Union Assurance introduces education protection through Sisumaga+

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 Cinnamon Grand Colombo, where 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, participated in.

“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.