Private Education

EDUCATION PLAN

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Introduction:

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Schools to be Covered

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Benefit

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Cost

The cost of the scheme for first year would be 6.00% of total annual fee of the school. The cost would be paid by the school annually in advance.
State Life would review the cost each year.

Medical Requirements

 

There would be no medical requirements if the annual fee is equal to or less than the Class Level Wise Limits given below

Class Level Maximum Annual Fee upto which No Medical
would be Required (Rs.)
Nursery, KG
1 & KG
50,000
Class 1-5 75,000
Class 6-10 100,000

In case the annual fee is higher than the above limits, State Life would determine if any medical is required.

Data Requirement

 

Once the policy is issued to the school, the data of fathers/guardians such as name, date of birth, occupation, NIC # would be provided by the school to State Life within a period of 3 months.

Claim Settlement

 

The school would lodge the claim as soon as possible on a prescribed form along with necessary supporting documents such as death certificate, copy of NIC. State Life would start paying the fee within the shortest possible time, after necessary verification.

Termination of the Coverage

 

The insurance coverage would terminate on the earliest of following events:

a. Termination of the Contract between the School and State Life,
b. Father/Guardian attains the age of 60,
c. Student leaves the school,
d. Wind up of the School,

Profit Sharing

 

State Life would evaluate the scheme after every three years and if the scheme has generated any profit to State Life, 100% of the profit would be returned to the School. The profit of the Scheme would be worked out as follows:
Total Cost Paid or Payable
Less
State Life's Management Expenses & Contingency Margin
Less
Claims Paid,
Less
Claims in-process,
Less
Present Value of future payments on claims incurred & reported
Less
Provision for claims incurred but not reported.
State Life's Management Expenses & Contingency Margin as percentage of cost would depend on average number of students remained covered during the profit commission period, as follows:

Average Number of
Student per year
State Life's Management Expenses &
Contingency Margin (as % of Cost)
300-600 25%
601-1,000 20%
1,001-3,000 15%
More than 3,000 10%

Closing Remarks

 

This is a brief of the Scheme which is sufficient at proposal stage. If a proposal is accepted, a detailed contract would be executed between the School and State Life, containing all the details of the scheme.