The Nigerian subsidiary of Old Mutual Limited (OML) has launched an Education Protection Plan (EPP or EduSure) that assists parents/guardians secure uninterrupted learning for their children/wards.
With EduSure, parents/guardians would be encouraged to save towards an educational goal for their children/wards, while Old Mutual provides that assurance of meeting that goal in the event of the policyholder’s death.
For instance, a policyholder can elect 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, pass away within the policy tenure.
The policy also provides a refund of premium, delivering 40 per cent of the premium to the policyholder should the beneficiary die before attaining the age of 25 and a cash back option to the policyholder for continuous payment over a 36-month period.
Commenting during the launch of the product, the Executive Head, Marketing and Customer Experience, Old Mutual Nigeria, Alero Ladipo, said the product is targeted at helping more Nigerian parents/guardians achieve the desired future for their children/wards no matter what life serves them in the future.
“The launch of the Old Mutual EPP is significant, coming at a time when the World Bank estimates 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.
The Managing Director of Old Mutual Life Assurance Limited, Olusegun Omosehin also stated that; “Investing in an education plan is an intelligent way of ensuring your child gets the best education possible without the exigencies of life interrupting their learning process. With our Education Protection 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.
“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 dream for their children,” Segun added.
Under the Education Protection Plan, policyholders can choose between N500,000 to N500,000,000 cover target, paying the premiums monthly, quarterly, semi-annually, or annually.