The Nigerian subsidiary of Old Mutual Limited (OML) has initiated an insurance package called ‘Education Protection Plan (EPP or EduSure) to support parents/guardians secure uninterrupted learning for their children.
According to the underwriter, with EduSure, parents/guardians will be able to save towards the educational goals of their children/wards, while Old Mutual provides the assurance of meeting the goals in the event of the policyholder’s death.
Speaking on the policyholders’ benefits, the Managing Director, Old Mutual Life Assurance Limited, Olusegun Omosehin, said: “Investing in an education plan is an intelligent way of ensuring children get the best education possible without the exigencies of life interrupting their learning process.
“With the insurance 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.”
He explained that a policyholder could save a specific amount of money for 10 years towards a child’s university education, noting that EduSure ensures that the target sum is paid to the beneficiary should the policyholder pass away within the policy tenure.
The policy also provides a refund of the premium, delivering 40 per cent of the premium to the policyholder should the beneficiary die before attaining the age of 25 and a cashback option to the policyholder for continuous payment over a 36-month period.