Education Plan
This plan is a life insurance solution offered by Life Insurance Comapny through ZPF Bank. It is designed to guarantee your child’s future educational needs no matter what happens to you.
- The policy can be held for a minimum of 8 year and maximum of 25 year up to a maximum cover age of 70 years.
- The policy cover only the policyholder for death and total permanent disability.
- Waiting period to enjoy all benefits is 6 months.
- Minimum premium of $ 50.00 and maximum of $ 1,000.00
- Premiums can be paid monthly, quarterly, semi-annually or annually.
- Failure to pay premiums for 3 consecutive months from the due date will cause the policy to lapse and you will not be covered under for the policy’s stated benefits.
- Maturity Benefit – The investment account of the policy at maturity is the benefit amount payable.
- Waiver of Premium (WOP) Benefit [on Death or on Total Permanent Disability (TPD)] – We will pay on your behalf, all the remaining premiums for the term of the policy on if death should occur to you prior to age 65 or if TPD occurs prior to age 60.
- Graduation Benefit – If You keep the policy in force till the end of the term, We celebrate your achievement by paying out a lump sum of 4% of total premiums paid.
- Annual Partial Withdrawals – after the first policy year, this benefit allows you to make a partial withdrawal of not more than 50% of your accumulated fund once every year.
- Paid-up Benefit – if Accumulated Fund is $ 1,500 or more (Optional Benefit)
- Surrender Benefit – If you decided to terminate policy, accumulated fund will be paid out to you less a surrender penalty. (Optional Benefit)
- Annual Benefits (last Five years instalment pay out) (Optional Benefit)
- Annual Benefit Escalator – (0%, 5%, 10%, 15%, 20%, 25% or 30%) (Optional Benefit)
- Main Life entry Age is 18 – 59 years
- Entry Age to enjoy Waiver of Premium Benefit is 18 – 54 years
- A funded account
- Your consent to go on cover now
- A completed claim form.
- Document of Insurance / Policy Schedule (This is issued you after purchase).
- National ID of claimant and of deceased