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Having a child is a joy. But as the provider, your responsibility increases
with having a child. You desire to equip your child with all the tools
necessary for a settled and peaceful life. In today's competitive world, more
and more professional occupations require advance degrees and the average
annual income for college graduates is 75% higher than for High school
graduates*. Quality education comes at a price. So having enough funds during
the crucial years of professional college is an important aspect that needs our
consideration.
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How strongly
do you feel the desire to see your
children well settled in life?
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Did you know that providing children with the right kind of education is the
most crucial thing to make this dream into a reality?
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What is the kind of education you have in mind for your child and what would be
the cost involved when your child is ready for it?
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What arrangements have you made so far? How do your propose to take care of the
short fall?
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Have you considered the ups and downs in life?
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Who will take care of your child's education?
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How much time more do you have left to plan?
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Can you imagine the effect of not having the necessary funds during the crucial
years of your child's professional education?
(*Source: 1999 U.S. Census Bureau March Current
Population Survey Income Statistics Branch/HHES Division)
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The Education Savings Plan
enables a parent to regularly contribute money in order to ensure that their
children have adequate funds flowing in during the crucial education years
along with added bonuses. The benefits are: protection for child's future in
case of an unfortunate event, or an investment fund that will mature and flow
in during the education years of the child. The Education Savings Plan offers
peace of mind and good return on investment.
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Affordable Premiums
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Good returns and peace of mind
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24 hour world wide cover
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Guaranteed fulfillment of the Education Goal
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Waiver of all future premiums in case of unfortunate event
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Choose the duration of the plan (the term), the total Sum required to be
available during the education years (the sum assured) make the decision and
start the contributions (premiums) on a monthly, quarterly, half- early or
annual basis) |
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From the date of maturity, the total of the Sum Assured, the accumulated
guaranteed bonus of 2% for every year and additional reversionary bonuses are
payable in four annual installments to provide for the education expenses
during the crucial years of education.
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In case of an untoward event prior to the date of maturity, all future premiums
are waived (they need not be paid) but the above benefits are payable from the
date of maturity.
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Ibrahim is 30 years old while his son Sohail is aged 1. Ibrahim decides to take
and Education Savings Plan in order to secure his sons future. He contributes
RO 33.100 every month for a sum assured of RO 6000 for 17years (when his son
would be ready for his college education).
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Q. What are the benefits Ibrahim has assured for his son through this plan?
A: Suhail will get the following benefits:
Total
Sum Assured from the 18th year
in
4 installments
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RO 6000
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Maturity Benefits
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Total Guaranteed bonuses at 2% in
four installments )
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RO 2040
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Non-guaranteed
Bonus (profits declared from
time to time)
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Ibrahim unfortunately
passes away due to a sudden accident
just after 4 years of the start of
the plan.
Q: How does this plan protect the
family needs now?
A: All future premiums that needed
to be paid for 13 years are waived
off (meaning, they need not be paid).
(Actually Ibrahim was expected to
pay premiums for 17 years. But since
he has passed away after the fourth
year, only premiums till that year
have been paid, so premiums for 13
years are waived)
Q: Will Ibrahims' son still get the
education amount?
A: Definitely! The plan will ensure
that Ibrahims' son will start getting
the money starting from the son's
18th year of age for four years (i.e.,
age 18, 19, 20 and 21)
Q: What are the benefits that Sohail
will get once he is 18 years old?
A: An amount of RO 1500 (SA) per year
on ages 18, 19, 20 and 21.
Q: Does Sohail get any other benefit?
A: Yes there are two other benefits:
A Guaranteed bonus of 2% of SA for
the entire term (RO 2040) will also
be divided and distributed over the
ages 18, 19, 20 and 21. So that would
be another RO 510 per year from age
18 to 21.
Further, a Non-guaranteed
Bonus for the entire term as declared
by the company from year to year.
This will also be distributed in four
annual installments from the maturity
age.
So the net benefits that Ibrahims' son Sohail received are as follows:
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Waiver
of all premiums from the 5th year
to the
17th year
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Protection Benefits
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Total
Sum Assured from the 18th year
in 4
installments
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RO 6000
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Total
Guaranteed bonuses at 2% in
four
installments
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RO 2040
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Non-guaranteed
Bonus (profits declared from
time
to time)
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