For every parent, his/her child’s education is at the top of the list when it comes to priorities. Securing your child’s future begins with securing his/her education.With the Pioneer School Fees Policy, this is guaranteed. The life assured is sure to receive the desired school fees amount whether or not they survive to the end of the term.

Product Summary

  • The policy allows choice of any term between 10 and 18 years.
  • The client receives 200% of the sum assured promised at inception.
  • This product provides partial maturity benefits payable for 6 consecutive years before the maturity date.

Maturity Benefits – The policy pays six partial payments and a full maturity benefit as illustrated below.

Partial Maturities Percentage Factor on Sum Assured Payable
Partial – 1 10%
Partial – 2 10%
Partial – 3 15%
Partial – 4 15%
Partial – 5 25%
Partial – 6 25%
Total Benefit 100%

The Maturity benefits are paid inclusive of the accrued reversionary bonuses.

Death benefitsIn the event of death of the life assured:

  • future premiums are waivered
  • 50% of the sum assured is paid immediately
  • 100% of sum assured is paid at maturity as initially agreed.

Optional riders

Personal Accident – The full personal accident sum assured will be payable.

Funeral Expenseon the death of the Life assured a funeral expense benefit is payable with 48 hrs. On receipt of death notification.

Permanent Total Disability (PTD) – On PTD:

  • Future premiums are waivered
  • Partial maturities and full maturity are paid as initially agreed.

Other features

Surrender Benefits – A policyholder may surrender their policy at any time from the third year but before the commencement of the it payments

Reversionary bonuses-Simple reversionary bonuses will be declared on the product as advised at the end of each actuarial valuation of the life fund. A policy must have been in force for at least one year in order to accrue the bonuses

Convenient premium payment Options: The premium paying period may vary from 10years to I8years and can be paid monthly, quarterly, semi-annually or annually. The longer the period the higher the return

Tax benefits– The policy holder is entitled to Tax exemption on the premium paid.