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Several LICs received licenses on new class “Life insurance under the State Education Savings System”

Legislative amendments allowing insurance organizations to participate in the State Educational Savings System (SES) came into force last September, the press service of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market reports.
Several LICs received licenses on new class “Life insurance under the State Education Savings System”

Thus, the licenses were obtained by:

  • JSC Subsidiary of Halyk Bank of Kazakhstan Halyk Life Insurance;
  • JSC Life Insurance Company Freedom Finance Life;
  • JSC Life Insurance Company Eurasia.

SESS is an opportunity for any citizen to save enough money for their child to pay for vocational and higher education locally or abroad. 4 second-tier banks participate in the SESS program today, 22 thousand educational deposits have been opened for a total amount of about 33.5 billion tenge. Now insurance organizations along with banks will be able to offer this investment product to people.

By signing an educational endowment life insurance agreement within the framework of the SESS, parents will be able to save up for their children’s education and, in addition to the investment return accrued by the insurance organization, they get the state premium in the amount of 5% to 7% per annum.

The insurance product has other perks. Firstly, the rate of return is guaranteed for the entire duration of the insurance contract, in contrast to the deposit (from 8% to 10%). Secondly, the guarantee by the Insurance Payments Guarantee Fund covers the full accumulated amount, while the guarantee by the Kazakhstani Deposit Insurance Fund only covers the amount up to 20 million tenge. Thirdly, in the event of a parent's disability or death, the full cost of education is paid, regardless of the accumulated amount.

Photos are from open sources.

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