The Smart Child Education Plan is a life policy designed for individuals who plan to make provisions for their children’s future school fees. The policy gives a handsome benefit at the expiry of the policy even in case of the policy holder passing on or being diagnosed with a listed critical illness or being disabled during the period of the policy.
The main benefit under this policy is a substantial lump sum with loyalty bonuses awarded for policy terms higher than seven years.
- Education Bonus: When starting the policy, the customer makes a choice of their desired benefit amount, which will be paid out at the end of the policy period. This is paid as a lump sum to the policy holder on behalf of the nominated children’s education needs.
- Maturity Bonus: A loyalty bonus is added to the benefit amount on expiry of the policy period. A Policy period greater or equal to seven (7) years shall be awarded a bonus equal to 1% of the benefit amount for each year of the policy. This means a seven-year policy will be awarded an outright 7% for the seven years and so on for longer periods.
- Waiver of Premium upon the passing of the Policy holder: If the policy-holder passes on during the 1 policy period, all future premiums are waived and covered by Prudential.
- Waiver of premium on Permanent Disablement of the Policyholder: If the policy-holder becomes totally and permanently disabled prior to the end of the policy, all future premiums are waived and covered by Prudential.
- Waiver of premium on policy-holder being diagnosed with a critical illness: If the policy holder becomes critically ill prior to the end of the policy, all future premiums are waived and covered by Prudential.