A new life policy that helps parents save for the higher education of their children has been launched by Ceylinco Life, in recognition of the ever-escalating costs of overseas university education.
Combining the features of a life insurance policy and a savings scheme, the life insurance leader’s ‘Degree Saver’ is structured to create an education fund based on an agreed premium and policy term, while offering life cover for the duration.
The Education Fund will accumulate for the term of the policy with interest calculated at an accumulation rate which will be declared by the company on a monthly basis, ensuring that a fund adequate to meet the family’s higher education costs will be available when the policy matures.
The protection component of the Degree Saver policy provides life insurance cover to the parents, offering them peace of mind with the knowledge that their child’s or children’s higher education will continue even if they lose their lives before the policy matures.
“This is an easy to understand policy that addresses one of the biggest concerns of parents today,” Ceylinco Life Director/Deputy CEO Thushara Ranasinghe said. “An increasing number of students aspire to degrees from foreign universities each year, and in many instances parents cannot afford the cost, and often raise loans to pay for their children’s higher education.”
“Because we offer policy terms of up to 30 years, they can start saving as early as they like with a Ceylinco Life Degree Saver policy, and also enjoy the protection of life insurance.”
The premiums for both the education fund and the life cover are paid as one, and policyholders can choose the frequency at which to pay their premiums – monthly, quarterly, half-yearly or annually. Policyholders may choose any policy term between 10 and 30 years.
They may also purchase additional benefits such as cover for critical illness, major surgery, hospitalisation and accidental death or disability, expanding the scope of the protection offered by the Degree Saver policy.