Economy
THE Old Mutual Limited (OML) Nigeria, a pan-African investment, savings, insurance and banking group has unveiled an Education Protection Plan (EPP), ‘ EduSure’ to assist parent , guardians to secure uninterrupted scholarship for their children or wards.
This contained in a statement made available by the guaranteeing firm on Monday in Lagos.
The insurer said with EduSure, parents or guardians can save towards an educational goal of their children or wards.
The group also stated that the Old Mutual limited would provide an assurance of meeting the goal in the event of death of a policyholder.
” For instance, a policyholder can select to save a specific amount of money for ten years towards a child’s university education.
” EduSure ensures that the target sum is paid to the beneficiary should the policyholder, unfortunately, passes away within the policy tenure.
” The policy also is expected to provide 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 is also expected that a cash back option to the policyholder for continuous payment over a 36-month period be achieved,” it said.
In his remark, Managing Director, Old Mutual Life Assurance Limited, Mr Olusegun Omosehin said, investing in an education plan is an intelligent way of ensuring a child gets the best education possible without the exigencies of life interrupting their learning process.
Omosehin explained that with the Education Protection Plan, parents or guardians are guaranteed that their children or wards can achieve the future they desire by simply setting aside a target amount for their future educational goals.
“It is smart because if nothing happens with the policy term, the parent would have saved up a substantial amount to meet the financial demands for providing the kind of education they dreamt for their children..
“Under the Education Protection Plan, policyholders can choose between N500,000 to N500,000.00 cover target, paying the premiums monthly, quarterly, semi-annually, or annually,” he said.
The Executive Head, Marketing and Customer Experience, Old Mutual Nigeria, Miss Alero Ladipo, also said that the product is targeted at helping more Nigerian parents or guardians achieve the desired future for their children or wards amidst future uncertainties.
Ladipo noted that the launch of the Old Mutual EPP is significant at a time when the World Bank estimated that Nigeria has 11 million children out of school.
” Research has also shown that a very considerable portion of this population is children who were constrained to drop out of school due to the reversal of economic realities following the death of a breadwinning parent.
“We know that death is a reality for any living being, but we now have the financial tools that insulate the children from the impact of death on their future education”, she said. (NAN)
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Tags: Alero Ladipo EduSure Old Mutual Olusegun Omosehin
