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>> Life Assurance
>> Max Education Plan |
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| Max Education Plan |
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THE RIGHT ANSWER TO YOUR CHILDS EDUCATION
A good education is the key to success. But it costs a great deal of money – and school fees are rising all the time. Here’s the easiest way to give your children the education they need to fulfill their potential.
Why Choose MAX Education Plan
In today’s competitive world, your child needs a good education to achieve his or her goals.
Here is how it works:
- Choose how much you want to invest – from Kshs 7,000 up to Kshs 100,000 per month.
- Decide for how long you wish to invest: A minimum of ten (10) years up to a maximum of twenty (20) years.
- Your premiums will enjoy tax relief up to the maximum permissible by law.
- Old Mutual will allow you a choice of funds to invest in. These are the Fixed Income Fund and the Stable Fund depending on your risk appetite.
- Lock in period: This is five (5) years before you can access your funds. After the lock in period you may terminate your policy by cashing in the benefits you are entitled to.
- No need for medical examination.
- Bonus Cover! If you become disabled or die as a result of an accident, Old Mutual will pay your premiums for the next 10 years or until the end of the policy term whichever comes first. This also applies if you die from natural causes after the first three years.
PRODUCT BENEFITS
Investment Benefits
Paid up benefit: If you stop paying your premium within the five (5) year period your withdrawal value will be a percentage of your Accumulated Unit Fund. (Please refer to the Paid-up values table below)
Your maturity benefit will be 100% of your Accumulated Unit Fund at the end of the selected policy term.
| Months |
Description |
% of accumulated unit fund |
| 0-6 |
Less than 12 months worth of premium has been received |
0% |
| 7-12 |
Less than 24 months worth of premium has been received |
70% |
| 13-48 |
Less than 48 months worth of premium has been received |
85% |
| 49+ |
At least 49 months worth of premium has been received |
100% |
Disclaimer
The information contained in this brochure is for general information and does not constitute an offer made by Old Mutual. Please refer to policy document for the terms and conditions of any contract
Life Cover
Accidental Death Benefit
- Benefit will be ten times (x10) your contractual monthly contribution.
- 100% accidental cover available from inception of the policy.
Non-Accidental Death Benefit
- Benefit will be ten times (x10) your contractual monthly contribution.
- 100% cover available after a 3 year waiting period, 0% cover before 3 years have elapsed.
Waiver of Premium Benefit on Death/Disability
- A maximum premium waiver of Kshs 20,000 per month is available for each applicant on accidental death or permanent and total disability. Benefit is available on natural death after 3 years waiting period.
Registration Requirements and procedures
- Fill out a proposal form with the help of an Old Mutual Advisor.
- Return pages 5, 6, 7 and a copy of your ID and PIN certificate to Old Mutual Building, corner of Mara/Hospital roads, P.O. Box 30059-00100 G.P.O., Nairobi, Kenya.
- Pay your first premium installment using any of our easy payment options. If using M-Pesa ensure proof of payment by inserting M-Pesa payment confirmation number.
- You will receive your contract document immediately.
- There is a cool off period of thirty (30) days from the day you are issued with the policy contract within which either party can terminate the contract and premiums refunded.
- A separate financial questionnaire will need to be completed with the help of a financial advisor for premium contributions of Kshs 20,000 per month and above.
Payment Options
Premiums may be paid monthly, quarterly, semi-annually or annually.
Your first and subsequent Premiums are payable through the following options:
- M-Pesa : Business Number – 600501
- Zap: Business Number – 0731100116
- PostaPay
- Cheque
- Check-off
- Direct Debit/Standing order
No cash payments will be accepted.
Please ensure you quote your policy number with each payment.
Steps to top up your MAX Education Plan using M-Pesa
- Select ‘Pay Bill’ from M-Pesa menu.
- Enter business number: 600501.
- Enter your account number i.e. your MAX Education Plan Policy Number.
- Enter the amount of money you are sending i.e. your premium, and your PIN number and confirm your details.
- Wait for your transaction confirmation from Safaricom.
Old Mutual Bank Details
Account Name: Old Mutual Life Assurance Co. Ltd
Bank Name: Standard Chartered Bank of Kenya
Branch Name: Koinange Street
Account Number: 0102072658600
Claim requirements
- Original policy document.
- Burial permit.
- Original death certificate.
- Original birth certificate (for child’s death).
- Copy of the applicant’s identity document.
- Personal Medical Attendant’s report at time of death.
- Accident report in the case of motor vehicle accident.
- Inquest report in the case of an unnatural cause of death.
- Evidence of the Applicant’s disability.
- Any other relevant documents requested by Old Mutual.
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