Secondary School Expenses Plan

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.

What are the benefits under the plan?

Benefits are paid as per the following table.

Age of Child

Benefits Payable

13

15% of Sum Assured

14

15% of Sum Assured

15

15% of Sum Assured

16

15% of Sum Assured

17

15% of Sum Assured

18

25% of Sum Assured  +  Accumulated Bonus


What happens in an event of unfortunate demise of 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 at 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

Term of policy: Up to age 18 years of child

Minimum Sum Assured: MVR 50,000/-

Discount

Discount for Premium Mode:

Yearly – 2%

Half yearly – 1%

Quarterly – nil

Monthly – nil


Discount for Sum Assured:

Up to MVR 149,999 – nil

MVR 150,000 to MVR 249,999 – 0.1 &

MVR 250,000 and above – 0.2%


What are the documents required?

ID card copy of Life to be assured (Parent) and Beneficiary

3 Months Premium (for monthly policies)

Medical Report (If required)

 

Illustrative Example:

A 30 year old parent takes a policy of sum assured 100,000. The premiums to be paid are as follows.

 

Age of child

Term

Premium paying term

Monthly premium (MVR)

0

18

13

836

1

17

12

903

2

16

11

981

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.

Our Life Insurance Customers can pay their premiums through BML BillPAY Service. The service is currently available  only for Life Insurance Customers. But we have future plans to make it easy for our general insurance customers to pay their premiums online.

Next Steps?

  • REQUEST CALLBACK
  • HOW TO PURCHASE?
  • For further information Call: 1600 Email: customercare@allied.mv

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