In an effort to increase insurance penetration across all sectors of the economy in the country, the Nigerian subsidiary of Old Mutual Limited (OML) has initiated an insurance package called ‘Education Protection Plan (EPP or EduSure’ that would support parents/guardians secure uninterrupted learning process for their children. According to the underwriter, with the EduSure, parents/guardians will be able to save towards educational goals for their children/wards, while Old Mutual provides that assurance of meeting that goal in the event of the policyholder’s death.
Speaking on the policyholders’ benefits, the Managing Director, Old Mutual Life Assurance Limited, Olusegun Omosehin, stated: “Investing in an education plan is an intelligent way of ensuring the child gets the best education possible without the exigencies of life interrupting their learning process.
With 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.”
He explained that a policyholder can elect to save a specific amount of money for ten years towards a child’s university education, noting that 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 the premium, delivering 40 per cent of the premium to the policyholder should the beneficiary die before attaining the age of 25 and a cashback option to the policyholder for continuous payment over a 36-month period.
Also commenting on the new development, 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.
