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.