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Super Education Annuity

Super Education Annuity

Bumaco Life designed this plan to guarantee saving for the future of insured’s children education. The plan is customized based on the customers’ preferences in three categories depending on education level of intended children, that's is Junior, Senior and Combo. The premium depends on the sum assured, period of insurance, and the age of the insured. Upon the maturity of the policy cover, the insurance will pay the fees of the children in intervals as per the contract and sum assured. In an unfortunate event of death of the insured, the insurance will pay the fees as planned in the contract upon the maturity of the cover.

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Benefits:

Super Education Annuity has 5, 10 or 15 years deferment for three years "senior", six years "junior", and nine years "combo" which will be payable half yearly commencing at the end of deferred period no matter the death of the policyholder happening earlier.

Junior category pays fees for 6 years at interval of 6 months.

Senior category pays fees for 3 years at interval of 6 months.

Combo category pays fees for 9 years at interval of 6 months.

The fees amount is an even proportional of the some assured.

Premium Payment

All premiums, shall be payable at the head office of the Insurer. The assured may pay the insurance premium based on sum assured either monthly, quarterly, semi-annualy or annually.

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One month but not less than thirty days (30) of grace are allowed for payment of premiums. If death occurs within that period and before payment of the premiums then due, the policy will still be valid, and the sum assured paid after deduction of the said premium, as also the unpaid premiums failings due before the next anniversary of the policy

"Education is the most powerful weapon which you can use to change the world" - Nelson Mandela.

When the premium is not paid within the days of grace, the policy will be terminated and the insurer will provide written notice to the policy holder concerning termination of the policy. No Benefit shall be payable after the time of termination.

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