You get to decide on the sum insured which is normally your view of how much in total the child will require to complete the period of education you want to cover.
Should death occur before the end of the policy term, you can decide on the benefit option you want – a one off payment or payments spread annually over the child’s outstanding years in school.
You can change the sum assured (i.e benefits your beneficiary will get) at policy anniversaries, to reflect current realities on school fees (e.g if there’s inflation or change in exchange rate).
With one policy, you can cover multiple children with varying years of outstanding education years. We’ll work it out for you.
You can choose your preferred frequency of payments (Annually OR Per School Term/Semester).
Duly filled proposal form (Online or Offline)
Valid means of identification
Passport photograph
Q. In case the parent does not die, will the policy pay?
A. The policy can still pay under certain conditions. If optional benefits like Critical Illness or Accidental Permanent and Total Disability are selected, a payout will be made if those events occur. Additionally, if no claims are made during the policy term, the parent may be eligible for a cash-back reward as a reward for years of no claim.
Q. What happens if the child’s stay in the school is delayed?
A. The Company is not liable for a child repeating a class or if the Sum assured is not adequate to meet the school fees.
Q. Does my premium accrue interest from the date of payment?
A. Education Protection Plan is a comprehensive risk plan and not a savings plan. You only determine what sum assured you want, and you pay the premium advised. For as long as the premium is paid as and when due, the benefit is assured, should any of the covered risk events occur during the term of the policy. There is no interest element on your premiums.
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