Education Plans

Parents always strive for the best when it comes to their children and their future. Everyone knows that in the current local context, appropriate academic qualifications are a gateway to a flourishing and secure future. Nonetheless, saving on a regular basis to ensure the academic progress of your child might have its flaws, as we are never safe from unpredicted circumstances.

Fortunately, ILA can provide you with financial security during the key moments of your child's life through its Education plans, optimally blending an insurance and savings plan to ensure your child's learning curriculum never goes interrupted.

ISLAND EDUCATIONAL PLAN

Our Educational Plan has been designed to offer you with a protection so that you have peace of mind when planning your children’s academic requirements.
The main purpose of this product is to cater for a guaranteed basic sum assured should you become totally and permanently disabled or lose your life.
Our Educational Plan is available in two versions
a)Without-Profits - (Educational Plan) means that you will receive the guaranteed basic sum assured
b)With-Profits - (Educational Plus Plan) which means that your plan will attract bonuses (which iscalculated on the basic sum assured) and payable on the date of death or maturity
It can be set up by a single person or a couple. The minimum age at entry is 18 years and maximum is 65 years provided age at maturity does not exceed 75 years.

ISLAND EDUCATIONAL PLAN DETAILS

Everything you care for in good hands.

ISLAND EDUCATIONAL PLAN

POLICY TERM AND PREMIUM

The term of the plan and the basic sum assured are determined at the outset according to the means of the person for financial planning purposes.

The plan is subject to a minimum premium per month, which is illustrated below.


The Benefits

Terms in years          5 
 

         Minimum monthly premium  - Rs 2,000/-

Terms in years         10 to above
 

        Minimum monthly premium  - Rs 1,000/-

In the event of your untimely death (or your spouse if a joint policy), we have built into the Educational plan a guaranteed amount of death benefit which is equivalent to the basic sum assured.

On survival up to the maturity date, the Basic Sum Assured becomes payable.

In our with-profits version, bonuses (which are calculated on the basic sum assured) are paid in addition to the death benefit.

In the event of the child’s death:

a) A full death benefit will be paid if the child is older than 12 years;

b) A refund of premium will be paid if the child is 12 years old or younger.

No bonus will be paid on the death of the child in our with-profits version

Conditions

Minimum Age at Entry        18 Years
Maximum Age at Maturity             75 Years
Premium Modes    Annual, Semi-Annual, Quarterly, Monthly
Premium Discounts
  • 3% on Annual Mode
  • 1.5 % on Semi-Annual Mode
  • 0.75% in Quarterly Mode

 

Other Supplementary Benefits

Total & Permanent Disability (TPD)

The Total & Permanent Disability benefit will pay an amount equivalent to the death benefit in the event if you (or your spouse, in case of a joint policy)

should become totally & permanently disabled as defined in the policy conditions and the policy ends.

 

Waiver Of Premium (WoP)

 

All future premiums will be waived up to the maturity date. This will pay out the full sum assured on death or disability of the parent as well as

provide the maturity benefit at maturity date.

 

 

Monthly Income Benefit (MIB)

 

The Monthly Income benefit will provide the child with an income on death or disability of the parent up to the maturity date. This benefit is payable on a monthly basis and will be equal to a specified percentage of the sum assured (0.25%, 0.50%, 0.75% and 1%).

 
     


 

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