The parent or grandparent takes out the policy to provide for the child’s education.
You decide the amount of the contribution, and Prudential calculates the Sum Assured i.e. the amount payable on death. The policy duration will vary in accordance with the age of the child.
You decide for how long you would like to save – the period should be between 5 and 20 years.
At the expiry of the policy term, Prudential will pay the Maturity Value i.e. the Sum Assured plus accrued bonuses, which will be paid in three equal annual installments (with an option for lump sum payment).
In the event of the untimely death or permanent disability of the parent, Prudential will pay 50 per cent of the Sum Assured for the child’s education as well as pay the full maturity value at the expiry of the term.