DLF Pramerica Life Insurance Co. (DPLI) has introduced ‘Shiksha Uday’ – a School Education Protection initiative. Shiksha Uday has been specially designed to help ensure uninterrupted school education for a child in case of untimely death of the bread-winner in the family.
As a part of this initiative, DPLI is partnering with schools to make two simple and affordable term protection plans - DLF Pramerica Fee Protect and DLF Pramerica Fee Protect+ - easily accessible to parents during a child’s admission into the school, or during other parent-school interactions.
Explaining the need for such products, Sujata Dutta, Senior Vice President and Head Marketing and Affinity Sales Channel in DPLI said, “Most child plans available in the market are savings-oriented where a parent invests money and the amount returned at the end of the policy term is utilized to fund the child’s college/ higher education. However, what is more important is to first ensure that a child’s basic school education is taken care of in his/ her formative years. Parents today spend a lot of time choosing a good school for their child. They would like that their child continues his/ her studies in the school of their choice, irrespective of what happens to them”.
Fee Protect and Fee Protect+ are affordable insurance plans that protect the child’s school fees during the term of the plan. The monthly premium is as low as Rs. 225. Parents have the flexibility to choose the benefit amount they wish to protect. In case of death, this benefit is paid out monthly.
While Fee Protect is a basic plan, Fee Protect+ additionally offers a savings benefit. It has a Return of Premium (RoP) feature built into the plan that entitles the parent to receive 80% of the premium paid (in case of survival) or payable (in case of death) throughout the policy term. The amount returned at the end of the policy tenure can be utilized as a starter kit for a child’s college education.
“Keeping in mind the escalation of school education-related expenses, both these plans have a 5% inflation feature built in every year that closely mirrors the expected annual increase in school fees. This inflation protection feature is a unique benefit that these plans offer. Additionally, in the case of Fee Protect+, the RoP feature acts as a starter fund for the child’s college education, in addition to covering school fees ”, said Ms. Dutta.
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