Here are some key features and benefits of an Education Protection Plan:
Coverage and Funding: The plan offers coverage for the child's educational expenses, including tuition fees, books, supplies, and other related costs. It ensures that the necessary funds are available when the child reaches the age of attending higher education.
Premium Payments: The policyholder, usually a parent or guardian, pays regular premiums to maintain the Education Protection Plan. The premium amount is determined based on factors such as the desired coverage amount, the child's age, and the duration of the plan.
Death Benefit: In the unfortunate event of the policyholder's death, the plan provides a death benefit to the child. This benefit can be used to cover educational expenses, ensuring that the child's education is not interrupted due to the loss of financial support.
Disability Benefit: Some Education Protection Plans also offer disability benefits. If the policyholder becomes disabled and unable to work, the plan provides financial assistance to support the child's education during this challenging period.
Maturity Benefit: If the policyholder survives the policy term, the plan typically provides a maturity benefit. This benefit can be used to fund the child's education or other financial needs.
Flexibility and Customization: Education Protection Plans may offer flexibility in terms of coverage options, premium payment frequencies, and the choice of educational institutions. Some plans allow policyholders to select specific educational milestones or goals to ensure adequate funds are available when needed.
What is it?
It is the simple insurance policy that will pay the nominee a fixed amount after the death of the policyholder.
Why should you buy?
- Simple and easy to understand
- Standardized wordings
- Choosing becomes easy as all life insurance companies offer same product
For Policy holders aged
0 - 10 Years
Policy Coverage For
18 - 50 Years
Minimum Sum assured
Maximum Sum assured
yearly, half-yearly, quarterly, monthly
Policy against loan
Same day loan service