Why save for an education?
SOMESA Plus is a consolidated life cover, savings and investment plan that allows you to gradually save for your child’s education. It guarantees school fees for when your child joins the educational institution you’ve selected.
- Waiver of Premium Benefit: Additional benefit which waives future contributions due under the policy in case of your unfortunate demise or permanent disability
- Life Cover Benefit: Payable to a nominated beneficiary immediately on the demise of the policy owner within the policy period
- Child Income Benefit: Benefits payable to the nominated next of kin on behalf of the beneficiary regularly effective after one year from the demise of the policy owner to the end of the accumulation period
Want to know more about SOMESA Education Plan?If you want to know more, we've answered some questions you might have.
SOMESA Plus works in two phases:
Phase 1: This is the period where contributions paid are accumulated and credited with interest. You can choose the duration of this accumulation phase to be between 5 to 10 years.
Phase 2: This is the payment phase when your child joins the selected education institution and the funds are needed. The plan will start to pay regular pre-specified payments until the graduation date of your child. The planned payment period can be between 1 and 5 years.
In the event of the unfortunate demise of the policyholder during phase I, future contributions will be waived.
In addition to the waiver of contributions, additional benefits chosen by the policyholder are paid to the nominated beneficiary.
If the policyholder becomes disabled during the contribution period, the company will waive the premiums due, while the disability continues.
If this happens after the plan has acquired a cash value (after 3 consecutive years of the policy being in force ), the plan’s reduced paid-up option will be automatically activated. This means a reduced amount of education fees will be set aside and no further premium payments will be required.
Alternatively, the policyholder may apply for a loan secured by the cash value of the policy to meet the premium payments until the policyholder is able to resume payments. The policyholder may also surrender the policy for its cash value.
You can stop the plan at any time and if you choose to do so during phase I and the policy has acquired a cash value, you will get the cash value back.