Here are some key features and benefits of a School Fee Protection Plan:
Coverage and Funding: The plan provides coverage for the child's school fees, including tuition fees, extracurricular activity fees, and other related expenses. It ensures that the necessary funds are available to cover these fees if the parent or guardian is unable to pay.
Premium Payments: The policyholder, usually the parent or guardian, pays regular premiums to maintain the School Fee Protection Plan. The premium amount is determined based on factors such as the desired coverage amount, the child's school fees, and the duration of the plan.
Unforeseen Circumstances: The plan typically covers a range of unforeseen circumstances that may impact the parent's ability to pay school fees. These circumstances may include job loss, disability, critical illness, or the death of the parent or guardian.
Fee Settlement: In the event of a covered circumstance that prevents the parent or guardian from paying the school fees, the plan provider directly settles the outstanding fees with the school on behalf of the policyholder. This ensures that the child's education continues uninterrupted.
Flexibility and Customization: School Fee 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 schools or educational levels to ensure appropriate coverage.
The advantages of a School Fee Protection Plan include:
Financial Security: It provides financial security and peace of mind to parents or guardians, knowing that their child's school fees will be covered in case of unexpected circumstances.
Uninterrupted Education: The plan ensures that the child's education remains uninterrupted, allowing them to continue attending their school and benefiting from their educational programs.
Support for Parents: The plan eases the financial burden on parents or guardians, especially during challenging times, by providing assistance with school fee payments.
Customized Coverage: School Fee Protection Plans can be tailored to meet specific needs and requirements, providing coverage that aligns with the child's school fees and educational goals.
When considering a School Fee Protection Plan, it is important to carefully review the terms, conditions, coverage limits, and policy exclusions. Consulting with a financial advisor or insurance professional can help in selecting the most suitable plan based on individual circumstances and the specific school fee requirements. Additionally, it is recommended to communicate with the chosen educational institution to ensure they accept and recognize the plan for fee settlement purposes.
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