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 Insurance wins the title “Business of the Year 2018”

    Allied Insurance Company of the Maldives receives the high recognition of “Business of the Year Award” at Maldives Business Awards 2018. Organized by Blazon Pvt, the event was held in Paradise Island Resort with invitees from all business sectors.

    December 23rd, 2018
  • Allied Insurance Islamic window; Ayady Takaful wins IFFSA Gold Award

    Islamic window of Allied Insurance Company Ayady Takaful wins the prestigious IFFSA Gold awards at the 3rd Islamic Finance Forum of South Asian Region, held in Sri-Lanka on 23rd October 2018. The Gold Award was presented to General Manager of Ayady Takaful Mr.Firushan Ibrahim, as an acknowledgement for the invaluable contributions by Ayady Takaful for the Islamic Financial sector.

    October 24th, 2018
  • Allied Insurance handovers multiple donations under CSR initiative; “Premium for Good”

    Allied Insurance Company of the Maldives extends financial support for Jamaluddin School Digitalization Program, Imaduddin School Digitalization Program and Ghiyasuddin School Raspberry-pi Extension Project, under its CSR initiative; Premium for Good.

    August 27th, 2018