Secondary School Expenses Plan

Helps parents save regularly in the formative years of the child and draw assured annual cash benefits during the secondary school age.

Every parent aspires to provide the best possible education to his child. However the rising cost of living makes it difficult to balance the monthly budget. It is therefore necessary to start saving early to be able to afford the school expenses.

Our “Secondary School Expenses” plan is specially designed to help every parent save regularly in the formative years of the child and draw assured annual cash benefits during the school going age.

How does the plan work?

Policy is taken by the parent of child (0-5 years) only.
You may choose a sum assured and premium based on your financial capability.
Premiums are paid regularly till the child is 13 years old.
Benefits start from age 13 of the child, and are paid every year till maturity at age 18.

Benefits under the plan:

Benefits are paid as follows:
Age of Child Benefits Payable
13 Years 15% of Sum Assured
14 Years 15% of Sum Assured
15 Years 15% of Sum Assured
16 Years 15% of Sum Assured
17 Years 15% of Sum Assured
18 Years 25% of Sum Assured + Accumulated Bonus

What happens in an event of an unfortunate the demise of a parent?

In an event of death of the life assured at any time before age 13 of the child the company will waive further premiums and the payments of benefits are guaranteed.

Key Features:

Age Entry (Child) 0 to 5 Years
Life Assured Parent (Father or Mother)
Age of Parent 21 to 47 Years
Maximum Maturity Age 60 Years age of Parent
Premium Paying Term Up to age 13 years of the child
Minimum Sum Assured MVR 50,000

Discounts Available:

Premium Mode
Yearly 2%
Half Yearly 1%
Quarterly NIL
Monthly NIL
Sum Assured
Up to MVR 149,999 NIL
MVR 150,000 to MVR 249,999 0.1%
MVR 250,000 and above 0.2%

Required Documents:

ID card copy of life to be assured and beneficiary
3 Months’ premium (for monthly policies)
Medical reports (If required)
Premium can be paid in cash or BML’s BillPay.

Illustrative Example:

A 30 year old parent takes a policy of a sum assured 100,000.
The premiums to be paid are as follows.
Age Term Premium Paying Term Monthly Premium
0 18 13 836
1 17 12 903
2 16 11 987
3 15 10 1,077
4 14 9 1,194
5 13 8 1,343
In each case mentioned above, after completion of premium paying term, MVR 15,000 will be paid every year till the child completes 17 years of age.
After the child Completes 18 years of age, the remaining MVR 25,000 will be paid along with the accumulated bonus.

Related Documents

Proposal Form