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


15% of Sum Assured


15% of Sum Assured


15% of Sum Assured


15% of Sum Assured


15% of Sum Assured


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 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


Premium paying term

Monthly premium (MVR)


























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?

News and Updates

  • Allied Islamic window; Ayady Takaful wins IFFSA Awards

    Ayady Takaful wins the prestigious IFFSA awards at the 2nd Islamic Finance Forum of South Asian Region, held in Sri-Lanka on 24th October 2017. The Gold Award was presented to General Manager of Ayady Takaful Mr.Firushan Ibrahim, for pioneering the most innovative product of the year “Hajj and Umra Takaful”.

    October 24th, 2017
  • Allied Insurance awards prize to the winner of Guest house Insurance promotion

    At a joint media event held on 29th October 2017, Allied Insurance and Turkish airlines presented the luckydraw prize to Allied Guest House Insurance Promotion winner; Nilandhe Inn. The package was inclusive of Return to ticket to London awarded by Turkish Airlines and USD 2100 cash prize awarded by Allied Insurance. Ticket was presented by the General Manager of Turkish Airlines; Mr.Fahem Bakova and the prize money USD 2100 was presented by General Manager of Allied Mr.Ahmed Riyazi Mohamed.

    October 23rd, 2017
  • Allied Insurance becomes the Insurance Partner for SATA 2017

    Allied Insurance Company signs with Highrise International to become the exclusive Insurance Partner for South Asian Travel Awards (SATA) 2017. The agreement was signed by General Manager of Allied Insurance, Mr. Ahmed Riyazi Mohamed and General Manager of Highrise, Mr. Mohamed Shaamin.

    October 10th, 2017