What is OMNI Educator?
Omni Educator is a long term tax advantaged life insurance plan offered by NCB Insurance Company and is a vehicle through which parents and family members can plan and save towards tertiary education for their children.
Why should I choose OMNI Educator?
Omni Educator is the only education savings plan in Jamaica that pays a 35% grant on top of the interest on accumulated regular premium once the Education beneficiary enroll in an accredited tertiary institution.
How is the Education Grant calculated?
The Education Grant is based on the Accumulated Value built up from Contractual Premiums only.
The first $100,000 of Contractual Premiums per year, to a lifetime maximum of $1.8 million is eligible for the Grant.
The Grant is calculated as 35% of the Accumulated Value of these eligible premiums.
Who can I name as an Education Grant Beneficiary?
The Education Grant Beneficiary can be any one of the following persons:
- child (by birth or adoption) , step-child
- grand-child, step grand-child
- sister, brother
- niece, nephew
Can I change the Education Grant Beneficiary?
Yes, with written notification to NCBIC, the grant beneficiary can be changed.
Is there a maximum age for the Grant Beneficiary to receive benefits?
The maximum age of the Education Grant Beneficiary at the time of the first payment must be 25 years or less.
How long must I have an OMNI Educator plan before I can qualify for the Education Grant?
The policy must be held for 5 years before the Education Grant can be paid out.
What happens if my child does not go to university?
No Grant will be paid, but you may withdraw your Accumulated Value.
You may also name another eligible child as the Grant Beneficiary.
Can my child study abroad and receive the Grant?
Yes, as long as it is an approved institution for an appropriate course in which the student is enrolled for a minimum period of 12 consecutive months.
The Grant will be converted to US$ at the applicable exchange rate and paid directly to that institution overseas.
What happens to the policy if the owner/insured dies before the Education Grant Beneficiary is ready for tertiary education?
At the request of the Death Benefit Beneficiary, the Company at its discretion may agree to continue the policy as a paid up policy such that the Accumulated Value continues until the Education Grant Beneficiary enrolls in a qualified education program.
This paid up policy will have no further life insurance element.
Alternatively, the Death Benefit Beneficiary may elect to withdraw the Accumulated Value on the death of the insured, in which case the policy is terminated and no Grant will be paid.
What is the tax advantage of OMNI Educator?
Premium paid on the Omni Educator policy are tax free up to specific limits. These are:
- Contractual (regular) Premiums up to $60,000 p.a.
- Additional (Lump Sum) Premiums up to $1 million p.a. provided that no withdrawals are made from the lump sum for 5 years.