FIRST BANK NIGERIA'S EDUCATIONAL INSURANCE

INTRODUCTION

It is very certain that, every caring parent wants the best for their ward, however, life is full of uncertainties and even the best laid plans can go wrong. An unfortunate event could make them insecure especially when you are no longer there for them. A careful financial planning can help you fulfill the aspiration that you have for your children. The FBN Insurance Flexible Education Plan helps you to ensure that your child's future is secure and prosperous. It also protects your child future educational needs. WHAT IS FBN INSURANCE FLEXIBLE EDUCATION PLAN? FBN Insurance Flexible Education Plan is designed to meet the twin objectives that concern every parent – savings for your child's education and securing a bright future despite the uncertainties of life. It also enables your child to achieve your heart desires and what they want when you are no longer there for them. Benefits Of The Plan: Maturity Benefit At maturity, the parent will receive the sum assured at four (4) annual equal installments. This is targeted to help in meeting the child university education. Suppose at maturity, the named beneficiary is 17 years old, the maturity payout will be as detailed in the table below: Age (Years) Guaranteed Benefit as a % of Sum Assured 17 25 18 25 19 25 20 25 Policyholder can also elect to receive the maturity value in a single installment. If this option is elected, the discounted value of the Sum Assured becomes payable. Death benefit (Death of the Life Assured - Parent /Guardian) In the unfortunate event of loss of life of the assured (parent/guardian), the following benefits becomes payable: An  annual family income benefit which equals 10% of the sum assured will be paid to the dependant from the date of death to maturity subject to a maximum payout of 100% of the Sum Assured. All future premiums from the date of death need not be paid. This ensures that the family is not financially burden in the absence of the policyholder. The sum assured becomes payable in four (4) equal installments from the maturity date. This ensures that the child's higher education needs are met. Death of a named Beneficiary (Child) The following options are available in the unfortunate event of loss of life of the named beneficiary (child) Change of Beneficiary – the life assured can elect to name another beneficiary Termination – Policyholder can decide to terminate or make the policy paid up. Cover can be converted to a savings plan or any other of our individual products Policy Loan No loan is available under this policy. Other Plan Details Minimum Premium is 5,000 Naira. Premiums are payable for the entire duration of the policy i.e. premium payments term equals the policy duration. Inflation Protection To protect the maturity value against inflation, the policyholder can elect to choose the premium increase option. This will result in an increase in the sum assured. Sum Assured increase will be simple while the premium increase will be compound. The increase rates allowed under this are 0%, 5% and 10%. Premium Payment Mode: There are two (2) options to choose from: Regular Premium Payment Mode Annually Half Yearly Quarterly Monthly Single Premium Payment Mode: This is a one (1) off premium payment for the selected term made at the commencement of the policy  Period Of Grace: There is a grace period of 30 days for payment of premium The policy also allows for lump sum cash injection during the policy duration. This will increase the ultimate payout at maturity but will not impact on the death benefit provided on the life assured (guardian/parent). Policy Duration The policy duration is flexible but subject to a minimum of 5 year. Who can buy the Product? Minimum age at entry:               Parents / Guardian from age 20 years Maximum age at entry:               60 years Maximum age at maturity:          65 years