Old Mutual Nigeria has launched EduSure, an Education Protection Plan (EPP) aimed at helping parents/guardians secure uninterrupted schooling for their children/wards.
By using EduSure, parents/guardians save towards an educational goal for their children/wards, while Old Mutual provides the assurance of meeting that goal in the event of the policyholder’s demise.
The Nigerian subsidiary of Old Mutual Limited (OML), in a statement made available to Business A.M, explained that the plan is in recognition of the role of education in social and economic development for future generations.
“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 statement read.
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In addition, the policy also provides a refund of premium, delivering 40 percent 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. Policyholders also have options to choose between N500,000 to N500,000,000 cover target, paying the premiums monthly, quarterly, semi-annually, or annually
Speaking at the launch of the product, Alero Ladipo, executive head, marketing and customer experience, Old Mutual Nigeria, 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 added.
In his remarks, Olusegun Omosehin, managing director, Old Mutual Life Assurance Limited, said investing in an education plan is an intelligent way of ensuring a child gets the best education possible without the exigencies of life interrupting their learning process.
According to Omosehin, parents/guardians who become policyholders of the education protection plan are guaranteed that their children/wards can achieve the future they desire by simply setting aside a target amount for their future educational goals.
“The plan 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,” Omosehin said.