IN an ever-evolving world, education is the key to progress.
Just as showing your child love, compassion, support and guidance while growing up is important, it is equally important to help your child in pursuing their dreams and providing them with the education they need.
LIC International’s Professional Education Plan (PEP) is one of its most popular plans which helps parents and even grandparents support their children’s/grandchildren’s education.
The plan provides annual cash back, liquidity, guaranteed additions, flexible premium payment and other rider benefits.
When the child reaches the age of 18 years, the premium ceases and the policy owner begins receiving money in installments, a crucial time for when cash flow is required.
Customers can choose to pay premiums for the first five years of the policy under the limited-term premium payment option or alternatively pick the regular premium payment option where future premiums can be paid in advance by availing either premium sealing option or by paying in one lump sum under premium commutation at a discount.
As for the payment of sum assured to the child, customers can opt for survival benefits at 20 per cent or 15pc of the sum assured annually.
The survival benefit option guarantees 20 or 15pc of sum assured, where the child will receive 20 or 15pc of sum assured for five years starting from the policy anniversary falling after the child completes 18 years of age and on the 23rd year of the child.
Guaranteed additions for the entire duration of the policy is paid to the child along with loyalty additions if any and 25pc of sum assured additionally in the second option.
Additional protection riders such as the premium waiver benefit rider and family protection benefit rider may be added to the policy.
PEP is just one plan out of more than 20 plans (all plans are issued in US$) by the LIC which cater to the needs of its customers, such as the family protection, savings, health and pension plans.
During these challenging economic conditions, it becomes very important to save money and invest it to generate returns without the risk of losing it.
For more information about products and services, contact LIC’s experienced life insurance consultants at 39936618 or 17210610, visit the website at www.licinternatinal.com or email [email protected]