The product is primarily an education savings plan.

Masomo Plus

Secure your child’s future by ensuring that their education is guaranteed

The product is primarily an education savings plan with regular benefits payable to the policy holder at the end of the premium payment term.

The timings of the regular benefits will be such that they coincide with the planned school-going period and thus enabling the product to fulfill the intended need to provide for school fees at the most appropriate time.

The entire policy term will be divided into two key periods:

• Savings period
• Benefits period

Definitions

Savings period

This is essentially the premium payment term. This is the period during which the policyholder will pay premiums and you will have the option to select the required savings period based on their envisioned school joining age for their child.

Benefits period

This is the period when you receive pay-outs which will be in terms of regular annual benefits to yourself or the school.

It has a benefit period ranging from 3 to 8 years and you have the option of selecting the one that is most suitable.

Main benefit

The main benefit under the policy will be each of the regular benefits (school fees) paid to you or to your child’s school during the benefit period.

This will be payable annually or termly in advance from the end of the savings period to the end of the benefits period.

Premium waiver

This is where premium payment is waived up to the end of the savings period in the event that you as the premium payer come to an untimely demise or suffer from a critical illness.

This means that premium payment is no longer needed.

• Points to note

  • In case of death of policy owner during savings period or during the education period. Premiums are waived up to the end of savings period and schools fees made as prior arrangement.
  • In case of death of child dependent during savings period: Automatically, 10% of the sum assured is paid but up to a maximum of 200,000/=
    
    Additionally, you will be required to do either of the following:
    • Nominate a different child beneficiary
    • Convert the policy to a normal endowment plan
    • Terminate the policy in return for premium less expense as will be determined by the company

    If the first two options are selected, the policy is continued as before

  • Death of child during benefits period
    A lump-sum benefit equivalent to the present value of all unpaid future school fee benefits at the time of death is paid. The amount payable will be known to the client at policy inception.
  • Death of policy owner during benefits period
    No benefit will be immediately payable. However, the ongoing school fee payments will continue to the end of the policy term.

• Optional benefits

  • Critical illness rider
    This will be a lump sum benefit payable on the life of the policy owner being diagnosed with certain specified illnesses.
  • PTD rider
    Future premiums are waived on disability of the premium payer to keep the policy in-force to the end of the premium term and to maintain the original benefits as selected by the policy holder at the onset of the policy.
  • Waiver of premiums on critical illness
    On behalf of the policy-owner future premiums will be waived on the premium payer getting diagnosed with any of the illnesses specified as critical to keep the original benefits as selected at the onset of the policy.

• Policy terms

  	Minimum (Years)	Maximum (Years)
  Savings period	5	18
  Benefits period	3	8
  Entire policy term	8	24

• Conditions of the policy

  • Applicable for persons aged between age 18 to 65 years
  • 6 months waiting period where only claims from accidents are payable
  • Premiums paid are fixed and can be done annually, semi-annually, quarterly or monthly.
  • Policy acquires surrender value only after one year
  • Premiums adjustment either upwards or downwards is allowed subjected to timely notification
  • A cooling off period, where you can opt to cancel the policy, of thirty days is applicable.
  • The policy acquires interest through bonuses paid periodically as announced and advised
  • The policy allows you to take a loan against the amount saved.

• List of illnesses considered critical

  • Heart attack
  • Stroke
  • Cancer
  • Renal failure
  • Coronary surgery