What could be more important than giving your child a bright future? It is never too late to prepare for your child’s future.
The plan is designed to provide school fees after a period of years during which period premiums are paid by parent / guardian. The parent / guardian select affordable monthly premiums to pay basing on his or her child’s school fees budget. The minimum is Uganda shillings 50,000 (see table to know the expected maturity value attached) and minimum period (policy term) is of 5 years.
The plan provides for payment of the maturity benefit on the policy whether the life assured i.e. the parent, is alive or not, at that time. Premiums are based on the age of the policy holder (the parent or guardian) but not the child.
Secure your child’s future with the Educational Endowment Plan. With this plan, your child’s financial needs are catered for in a single policy at all times.
Covers school fees and provides a jump start in your child’s future in form of starting capital after school. No child should be left behind.
- At maturity (end of term) total sum assured plus the accumulated bonuses is paid to the school or lump sum to the life assured- whichever best suits the client.
- Child income the policy may also be supplemented optionally with the child’s income benefit 12% on the sum assured per annum- to provide income to the child in the event of death of life assured (the parent) prematurely.
- Policy Loan up to 70% of the investment account (if no premium payments lapse for a minimum of 2 years).
- Waiver of premium on death: should death occur to the life assured before maturity, future premiums will be stopped but the policy stays in force where benefits will be payable at the maturity of policy. If the child dies during the term of the policy, another child may be nominated as a beneficiary.
- Waiver of premiums on disability: same as waiver on death above but is optional.
- Bonuses to be determined by the report of the actualities. –All Bonuses are tax free.