The Nigerian subsidiary of Old Mutual Limited (OML) has launched an insurance program called Education Protection Plan (EPP or EduSure) to help parents/guardians ensure uninterrupted learning for their children.
According to the underwriter, with EduSure, parents/guardians will be able to save for the educational goals of their children/wards, while Old Mutual provides the assurance of meeting the goals in the event of the death of the insured.
Speaking on policyholder benefits, Managing Director of Old Mutual Life Assurance Limited, Olusegun Omosehin said, “Investing in an education plan is a smart way to ensure that children get the best possible education without the demands of life do not interrupt their learning process.
“With the plan, parents/guardians are guaranteed that their children/guardians can achieve the future they desire by simply setting aside a target amount for their future educational goals.”
He explained that an insured can save a specific amount of money for 10 years for a child’s college education, noting that EduSure guarantees that the target amount is paid out to the beneficiary in the event of the death of the insured during the term of the policy.
The policy also provides a refund of premium, paying 40% of the premium to the policyholder if the beneficiary dies before age 25 and a refund option to the policyholder for continuous payment over a period of 36 months.