Educational Insurance Plan

Educational Insurence Plan

Provided by Metlife - Educare
Providing for your Child’s Education 
 

 
We all want the best possible future for our children and one of the most effective ways to give them a head start to a great life is through education. 

With MetLife’s Educare plan, we make saving for your child’s future easy. Regular savings coupled with an extensive range of benefits will help you prepare for the costs associated with sending your children off to university.

HOW THE PLAN WORKS

1. Planning for your Child’s Education

With this plan, you have the flexibility to decide on the length of the accumulation period (5 to 18 years) - depending on when your child will start college. At the start of the plan you will also be able to set your ‘target semester fee’ goal. 

2. How to save for your Child’s Education 

Educare is a flexible plan that allows you to contribute to the plan through different options:
•  Lump sum payment(s) 
•  5 or 10 year instalment plans 
•  Instalment plan throughout the full term of your accumulation period. 
Premium payments can be made annually, semi-annually, quarterly or monthly.

3. Tuition Payment Period 

When your child enters college, Educare guarantees that he or she will receive: 
•  Guaranteed semi-annual payments to help pay for tuition expenses 
•  A final lump sum payment equal to the final year tuition fees as a head start graduation gift 

Benefits of Educare

Educare not only guarantees your ability to afford the cost of higher education but also helps you protect your investment and your child’s future. Below are the main plan benefits: 

1. Guaranteed Semi Annual Tuition Payments

Whatever the market condition, the semi-annual payments you have planned to pay for tuition is guaranteed and will increase year after year.

2. Investment Performance Bonuses

We have made it our policy to pay a bonus to our customers when the company’s investment performance is good. Starting from the 3rd policy year, when bonuses are declared, you will be credited on your policy anniversary and earn profit until the plan matures.
3. Guaranteed Post Graduation Start-up Benefit
In addition to tuition payment, you will receive a generous guaranteed benefit equal to the final year college tuition fee, payable 3 years after graduation. 

This benefit can be:    • Received as a single lump sum;
                                    • Used to buy insurance or to be re-invested 
                                    • Used as a combination of both.
4. Valuable Insurance Protection
It’s reassuring to know that Educare comes with a wide range of benefits that guarantee your child’s education plans continue, even if life’s unexpected mishaps strike.

Insurance Protection for the Payer

Waiver of Premium in case of Death or Disability
This benefit ensures all remaining premiums will continue to be paid by MetLife in the unfortunate event of the policy owner’s loss of life or disability. This way, we guarantee the child’s education plans won’t suddenly be interrupted.

Critical Illness Insurance
Treating a critical illness can be expensive and often impacts a family’s future. To ensure that your child’s education expenses are covered no matter what happens, Educare comes with an insurance protection that provides five (5) annual payments upon diagnosis of a covered critical illness. This valuable benefit protects your child’s pre-college education and maximizes his or her chance to attend the University of his or her dreams.
WHY IS EDUCARE THE PERFECT PLAN FOR YOU? 
With a goal as important as your child’s education, you should be looking into an investment strategy that will guarantee you reach your goal. 

Educare will help you:  
 • Achieve a systematic approach to saving 
 • Ensure that your investment will keep on earning interest
 • Make sure that your child’s college education goes as planned even with life’s unexpected twists and turns.

                                           Year                   Guaranteed Amounts             
                                 1st year of College          USD 20,000  annually
                                 2nd year of College         USD 22,000  annually
                                 3rd year of College          USD 24,000  annually
                                 4th year of College          USD 26,000  annually
                             3 years after graduation       USD 26,000  lump sum

                                                                          TOTAL   USD 118,000

WHAT SHOULD YOU DO NEXT?

Ask a MetLife Insurance Consultant to provide you with an illustration that demonstrates how Educare can help you reach your goals and give your children the best start in life.

Education Insurance Policy by SBI

Education Insurance Policy by SBI

 

As a caring parent you would always want your child to get the very best. To ensure that you fulfil dreams that you may have for your loved ones, financial planning for their secured future is very important.

With growing standard of living, the expenses for educating your child are rising. If your wish to start planning or saving for your child’s education expense in advance, it always helps to look at insurance as one of the investment avenues. It is a guaranteed product that delivers at the time your child needs the money.

Insurance and Your Children’s Higher Education
Like every parent, you must have dreams for your child with the best education. Life Insurance provides you with financial support for your child’s education in case of any unforeseen events. With proper financial planning, you can also grow your investments catering to even bigger dreams of your child.

The objective of an insured parent should be to provide for his family’s every day needs as well as provide for his child’s future expenses such as education and marriage. Many insurance policies provide money to you or your child when they are in the age group of 18-26 years.

How much life insurance do you need?
There are two ways of providing for your children

- You insure yourself for a large sum that provides for your children’s future expenses, along with the rest of your family’s expenses for the future.

- In addition, you provide for your child’s future expenses through an insurance policy (in addition to other investments that you may be making) that will ensure she/he receives money at the age you want them to, in your presence or absence.

Some questions to consider when calculating your level of life insurance coverage:

1. What are your financial goals? In terms of your present requirements, your savings, your financial aspirations - in terms of buying a car, or owning a house if you are living in a rented home, etc.
2.  In order to reach your goals, what other financial planning strategies do you have in place? For example, if you are planning to buy a house after 2 years, then how much money will you need to make a down payment (if it is financed through a loan)? Can your investments be liquidated at that point in time?
3.  Do you want only enough insurance for your survivors to get by financially, or do you want to have enough to encompass higher education and/or spouse’s retirement requirements?

What should your children’s policy cover you for?

If you are the parent/guardian who is going to pay premium for your child’s policy, ensure that your policy offers you

Waiver of premium : In the event of your death or an accident that disables you permanently, this clause is available to the insured parent, where no further premiums need to be paid.

Money guaranteed at a certain age : The objective of a children’s policy is to ensure that the child receives a certain lump sum amount of money at a fixed age. Hence, if the parent dies at an early age, the policy should continue, where no further premiums need to be paid and the child should still receive a fixed sum of money at a particular age.

Policy should not cease upon death of the insured parent or guardian : Few policies offer the sum assured plus the bonus for the term and discontinue the policy from thereon. Please ensure that if the objective of your purchasing a policy is to provide your child with money at a certain age, your policy does not discontinue in the event of your early demise.

Insurance for Higher Studies

Insurance for Higher Studies

Main Points To Consider:

 

Managing a Higher Education institution, you focus on cutting-edge research, international studies, new technologies, accomplished faculty and high-achieving students. Let Chubb take care of your insurance needs. We provide insurance to 50% of the top 50 liberal arts colleges listed in the U.S. News & World Report: Best Colleges 2014. As active members of the University Risk Management and Insurance Association (“URMIA”), we share our 30+ years of knowledge at conferences and provide sponsorships and scholarship funding.                         

We have developed tailored insurance products and services to help protect you from myriad of following hazards

 

 

A fire in the Student Centre destroys computer equipment and furniture

1. A maintenance worker is injured when falling from a ladder while replacing light fixtures.
2. A school vehicle collides with another vehicle resulting in bodily injury and physical damage.
3. A campus visitor is seriously injured when a railing in the library atrium collapses.
4. A minority student alleges failure to provide due process and discriminatory treatment while being expelled for disciplinary reasons.
5. A college CFO sets up a fictitious vendor and submits fraudulent invoices which are paid by the college.

Check the Below:

1. Without proper insurance protection, your institution risks learning an expensive lesson. Our Chubb's Customary for Educational Institutions package product provides product and liability insurance tailored specifically for colleges and universities. 
2. Concerned about an allegation of mismanagement, failure to educate, or a lawsuit from a faculty member claiming failure to grant tenure? Chubb'sForefront Portfolio for Not-for-Profit Educational Institutions is designed specifically to meet those complex needs.
3. Research buildings with chemical storage; demolition, expansion and construction activities; above and underground storage tanks; herbicides, pesticides and fertilizers used for campus grounds–are all exposures found at college and universities. Chubb's Environmental Solutions team can develop insurance programs tailored to your school's specific needs. 
4. Every country's regulations, legal system and exposures are unique. Overseeing your international branch campuses and your ever-expanding study abroad program creates many challenges. Chubb's Multinational solutions provide insurance to meet the needs of colleges and universities. 
5. As the academic world expands, faculty and administrators spend more time on the road...and the risks of travel accidents and emergencies can increase. Health, life and workers compensation insurance many not cover the risks sufficiently–and in some cases won't cover them at all. Business Travel Accident Insurance can help fill coverage gaps, at home and abroad.

Types of insurance

Types of insurance

Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set out below. For example, vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident). A home insurance policy in the United States typically includes coverage for damage to the home and the owner's belongings, certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property.

Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity (PI), which are discussed below under that name; and the business owner's policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners' insurance packages the coverages that a homeowner needs.

Auto insurance

Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision.

Coverage typically includes:

• Property coverage, for damage to or theft of the car
• Liability coverage, for the legal responsibility to others for bodily injury or property damage
• Medical coverage, for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses

• Gap insurance

Gap insurance covers the excess amount on your auto loan in an instance where your insurance company does not cover the entire loan. Depending on the company's specific policies it might or might not cover the deductible as well. This coverage is marketed for those who put low down payments, have high interest rates on their loans, and those with 60-month or longer terms. Gap insurance is typically offered by a finance company when the vehicle owner purchases their vehicle, but many auto insurance companies offer this coverage to consumers as well.

Health insurance

Health insurance policies cover the cost of medical treatments. Dental insurance, like medical insurance, protects policyholders for dental costs. In most developed countries, all citizens receive some health coverage from their governments, paid for by taxation. In most countries, health insurance is often part of an employer's benefits.

Income protection insurance

• Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgage loans andcredit cards. Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc. Short-term disability insurance covers a person for a period typically up to six months, paying a stipend each month to cover medical bills and other necessities.
• Long-term disability insurance covers an individual's expenses for the long term, up until such time as they are considered permanently disabled and thereafter Insurance companies will often try to encourage the person back into employment in preference to and before declaring them unable to work at all and therefore totally disabled.
• Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work.
• Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.
• Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expenses incurred because of a job-related injury.

• Casualty

• 
  

  Casualty insurance insures against accidents, not necessarily tied to any specific property. It is a broad spectrum of insurance that a number of other types of insurance could be classified, such as auto, workers compensation, and some liability insurances.

  • Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal actsof third parties. For example, a company can obtain crime insurance to cover losses arising from theft orembezzlement.
  • Terrorism insurance provides protection against any loss or damage caused by terrorist activities. In the United States in the wake of 9/11, the Terrorism Risk Insurance Act 2002 (TRIA) set up a federal program providing a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism. The program was extended until the end of 2014 by the Terrorism Risk Insurance Program Reauthorization Act 2007 (TRIPRA).
  • Kidnap and ransom insurance is designed to protect individuals and corporations operating in high-risk areas around the world against the perils of kidnap, extortion, wrongful detention and hijacking.
  • Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions could result in a loss.

  • Property

  • 
    

    Property insurance provides protection against risks to property, such as fire, theftor weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance. The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some of which are listed below:

    
    

    US Airways Flight 1549 was written off after ditching into the Hudson River

    • Aviation insurance protects aircraft hulls and spares, and associated liability risks, such as passenger and third-party liability. Airports may also appear under this subcategory, including air traffic control and refuelling operations for international airports through to smaller domestic exposures.
    • Boiler insurance (also known as boiler and machinery insurance, or equipment breakdown insurance) insures against accidental physical damage to boilers, equipment or machinery.
    • Builder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage arising from any cause (including the negligence of the insured) not otherwise expressly excluded. Builder's risk insurance is coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from an insured peril.^[29]
    • Crop insurance may be purchased by farmers to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease.^[30]
    • Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary home insurance policies do not cover earthquake damage. Earthquake insurance policies generally feature a high deductible. Rates depend on location and hence the likelihood of an earthquake, as well as the construction of the home.

    • Other types

    • 
      

      • All-risk insurance is an insurance that covers a wide range of incidents and perils, except those noted in the policy. All-risk insurance is different from peril-specific insurance that cover losses from only those perils listed in the policy.^[32] Incar insurance, all-risk policy includes also the damages caused by the own driver.
      • Bloodstock insurance covers individual horses or a number of horses under common ownership. Coverage is typically for mortality as a result of accident, illness or disease but may extend to include infertility, in-transit loss, veterinary fees, and prospective foal.
      • Business interruption insurance covers the loss of income, and the expenses incurred, after a covered peril interrupts normal business operations.
      • Defense Base Act (DBA) insurance provides coverage for civilian workers hired by the government to perform contracts outside the United States and Canada. DBA is required for all U.S. citizens, U.S. residents, U.S. Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, foreign nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits.
      • Expatriate insurance provides individuals and organizations operating outside of their home country with protection for automobiles, property, health, liability and business pursuits.
      • Legal expenses insurance covers policyholders for the potential costs of legal action against an institution or an individual. When something happens which triggers the need for legal action, it is known as "the event". There are two main types of legal expenses insurance: before the event insurance and after the event insurance.
      • Livestock insurance is a specialist policy provided to, for example, commercial or hobby farms, aquariums, fish farms or any other animal holding. Cover is available for mortality or economic slaughter as a result of accident, illness or disease but can extend to include destruction by government order.

Insurance

Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraisingand controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnity) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.