General News of Thursday, 25 April 2002
Source: Accra Mail
Metropolitan Insurance Company Limited is launching a new insurance policy today to assist parents accumulate funds to finance their children's education.
The MetSchool Plan is also for those who want to save to fund their own education.
According to Metropolitan Insurance, the MetSchool Plan gives the benefit of regular savings with attractive interest, easy access to the funds to meet school expenses after a 3year contribution period, life assurance cover, and policy proceeds are freely transferable to any child or ward.
There is also an optional Accidental Death and Injury Benefit Rider, which pays a lump sum equal to the initial Death Benefit cover on the death or permanent disability of the life assured by accidental means.
A scheduled minimum contribution (premium) of ?50,000 is payable monthly to secure the benefits. Part of the premium is used to secure the death benefit and any Accidental Death and Injury Benefit Rider guaranteed by the policy, and also administrative expenses.
The rest is placed in a School Plan Investment Account, which will earn interest at a rate that will be declared annually.
The insurance company said unscheduled payments can also be made. "The more contributions you make, the more your Investment Account grows."
It said payment may be by Direct Debit to the Bank or by payroll deductions from source, and cover will commence only on receipt of the first premium The policy is open to anyone above the age of 18 who has a regular income and is in good health.
At the Planned Encashment Date (which is the date selected for assessing the policy proceeds at the commencement of the policy) the policy holder has free access to the cash value of the Investment Account.
"The following options are available:
To receive in full the cash value of the Investment Account Towards your education.
To receive the cash value of the Investment Accounts in instalments for a specified period to settle school fees; or,
To defer receipt of benefit for a stipulated period. In this case interest will continue to be paid on the Account.
Like any bank account, annual statements will be sent showing basic policy information and it will provide a yearend summary of all transactions.
Other important information about the MetSchool Plan
You may choose to make 3 partial withdrawals without penalty, provided that such withdrawal is not more than 25% of the net cash value on the policy and of course must be applied to school fees.
In order to help you accumulate funds faster, no loans will be allowed on this policy.
Your policy will lapse if premium is not paid within 30 days of due date.
Your policy can be reinstated within one year of the date of lapse, provided reinstatement occurs prior to the planned encashment date and the contract has not been surrendered.
Further information on the MetSchool Plan can be obtained from the following addresses:
Life & Health Offices
No 84 Independence Avenue
Tel.: 253023, 253053, 253083, Fax: 245071
Caledonian House Kojo Thompson Rd.
Tel.: 220966, 246296 and 227439
Mailing Address: P.O. Box 20084 Accra
Email: [email protected] (Attn. LIFE DEPARTMENT)
Tema: Tel: 022305714, Fax: 022307072
Kumasi: Tel: 05122080.Fax: 05132990
Obuasi: Tel: 058241656 Fax: 058241657
Takoradi: Tel: 03125182, Fax: 03132274
Tamale: Tel/Fax: 07123537
Osu: Tel: 768886/024 622 357
Spintex Road: Tel: 715180/027 583 262
Tarkwa: Tel: 0362 21168