THE Nigerian subsidiary of Old Mutual Limited has launched the Education Protection Plan that assists parents and guardians to secure uninterrupted learning for their children and wards.
The firm said in a statement that was in recognition of the role of education in social and economic development for future generations.
“With EduSure, parents/guardians save towards an educational goal for their children/wards, while Old Mutual provides that assurance of meeting that goal in the event of the policyholder’s death,” the statement said.
Explaining, it said a policyholder could elect to save a specific amount of money for 10 years towards a child’s university education, while EduSure would ensure that the target sum was paid to the beneficiary should the policyholder pass away within the policy tenure.
The statement said the policy also provided a refund of premium, delivering 40 per cent of the premium to the policyholder should the beneficiary die before attaining the age of 25. It also provides a cash back option to the policyholder for continuous payment over a 36-month period.
The Managing Director, Old Mutual Life Assurance Limited, Olusegun Omosehin, said, “Investing in an education plan is an intelligent way of ensuring your child gets the best education possible without the exigencies of life interrupting their learning process. With our Education Protection Plan, parents/guardians are guaranteed that their children/wards can achieve the future they desire by simply setting aside a target amount for their future educational goals.”