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PROVIDENT EDUCATOR PLAN
Who should consider
this policy?
The Provident Educator Plan, (PEP), is designed to provide the opportunity for each parent to comfortably set up some investment money overtime to take care of the children’s education. It is inflation sensitive and at the same time gives security for the child a form of Life Assurance Protection in the case of untimely death of the parent
This plan will help to meet the educational needs of you child. It is an inflation friendly, high yielding investment plan that will enable a client to save towards the child’s education.
Benefits of the Provident Educator Plan (P.E.P).
In the event of untimely death of the Life Assured (parents), the sum assured will be paid to the Assured (child)
Is hedged against inflation;
In the event of permanent disability of the parent, Provident Life Assurance Company will continue to provide for the monthly premium contribution until the policy reaches maturity
In the event of the death of the Assured (child) prior to the maturity date, the policy’s cash value (Contribution less Mortality charges, less defined expenses loading, less any rider plus Interest) is refunded to the parent or could be used as a retirement plan; and
The parent may borrow from the policy if it gains cash value after two years. The parent may also decide to cash in the policy after two years has elapsed.
The benefits of the Provident Educator Plan are fourfold:
a) LIFE ASSURANCE PROTECTION FOR THE CHILD.
In the event of untimely death of the Life Assured (the Parent) through accident or natural causes, the Sum Assured will be paid to the Assured (the Child).
Monthly Premium Contribution |
Sum Assured
(Life Cover) |
GH¢5.00 |
GH¢600.00 |
GH¢10.00 |
GH¢1,200.00 |
GH¢20.00 |
GH¢2,400.00 |
GH¢30.00 |
GH¢3,600.00 |
GH¢40.00 |
GH¢4,800.00 |
GH¢50.00 |
GH¢6,000.00 |
LIFE ASSURANCE PROTECTION
In case of premature death of the parent or payer, this policy gives adequate financial protection for the child, knowing that this protection is in place allows you to sleep a little easier at night.
This policy provides the payment of the amount assured only in the case where the child survives the end to the specified period. However, in case of prior death of the child, all premiums paid (Contribution less Mortality charges, less defined expenses loading, less any rider) are refunded to the parent with interest.
PLUS the total accumulated in the investment fund ( Contribution less Mortality charges, less defined expenses loading, less any rider plus Interest ).
b) Disability Protection for the Parent
In the event of permanent disability of the Parent, Provident Life will continue to provide for the monthly premium contribution until the policy reaches maturity (agreed period.) at the 18th birthday of the child or 21st birthday of the child, if still in school.
c) TOTAL FINANCIAL SECURITY
In the event of the death of the Child prior to the end of the specified or agreed period, the cash value or investment fund is refunded to the Parent and could be used as a retirement plan.
provides for the payment of the accumulated fund at the end of the specified or agreed period.
d) POLICY LOAN TO PAY FEES
The Parent may borrow from the policy if it gains cash value. You may also decide to cash-in after the same two years period if you so wish. Provident Life however advices against borrowing from the fund unless for the purposes of School expenditure otherwise the core purpose of substantial medium-to-long term reward of PEP might be defeated. Due to the flexible nature of the policy, the Parent can also decide to increase the monthly contribution if his/her financial situation improves.
e) Assurance Protection
In case of premature death of the parent or payer, this policy gives adequate financial protection for the child, knowing that this protection is in place allows you to sleep a little easier at night.
This policy provides the payment of the amount assured only in the case where the child survives the end to the specified period. However, in case of prior death of the child, all premiums paid (Contribution less Mortality charges, less defined expenses loading, less any rider) are refunded to the parent with interest.
f) WHO CAN BUY THE PROVIDENT EDUCATOR PLAN (P.E.P).
PEP is for all Parents with plans for their children’s education and welfare. The Child must however, not be more than fifteen (15) years at the time of taking the policy. This is to ensure that the policy has accumulated enough funds before the child is ready for higher education.
This assurance policy applies only to propose life in this case children, whose age next birthday does not exceed 15years, may be concluded for terms ending at maturity ages of 10 to 18 years.
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