This is a type of life insurance product designed as a savings tool for a child’s education for a specified term of years. The policyholder pays premium to the insurance company for the policy term and when the term expires, maturity benefits are paid out to the policyholder to cater for cost of education.
Why do I need an Education Policy?
It is any parent’s joy to know that their child’s education in future is secured. Education costs are increasingly becoming expensive, while the future is filled with uncertainties. Taking an education insurance policy assures your child’s education in future.
What are the benefits of having an education policy?
Education policy enables one to accumulate funds to be used as education fees for children. In addition, in case of death or permanent disability of the policyholder, your education policy remains valid, and your child’s education is assured.
What document will I get after buying an education policy?
After buying an education policy, you will receive a policy document which is a written contract of insurance between the insured and the insurer. It contains terms and conditions of the insurance cover as well as the risks covered. Ensure that you read and understand the contents of your policy document.
