Student grant insurance
Take care of your children's future!
Children grow up and start their own life. The best asset at the beginning of one's life is proper education. Parents do their best to help their children receive education; however, studies are expensive. In addition, there is always a risk that something might happen to the parents.
The most important thing about this insurance is that a child who has just attained his/her majority is provided with means for studies.
Coverage options
Student grant insurance
Premiums will be paid at an agreed periodicity. From the selected date the child will begin receiving monthly student grant payments continuing for six years, or an equivalent lump sum payment will be made as an option.
Student grant and orphan's pension insurance
Student grant insurance may be supplemented by orphan's pension insurance. Upon the insured person's death, an orphan's pension will be additionally paid to the child (or his/her caregivers) until the end of the insurance period. This pension will be paid every month and will amount to one half of the student grant. The student grant will be paid regardless of whether an orphan's pension is paid or not.
Persons eligible for this type of insurance
Persons who on the policy date are 14 to 64 years of age are eligible for this type of insurance.
One policy may cover two persons, for example, both parents. If either of them dies, the payment of premiums will cease and the child will be paid the benefits agreed.
Premiums
Premiums will depend on the insured person's gender, age, insurance period and the amount selected for the student grant. Premiums will be paid in Litas by applying the official currency exchange rate valid on the day of payment. A policyholder will pay annual premiums or follow other specified periodicity pattern. A policy should be taken out as early as possible, preferably upon the child's birth. In that case premiums will be considerably lower.
The advantages of studies insurance:
Freedom of choice:
- You decide on the sum insured and insurance period
- You may vary premium amounts and periodicity
- You may assign your rights as a policyholder
- Additional personal accident insurance (for adults and children from 1 year of age), additional critical illness insurance and additional disablement insurance may be included into the policy
- One policy may cover the lives of two persons
- Student grant or an optional lump sum payment of the accumulated capital may be chosen upon maturity
Rationality:
- You are protected against possible devaluation of Litas, because amounts are fixed in Euros
- Benefits are increased by contributions from the profits of the insurance undertaking; therefore, actual benefits will be higher than guaranteed in the policy
- If an insured person dies, further premium payment will not be required and the child will receive all benefits
- Tax allowances provide saving opportunities