Continuous Educational Endowment Plan (CEEP)
This is an Endowment Life Assurance Plan which can be effected on the life of a parent or guardian, for the benefit of a named child in order to cater for the child’s educational expenses in the event of the death of the parent or at maturity of the policy.
Features of the Plan
- The assured/parent determines the maturity period which should correspond with the child’s anticipated school age at any level of education
- Sum assured is selected by the assured in accordance with his ability to pay the premium
- Sum assured is payable on the death of the life assured and is applied to fund the child’s education without interruption
- Benefits could be paid in installments or lump sum
Benefits
- Savings for future
- Additional accidental death benefit
- 100% waiver of premium benefits
- Tax relief on premium paid benefits are tax-free
- It can be used as collateral security
- The policy qualifies for loans after two years premium payment