The Scholar plan insures the life of your child from the age of 3 months for 15 years or more. The policy is a basic life insurance cover and builds up cash values for the first seven years. At the beginning of the 8th year an Investment protection account (IPA) is created. Parental life cover can be bought by selecting a suitable rider.
From the beginning of the 8th year the premiums, together with all the accumulated cash values, are invested in an investment account that attracts interest up to the maturity of the policy. The policyholder is also allowed to withdraw up to 25% from the investment protection account once per year from the beginning of the 8th year of the policy.
Protection and savings
Provides life cover for the child and the parent. At the beginning of the 8th year an Investment protection account is created. This IPA account is unit-linked meaning that your premiums are used to buy units in investment assets, giving you better investment returns. The total fund at maturity can also be invested in a pension.
You can choose, with extra premiums, any of the following additional benefits that provide additional protection:
Child protection agreement (CPA) - waives future premiums upon the death of the premium payer.
Education protection rider - monthly payments of 1% of the sum assured and waives future premium payments upon the death of the premium payer.
Disability protection rider (DPR) - monthly payments of 1% of the sum assured and waives future premium payments upon total disability of the premium payer.