In order to assist parents and guardians in ensuring that their children receive uninterrupted education, Old Mutual Limited’s (OML) Nigerian subsidiary has launched an insurance package dubbed the “Education Protection Plan (EPP or EduSure).
The underwriter claims that Old Mutual will guarantee that the goals will be achieved in the case of the policyholder’s death while EduSure allows parents and guardians to save money toward their children’s or wards’ educational ambitions.
Olusegun Omosehin, Managing Director of Old Mutual Life Assurance Limited, commented on the benefits for policyholders, saying: “Investing in an education plan is a wise method to ensure children get the greatest education possible without the demands of life interfering with their learning process.
By simply designating a target amount for their future educational ambitions, parents and guardians are assured that their children or wards will be able to attain the future they desire under the plan.
He noted that EduSure assures that the goal sum is paid to the beneficiary should the policyholder pass away within the policy tenure and went on to describe how a policyholder might save a certain amount of money for a child’s university education over the course of ten years.
If the beneficiary dies before turning 25, the policy also offers a refund of the premium, sending 40% of the premium to the policyholder, as well as a cashback option for continuous payments made over a 36-month period.