What Is The Duration Of The Plan?
The policy is taken for a minimum period of 8 years and a maximum of 25 years.
Who is Covered Under This Plan?
The policy is designed to cover only the Policyholder who wishes to cover the education of his children in his or her absence.
When Will My Cover Commence?
Cover will start when the first premium is received by GLICO LIFE, the application is accepted by GLICO LIFE, and the Policy is issued to the applicant.
What Are The Main Benefits/Features Of The Policy?
1. Cash Benefit
The policy shall pay cash benefit at maturity or to the named beneficiary(ies) at maturity when the Policyholder passes away or becomes permanent total disabled before the policy matures.
2. Death Benefit
In the event the Policyholder passes away or becomes Permanent Total Disability, the benefit paid shall be up to 10 times the first month’s premium.
Where death occurs within the waiting period all the risk premiums paid shall be returned, however, death benefits shall be paid if death occurs by accident.
3. Partial Withdrawal
Every year, the Policyholder can make a one-time withdrawal of up to 50% of the accumulated investment.
To ensure your child is secured, the guardian can withdraw up to 50% of the accumulated funds upon the death of the Policyholder per annum until the maturity of the policy.
4. Child Education Protection Assurance (CEPA)
CEPA shall mean, upon the death or permanent total disability of the Policyholder, the Policyholder shall no longer pay the premium and the policy will remain active until maturity.
What Are The Additional Features?
1. Never Lapse
The policy shall never lapse.
2. Benefit Escalator
The benefits payable under this policy shall be escalated at a mandatory rate of 5% with an upward premium adjustment of 10%.
Policyholders can also select a rate between 5% & 15% and the respective premium adjusted at a rate equal to 30% of the selected rate.
This enables premium rates to be converted to different periods i.e. premium are discounted per the table below:
Mode Of Premium Payment
Premiums are payable directly to GLICO LIFE through Bank standing order/direct debit, Mobile Money (MOMO) on all platforms, or by cheque or source deduction from your employer to GLICO LIFE.
Who Qualifies For This Policy?
This Policy is designed for any individual between the ages of 18 to 57 years and can make the required monthly premium payments.
How Do I Join The Plan?
Our experienced Customer Service Executives are ever ready to complete a short digital proposal form (M-Proposal) on their mobile devices for you. Your policy would be issued when the first premium is received by GLICO LIFE through our numerous premium payment services.
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