SESS enables any Kazakhstani citizen to conclude an endowment insurance contract with a life insurance company in their child’s favor. The contract guarantees an annual state premium of 5% or 7% (priority categories) on the amount of accumulation under the insurance contract, including return on investment by LIC. The SESS customers will also have the opportunity to take advantage of tax incentives. The educational policy will cover the cost of obtaining vocational and higher education both in Kazakhstan and abroad in the future. The term of insurance is from three to twenty years.
The main advantage of SESS is that in addition to saving for child’s education the life and working capacity of a parent who has concluded the contract are insured. Additional protection for clients will be guaranteed reimbursement of the entire accumulated amount by the Insurance Payments Guarantee Fund.
The CTI agreement provides insurance protection for Kazakhstanis against the risks associated with the need to receive emergency medical care abroad. All expenses in the event of an accident are covered by the insurance company through an international assistance company.
“Nomad Life is constantly expanding its range of services. Having supplemented the license with two more types of insurance, we have the opportunity to accompany clients from birth and throughout their lives. I would like to note the endowment product SESS, which will allow form capital for getting a better education. Another advantage of such policies is a higher rate of return due to state participation,” explained Yerlan Kambetbayev, the Board Chairman of LIC Nomad Life.
Photos are from open sources.
