 Higher Education Assistance Plan
 Children: The epicenters of parents desires
It is cherished desire of parents to see their children well settled
in life. A sound professional education is essential not only for
getting a good job, but it makes a visible difference in developing
and shaping the personality of a child and help him/her emerge
as a good citizen. Success in tomorrow’s world will definitely
depend even more upon higher education.
Give your children the gift of right education
The best gift parents can give their children is the gift of right
education. A good professional education is, no doubt,
expensive, yet a child has the right to have good education. It is
not easy for parents to accumulate funds for higher education of
their children. The parents, who meet the cost of their children’s
education out of their limited income, make considerable
personal sacrifices. And God forbid, if they die prematurely, their
children are mostly deprived of the desired education.
Alliance-Your partner in educating your children
Alliance’s HIGHER EDUCATION ASSISTANCE PLAN helps the
forward-looking parents realize their dreams to see their children
getting a head start in life. All those parents who want to
discharge their sacred responsibility of providing uninterrupted
quality education to their children, and resultantly, see them
getting decent jobs, can benefit from this plan.
A planned education - Need of the hour
It is easier to pay the expenses of higher education over a period
of 15 to 20 years than in four years. Therefore, it is best to plan
for higher education soon affer the birth of the child. The right
planning at the right time is essential for reaping full benefits from
this plan.
For your security and peace of mind
The Higher Education Assistance Plan is a with-profit plan. The
benefits are such that basic sum assured plus bonuses are
available to the assured payer in four equal annual installments
immediately following the expiry of the premium payment term.
The plan has been designed in a way so as to synchronize the
benefit payments with the payment of college/ university fees and
other expenses that are incurred annually.
Benefits Guaranteed
Maturity Benefits of the Plan:
The basic sum assured plus accrued bonuses are paid to the assured payer
in four equal annual installments, immediately after the premium payment term,
for higher education of the assured child.
Death of the assured Payer:
In the event of an untimely death of the assured payer during the premium payment term,
the policy remains intact with full benefits and all future premiums are waived.
Death of the assured Child:
In case of death of the assured child before attaining age of 15, during the premium
payment term, a sliding scale of benefits plus accrued bonuses are paid to the assured payer.
Full sum assured plus accrued bonuses are paid to the assured payer if the assured child dies
after attaining the age of 15 years.
A very attractive feature of this plan is the payment of full sum assured and accrued
bonuses to the assured payer if the assured child dies even after the completion of
premium payment term and during the receipt of benefit installments. This is in addition
to the installments already received by the assured payer till that time.
Access to your funds
Automatic Premium Loan
The best-laid plans can sometimes be affected by cash crisis. If
the assured payer suffers from such a crisis and is unable to
pay the premiums, then such unpaid premiums will be paid
from the cash value of the policy. Hence, both the payer and
child assured will be able to enjoy the full protection as long as
there is cash value in the policy.
Policy Surrender
The plan acquires a cash value after the payment of two full
years premiums and after the completion of two years of
duration. The assured payer may surrender the policy for its
cash value any time after the plan has acquired a cash value.
Other non-forfeiture benefits
The plan has a paid-up and an extended term assurance option
which can be exercised during the premium payment term after
the payment of at least two full years’ premiums and after the
completion of two years of duration.
Additional covers
If the assured payer feels that he needs to include additional
cover into this plan, other than the built-in benefits payable
in case of death during the premium payment term, he may do
so by paying a small additional cost. The choices of additional
covers are as follows:
Accidental Death Benefit (ADB):
If the death of the assured payer occurs through an accident,
the assured amount is payable as endorsed on the policy schedule.
This is in addition to any benefit under the policy.
Accidental Death And Dismemberment Benefit (AD&D):
If the death of the assured payer occurs through an
accident the assured amount as endorsed on the
policy schedule is payable. Further, in the event of the
payer losing any two limbs as a consequence of an
accident, the assured amount as endorsed on the
policy schedule is payable and the policy is kept in
force provided that the premiums are paid regularly.
Family Income Benefit (FIB):
The assured payer may elect for his family to receive
monthly income payments as endorsed on the policy
schedule in the event of assured payer’s death during
the premium paying term. The beneficiary will receive
the assured monthly income as endorsed on the
policy schedule from the date of death for the benefit
of the child assured. The monthly income will cease
on completion of the premium payment term of the
plan, which would help the family with the costs of
day to day living.
Critical Illness Cover (CI):
Most of us realize the importance of providing security for dependents
in the event of untimely death. Unfortunately though, few think about
what would happen if a serious illness were to strike. Although the
financial impact could be just as devastating, life insurance may not
provide adequate cash to ease the situation. Serious illness is something
we prefer not to think about, but statistics show that the chances of
being thus affected are extremely high. The Critical Illness option
could provide a vital cash lifeline just when it is needed most,
helping to relieve the financial burden of a health crisis. An immediate
payment of the sum assured for this benefit would be made if the assured
payer is diagnosed as suffering from one of the following illnesses or
conditions: Cancer, Myocardial Infarction, Coronary Artery Bypass Surgery,
Stroke, Renal Failure, Major Organ Transplant, Multiple Sclerosis, Paralysis,
Coma, Major Burns and Blindness.
Waiver of Premium Benefit (WP)
Illness or disability can have a serious effect if it prevents one
from working for any length of time. In such a situation it is more
likely that the payment of premiums will become a burden. More immediate
financial obligations may often take priority. By choosing the waiver of
premium option, in the event of assured payer’s total and continuous
disability for not less than three calendar months either by accident
or sickness, premium for the disability period will be waived.
Everything else you need to know
Policy Currency:
Your policy can be denominated in any of the two major
currencies. US Dollars & U.A.E. Dirhams.
Age Requirements:
Minimum Age at Entry of the payer is 20 Years.
Maximum Age at Entry of the payer is 45 Years.
Minimum Age at Entry of the child is one-year nearest birthday.
Maximum Age at Entry of the child is eleven (11) years.
Plan Term:
The Plan is available for a minimum term of ten (10) years and a
maximum term of twenty (20) years.
Mode of Payment:
The mode of Premium payment would be Annual.
Premium Payment Term:
Premium Payment Term is Plan Term minus three years.
The premium payment term is such that at its end, a child
should attain the age of 18 years. The minimum Premium Payment
Term is Seven (7) years and the maximum is seventeen (17) years.
The term is based on the age nearest birthday of the assured child.
For example, if child’s age is 2 years, then premium payment term will
be sixteen (16) years and Plan Term will be nineteen (19) years.
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