Education Protection Plan
This is a flexible life insurance product that protects your family against the ongoing cost of a child’s education in the event of your death.
If you choose to pay an additional premium, the plan can be extended to apply if you contract certain illnesses or suffer a total permanent disability as a result of an accident. And you can choose to protect the sum insured against the effects of inflation by having it increase by 0%, 5%, 10% or 15% each year.
The sum insured will pay for a child to complete his or her current level of education (e.g. primary, secondary, university) at the time the payment becomes due. You can choose if you want your death sum assured as a level benefit payable as a lump sum or if you want the sum assured as a reducing balance over the policy term payable as an equal annual payment.
This means that if a 5 year policy term is chosen with a sum assured of N5,000,000, assuming that premiums are paid to date, if death occurs in the third year, under option one, N5,000,000 is payable as a one-off payment. Under option two, N1,000,000 is payable annually in advance for the remaining two years on the policy term. The sum assureds of other covers are paid as lump sums
The plan can cover as many children as needed, even if they are at different education levels. However, separate policies will be issued to you per child named. The premium payable depends upon the child’s current school or tuition fees, and you can arrange to pay the premium annually or each term. Premiums also depend on the sum assured option chosen, your age, the duration of the policy and the sum assured indexation rate chosen.
Please click here to download the policy brochure to know the features, benefits and see some FAQs relating to this product to ensure it fully meets your requirement.
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