Fee Continuation Plan – Educational Institute
Plan Overview / Benefits
An educational institute is a second home to a child. The institute grooms, educates and protects the child just as the parents do. Therefore education institutions are as important as parents in shaping the child’s future. It thus comes as a responsibility of a parent as well as the education institution to ensure continued education of a child. Should the unfortunate event happen, this dream could become a nightmare. Through this plan EFU Life takes up this crucial responsibility and guarantees the continuation of providing quality education should any unfortunate event occur.
The Fee Continuation Plan can be taken up by schools as well as colleges, universities and all types of educational institutes. This plan offers the following:
- Premium may be built-in the institute’s monthly or annual fee and projected as an additional benefit the institute is providing.
- Building the good-will of the institution.
- Built-in inflation protection in annual premium
- Coverage of Parent or guardian upto 60 years of age.
- Premiums are treated as allowable expense for tax purposes.
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Riders
The EFU Group Life Fee Continuation Plan gives employers the facility to tailor the package to their specific needs by choosing from a comprehensive range of additional benefits available. All covers are available on a 24-hours worldwide basis and cover both on-duty and off-duty risks.
Even though the additional benefits are subject to some exclusions, the basic life benefit is exclusion free and shall be payable in any case. Acts of terrorism such as fire-arm, murder, assault and assassination are covered as well.
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Accidental Death Benefit
The benefit provides an additional indemnity in the event of accidental death.
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Accidental Disability Benefit: (own and similar occupation)
The benefit provides for the full payment of the sum assured if the permanent and total disability by accident prevents the employee from following his own occupation or any other similar occupation for which he is reasonably suited by reason of education, training or experience. This benefit mainly aims to provide a financial cushion to individuals of your group.
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Accidental Disability Benefit: (any occupation)
The benefit provides for the full payment of the sum assured if the permanent and total disability by accident prevents the member from following his occupation or any other occupation. This benefit mainly aims to provide a financial cushion to individuals of your group.
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Natural Disability Benefit
This benefit provides for the payment of the full sum assured if permanent disability is caused by natural causes.
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Data Requirement
The basic data requirement from the institute is the fee schedule for each grade and the number of students studying for the respective grade. Comprehensive data for a parent/guardian for each student shall be required with details regarding names, dates of birth and CNIC numbers. New students and school-leavers may be adjusted on a monthly basis in the plan.
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Service Standards
At EFU Life we strive to provide you excellent services and serve you beyond your expectations. Having a friendly customer service and a dedicated sales force, we ensure you the best of our attention at all times.
We have set up stringent service standards so that we may satisfy our customers consistently
- Claim Settlement within 7 days of submitting claim documents
- Service response to business queries within 3 working days
- ISO 9001-2008 certified operational procedures to ensure optimal quality services
- Well-trained staff with strong insurance background
- Preparation of quotations within 3 days of quotation request from customer
