Business News: Leading insurance solutions experts, Union Assurance unveiled Sisumaga+, a unique protection-based plan specially designed to ensure uninterrupted education from childhood through to university.
Sisumaga+ is for parents who wish to make provision for their child’s academic expenses for University or tertiary education, ensuring that the higher education costs are met, even in the unfortunate circumstance of a possible demise of the parent.
The new policy was launched at a special ceremony hosted at the Cinnamon Grand Colombo, and graced by a distinguished gathering of dignitaries including Secretary to the Ministry of Education, Prof. Kapila Perera, John Keells Group Chairman, Krishan Balendra, Lanka Impact Investing Network (Private) Ltd Founder and Chairman, Chandula Abeywickrema and, celebrity entrepreneur Bathiya Jayakody.
“Education Protection is a relatively new concept in Sri Lanka and Union Assurance is pleased to be a forerunner in establishing Sisumaga+. Through a combination of savings and investment, this plan will provide essential support for children to actively pursue their ambitions for higher education while providing a buffer against the continuing escalation in associated costs. In this way, we are able to guarantee that your children will have the funds they need to grow when they need it the most,” Union Assurance Chief Executive Officer, Jude Gomes stated.
Sisumaga+ offers a fund build-up for continuous growth of the education fund, an additional 15% Loyalty Benefit paid upon completion of all due premiums of the policy term, and in the event of a demise of a parent, an immediate payment of 5 times of the basic annual premium and a consistent monthly income to take care of education expenses up to the maturity of the policy.
“Especially at a time when Sri Lanka and the entire world is faced with severe economic disruptions, many can expect to face difficulties in establishing savings sufficient to lay a strong financial foundation for their child’s educational aspirations. Given the rising costs of everything from tuition to text books, boarding fees and transport, this can be a source of serious concern for parents and families. Sisumaga+ is a plan that can directly address these concerns effectively,” Gomes added.
Particularly given the drastic mismatch in availability of positions in local universities, the cost of higher education overseas, and even the cost of foreign affiliated colleges and private institutions locally have presented real challenges to parents seeking to fund their children’s higher education.
All 15 of Sri Lanka’s state universities are only able to admit a maximum of 25,000 students annually, out of around 220,000 who qualify for university entrance at the Advanced Level examinations every year. In 2018, approximately 15,000 Sri Lankan students reportedly sought university education abroad while a significant number enrolled in foreign affiliated colleges and private institutions in the Country.
Acknowledging the many children who are lesser privileged and challenged for resources for the continuity of their education during the launch event, Union Assurance also pledged support for SOS Children’s Villages in Nuwara Eliya and Monaragala and also announced the establishment of five scholarships for students of the Ceylon Schools for the Deaf & Blind at the event.