Like everything else, the cost of education is going up all the time. Unless you start saving now, the cost in future may be prohibitive, and your child may be denied the type of education you have always dreamt of. The time to prepare for all this is now!
The plan combines the life cover with investment. The sum assured plus the accrued bonuses are payable at maturity of the policy. You will affect the policy on your life with the child as the beneficiary. The term of the policy will be determined by the point at which you want the child to start benefiting. You will also choose whether you want the sum assured at maturity to be paid in instalments or as a lump sum.
For example, if your child will go to high school or university in 10 years’ time, then you can choose the date of the maturity to coincide with that time, and the sum assured to be paid in, say, four equal annual instalments, or in a lump sum.
The Benefit The plan is bonus-earning, and bonuses are added to the sum assured every year after actuarial valuation of the Life Fund. The bonuses are paid together with the sum assured when the policy matures. An additional terminal bonus of 100% of the reversionary bonuses allocated is also paid at maturity or on death. In case of death, subsequent premiums are waived and the policy continues earning bonuses until maturity date.