My Education Endowment is children’s education policy intended to accumulate funds to support the education of the assureds’ children at an appointed time. It is an endowment policy that pays out benefit at death or permanent disablement of the policyholder or at
maturity of the policy whichever that comes first. The policy is designed to help you achieve a combination of life protection and your long-term savings needs. This plan will help you make provisions for future events in your life such as funding your children’s education, purchasing a property, or just providing the means to buy what you have always dreamed of.

My Education Endowment plan has the dual benefit of helping you to save on a regular basis and offering protection to your family if an insured event occurs during the period this plan is active.

The information in the table below summarises what you will need to pay, what benefits are provided and the details of your sales executive.

WHO DOES THE PLAN COVER?
You (the Policy owner) are covered under this policy.

WHEN WILL YOUR COVER COMMENCE?
Your cover will commence once we receive and accept your application and your first premium payment.

HOW MUCH DOES THIS PLAN PAY OUT?
You decide how much the plan will pay you by selecting a cover amount that suits your expected benefits.

HOW DOES THE PLAN WORK?
Section B of this booklet describes what and when benefits are payable.

WHO CAN BUY THIS PRODUCT?
You can buy this policy if you are 18 years or older, provided you are not older than 65 when the policy starts.

HOW LONG WILL THE PLAN LAST?
The policy term can be selected from 5 to 10 years

The following benefits are payable under the policy provided that it is in force:

1. DEATH OR PERMANENT DISABLEMENT BENEFITS
   In the event of death or permanent disability of the policyholder before maturity of policy, we will pay to your nominated beneficiary/beneficiaries or guardian or to your estate in case there is no nominated beneficiary/beneficiaries:

• An annual family income benefit of 10% of the chosen sum assured until maturity, and
  • The chosen sum assured will be paid at maturity.

However, the beneficiary can opt for payment of the chosen sum assured immediately upon occurrence of the insured event and the policy terminates accordingly.

This benefit is subject to the waiting period described in section D Clause 13.

2. SURVIVAL BENEFITS
   Provided the policy terms are met, you will receive the following payments at survival.
   The sum assured will be paid at maturity together with the 10% loyalty bonus.
3. LOYALTY BONUS
   The policy pays out loyalty bonus of 10% of chosen sum assured to a surviving policyholder at policy maturity for appreciation. It is payable along with maturity benefit.
4. MONEY BACK GUARANTEE
   We will refund any premium received in the event that death, occurs before the commencement of the policy.
5. SUM ASSURED
   The minimum sum assured on this policy is set at N1,000,000.00 and there is no maximum.
6. CHANGES IN SUM ASSURED AND PREMIUM
   Increases and decreases in sum assured are allowed provided the sum assured does not fall below N1,000,000.00. Change in sum assured will lead to a corresponding change in premium.

Death claims arising from natural causes will be subjected to a 3 month waiting period in respect of the increased sum assured from the
date of increase while death claims arising from accidental causes will be payable at the new sum assured level from the date of increase.

7. LAPSE PERIOD
   Lapses terminate the policy. Lapses occur if premiums are not paid within 90 days after they are due. This policy will lapse if three consecutive monthly premiums are outstanding. No benefit is payable when a policy lapses.

If your renewal premium is not received within the 90 days this policy will lapse and enter a reinstatement period.

8. REINSTATEMENT
   If your premium is not received after the 90 days grace period, the policy will lapse and enter a reinstatement period.

Within 12 months from the date policy enters a reinstatement period, you may pay all missed regular premium and we will automatically reinstate your policy subject to proof satisfactory to the company of your good health. The policy may be reinstated (activated) in accordance with the terms and conditions that we may specify at the time of reinstatement. No benefit is payable during the reinstatement period. Reinstatement may be subject to charges such as reinstatement fees or interest on late payment.

9. LATE PAYMENT OF PREMIUM CHARGES
   Where reference is made to interest, reinstatement fees or charges for late payment of any premium under this policy, such interest, reinstatement fee and charges will be as fixed by the company from time to time.
10. SURRENDER VALUE BENEFIT/PAID UP
    This policy allows for surrender twenty-four months after the cooling o? period. The policyholder can decide to terminate the policy provided that premium has been paid for at least 24 months and the policy has been in-force. Surrender values are defined in relation to the original sum assured. The surrender value benefit rates are provided in Section D clause 10 below.
11. SURRENDER VALUE RATES
    Surrender values are defined in relation to the original sum assured using below applicable value rates shown In appendix 1

     Appendix 1- Surrender Value Rate table

12. WAITING PERIOD
    Death claims arising from natural causes will be subjected to a 3-month waiting period from policy commencement date; or from the date you reinstate your policy; or from the date you increase your benefits – whichever applies. Death claims arising from accidental causes will be payable during this period.