By Cynthia Alo

In recognition of the role of education in social and economic development for future generations, the Nigerian subsidiary of Old Mutual Limited (OML) has launched an Education Protection Plan (EPP or EduSure) that assists parents/guardians secure uninterrupted learning for their children/wards.

The company said that with EduSure, parents/guardians save towards an educational goal for their children/wards, while Old Mutual provides that assurance of meeting that goal in the event of the policyholder’s death.

The company explained further explained that a policyholder can elect to save a specific amount of money for ten years towards a child’s university education, noting that EduSure ensures that the target sum is paid to the beneficiary should the policyholder, unfortunately, pass away within the policy tenure. The policy also provides a refund of premium, delivering 40 percent of the premium to the policyholder should the beneficiary die before attaining the age of 25 and a cash back option to the policyholder for continuous payment over a 36-month period.

Commenting on the new product, the Executive Head, Marketing and Customer Experience, Old Mutual Nigeria, Alero Ladipo, said the product is targeted at helping more Nigerian parents/guardians achieve the desired future for their children/wards no matter what life serves them in the future.

Also speaking, Managing Director of Old Mutual Life Assurance Limited, Olusegun Omosehin, stated: “Investing in an education plan is an intelligent way of ensuring your child gets the best education possible without the exigencies of life interrupting their learning process. With our Education Protection Plan, parents/guardians are guaranteed that their children/wards can achieve the future they desire by simply setting aside a target amount for their future educational goals.”