverage, of course, make customers wary.
In addition, the best education insurance companies in Indonesia also have their own advantages and disadvantages that are worth considering. The goal, so that you can consider the products offered so that it does not lead to regret. Here’s how to choose good insurance:
- Registered with the Financial Services Authority (OJK)
- Have a good reputation and track record
- Have clear and detailed information
- According to the amount of funds available
List of the best and most trusted education insurance in Indonesia
So as not to be curious, here are the best education insurance in Indonesia that you can consider.
1. Manulife
First, there is Manulife which is known for the best insurance products. One of them is education insurance called Manulife Education Protector and unit link type.
This means that this product is not only to ensure the future of children, but also to invest in Manulife investment products. Call it Manulife Equity Fund, Manulife Sharia Equity Fund, Manulife Money Market Fund, and many more.
Manulife Education Protector has a coverage period valid until the insured is 70 years old. The premium payment is also flexible because you can choose a period of 5 years and 10 years, according to the education plan and the child’s entry age.
Customers can get education funds up to 170% and given according to the age of entry to school of children that is equal to a percentage of the target education funds.
In addition, if the parent as the insured dies of age or permanent total disability, the customer will receive funds equal to the value of the policy plus 100% of the target education fund (depending on the insured and the time of death/permanent total disability). Manulife Education Protector has a minimum premium of IDR 5,000,000 per year.
- How to buy and apply for Manulife Education Protector education insurance Online
- First, visit the official Manulife website at manulife.co.id
- Select the “solutions “menu in the left corner and then select” protection and investment”
- You can choose ” Manulife Education Protector online”
- On this page you can find product details by downloading the brochure or summary of Manulife Education Protector product information
- If you are interested, you can fill in your personal data on the bottom page completely. Starting from the name, email, to the location of the city
- Next tick the small column of consent and click the “Submit”button. You just have to wait for the insurance to contact you during working hours
The Manulife Education Protector Online
- Policyholders: parents aged at least 18 years and a maximum of 50 years
- Insured: minimum 30 days old and maximum 10 years old
- Minimum premium of Rp5,000,000 per year
2. BCA
The next best education insurance in Indonesia is maximum education protection (EduPlan) from BCA Bank. This product is the result of BCA’s cooperation with an insurance company from Hong Kong.
EduPlan is a dwiguna insurance product that can help parents prepare for their children’s Education Fund needs. You can choose the premium payment within 3, 10, up to 15 years.
Customers can get guaranteed life insurance benefits up to education of 200 percent of the sum insured when the child is 18 to 21 years old. The insured will get a premium payment exemption if the policyholder dies or suffers from total permanent disability.
In addition, customers can also benefit from the end of the policy if the insured is still alive until the end of the insurance period and the policy is still valid.
Another advantage, you have the opportunity to get an annual bonus and a policy end bonus. The amount of the maximum education protection premium depends on the age of the insured and the sum insured.
- How to buy and get maximum education protection education insurance products (EduPlan)
- You can come directly to the nearest BCA branch office
- Or contact the AIA Customer Care line by phone: 1500980 or (021) 3000 1980
- It can also be through the Leave contact Insurance feature via the Welma application
Terms and Conditions of maximum education protection
- Minimum age of policyholder 18 years old
- Minimum insured age 15 days-10 years (nearest birthday)
- Completeness of documents in the form of Life Insurance application letter (SPAJ), Identity Card, illustration, and power of debit account
3. Sequis
Sequis has the best education insurance product named Edu Plus as a result of cooperation with Bank BRI. This product is ready to provide a guarantee of education and life safety funds. Customers simply pay premiums for 10 years and can enjoy insurance for up to 16 years.
The customer will get 150% coverage if the insured dies not due to an accident and 200% if the insured dies due to an accident. Education funds will be paid on schedule if the insured lives within the insurance coverage period and the coverage is still active. The amount of Sequis premium depends on the age of entry of the insured and the sum insured.
- How To Buy Sequis Life Education Insurance
- You can visit Sequis Life official website
- In the top menu, you can see various menus such as” Life Insurance“,” Health Insurance”, etc. You can select the menu “life insurance” if you want to buy life insurance products
- Once clicked, the “individual solutions” and “batch solutions”menus will appear. In the “Individual Solutions” section, you can select ” Education Insurance”
- Next will appear several products, and you can choose the product ” Edu Plus” or other insurance products
Interested in trying BRI and Sequis education insurance?
4. Independent
Still not satisfied with the best education insurance in Indonesia above? You can consider Asuransi Mandiri Proteksi Sejahtera, a flagship education insurance product from Bank Mandiri. Users can get various benefits namely:
- Additional insurance benefits in the form of sum insured for the risk of permanent disability or the risk of critical illness
- Protection of tuition fees and children’s college education funds
- Benefit of exemption from the obligation to pay premiums against the risk of total permanent disability or critical illness for policyholders or insured
- Lifetime Loyalty bonus from 7th year to 100 years old
- How To Buy Independent Education Insurance Prosperous Protection
- First, visit the official website of AXA Mandiri
- Select menu ” our insurance” in the top menu
- Then select “education protection then select” Asuransi Mandiri Proteksi Sejahtera” or a product that suits your needs
- Fill in the personal data located on the product page
- Furthermore, AXA Mandiri will immediately contact you to explain further.
Terms and Conditions of Asuransi Mandiri Proteksi Sejahtera
- Entry age from 18 to 64 years
- Coverage period until the child is 18 years old or the insured is 65 years old
- Minimum basic premium Rp1. 5 million / year
5. BNI
As one of the largest red plate banks, BNI Life also has an education insurance called Solusi Pintar. This product has a gradual education fund ranging from elementary, junior high, high school, to college. The amount of sum insured for elementary school is 20 percent, junior high school 30 percent, high school 40 percent, and college 100 percent.
Customers can agree with the Bank BNI the amount of coverage. The premium payment period ranges from 9 years to 17 years and the maximum is until the insured is 65 years old.
If the insured dies and the policy is still valid, the heirs will get 100% of the sum insured, Premium-free policy and regular education funds paid on schedule. There are also additional insurance such as personal accident (Personal Accident), term life and personal health.
- How to buy and apply for BNI education insurance Solusi Pintar
- First, visit the official website of BNI Life
- Select the “product “menu in the top menu, select “individual”, then click “education” if you want to use education insurance
- You can choose “Smart Solutions ” insurance or other education insurance
- If you are interested in the product, you can fill in your personal data on the bottom page of the product
- Furthermore, BNI Life will immediately contact you to explain further
Terms and Conditions of BNI Life Solusi Pintar
- The age of entry of the insured is at least 20 years and a maximum of 55 years (age of entry + MPP does not exceed 65 years)
- Children ages from 0-9 years
- Premium payment period ranging from 9 to 17 years and a maximum of up to the age of the insured 65 years
- Flexible premium payment can be monthly, quarterly, semi-annual or annual
- Interested in using the best education insurance services in Indonesia?
6. Prudential
Prudential also has the best children’s education insurance 2020 named PRUlink Edu Protection. Customers simply pay a minimum premium of Rp500, 000 per month.
This insurance will provide protection for parents and children at once in one policy. The advantage that you can get until the child is 18 to 25 years old.
PRUlink edu protection has a protection period until the insured dies with an age limit of 99 years and total disability before the age of 70 years. This product provides protection for parents and children at once in one comprehensive policy.
This product from Prudential is also claimed to be able to offset the impact of inflation because every 3 years the monthly benefit will increase by 15% of the initial monthly benefit value.
- How To Buy Prudential Education Insurance Online
- You can visit the Prudential website
- In the top menu, you can select “products”. Next will appear various insurance menus and you can select “Education”
- After clicking, you can select PRUlink Edu Protection or PRULink Syariah Edu Protection products
- Next you will be taken to a new page according to the selected product and can read the product details
- When you are sure of the selected product, you can find and click the “want to know more” button located at the bottom of the page
- You will get to the “make an appointment with Prudential Indonesia ” page and can fill in some necessary data. Starting from the name, phone number, email, to determine the desired time to communicate with Prudential
- After filling in everything, you can click ” Submit” and wait for a reply from Prudential
PRUlink Edu Protection terms and Conditions
- Entry age of insured / participant 1 day-15 years (next birthday)
- Protection period of the insured/participant’s age up to the age of the main insured 18 or 25 years
- Additional benefits include PRUedu protection, PRUparent payor 33, PRUlink term, PRUpersonal accident death & disablement
- Minimum premium per month IDR 500,000/month