Qn. Why does Old Mutual Life Assurance consider education a key focus area for its insurance solutions?
Education is one of the most powerful investments a family can make, impacting not just individuals but whole communities. Old Mutual Life Assurance understands this and focuses on education because of its lasting social and economic benefits.
Through customized savings solutions, they help families afford their children’s education, ensuring that money doesn’t stand in the way of learning.
Qn. How does the SOMESA Plus education savings plan align with Old Mutual Life Assurance’s overall mission and vision?
SOMESA Plus reflects Old Mutual Life Assurance’s goal of creating better futures and its vision of being the most trusted financial partner.
The plan offers families a dependable way to save for education, with the added benefit of guaranteed returns, giving them peace of mind. This shows the company’s dedication to helping people and supporting long-term growth in communities.
Qn. Can you give us an overview of the SOMESA Plus education savings plan and its unique features?
The SOMESA Plus Education Savings Plan is a life insurance product that helps parents or guardians save for their child’s education while providing financial protection.
It ensures school fees are covered by building up funds over time, with a savings period ranging from 5 to 10 years. Key features include guaranteed payouts at maturity, life cover benefits (10% of the sum assured paid immediately if the policyholder passes away), and annual child income benefits (12% of the sum assured until the policy ends).
If the policyholder dies or becomes disabled, premiums are waived, and payouts can be made termly, semi-annually, or annually.
Other perks include tax-free payouts, access to policy loans, and options like paid-up or surrender value to prevent the policy from lapsing.
Qn. What differentiates SOMESA Plus from other education savings plans in the market?
The SOMESA Plus Education Savings Plan stands out for its blend of savings, life insurance, and flexibility. Here are the main features that set it apart.
a) Premium Waiver: If the policyholder passes away or becomes disabled, future premiums are waived, ensuring the savings for the child’s education continues without disruption.
b) Child Income Benefit: If the policyholder dies during the accumulation period the plan pays 12% of the sum assured annually to the child until the policy matures.
c) FlexiblePayoutOptions: Parents can choose when they want payouts (termly, half-yearly, or yearly) and can select a payout phase of up to 4 years to match educational needs.
d) Policy Loan: Once the policy gains cash value, policyholders can borrow up to 50% of their savings at a 10% annual interest rate.
e) Tax Free Benefits. The benefits,including maturity payouts,are tax-exempt, allowing the policyholder to maximize returns.
Together with guaranteed maturity payouts and protections against lapsing, such as paid-up provisions, SOMESA Plus offers a strong and secure education savings plan.
Qn. What trends are you seeing in how families approach saving for education? More and more families are focusing on organized savings plans instead of random saving habits to secure their finances for the future, especially for education.
With the increasing cost of education, people are becoming more aware of how important it is to save regularly and how useful specific insurance products, like SOMESA Plus, can be in achieving this goal.
Qn. How has the demand for education-focused insurance products evolved in recent years?
The need for education-related products has increased as parents become more aware of the rising costs of good education.
With economic uncertainties and the goal of giving their kids the best opportunities, families are looking for financial solutions that provide stability and predictability.
Qn. Are there any particular customer segments or demographics that benefit the most from SOMESA Plus?
SOMESA Plus is great for middle-income families who want a dependable way to save for education while balancing other financial needs. It’s also Controlled Disclosure appealing to young parents who are planning ahead and want to make sure their children’s future is secure.
Qn. Are there any plans to enhance or expand the SOMESA Plus offering in the future?
Old Mutual Life Assurance is always coming up with new ideas to keep up with changing customer needs.
In the future, they might improve SOMESA Plus by adding digital management tools, offering more flexible payout options, and even linking it to scholarships or educational grants to make it a more complete solution.
Qn. How is Old Mutual Life Assurance innovating to stay ahead in providing financial solutions for education?
The company uses technology and customer feedback to provide personalized and easy-to-use solutions.
This includes digital platforms for easy policy management, collaborations with schools and universities, and frequent updates to keep products competitive and up-to-date.
Qn. What message would you like to share with families about the importance of financial planning for education?
Education is key to building a better future. If families start planning and saving early, they can avoid financial obstacles that might hinder their children’s aspirations.
SOMESA Plus provides a reliable way for parents to invest in their kids’ future with peace of mind.
Qn. How does Old Mutual Life Assurance’s commitment to education contribute to its larger societal impact?
Old Mutual Life Assurance is dedicated to education as part of its mission to promote financial well-being and create strong communities.
By supporting families in getting quality education, the company plays a role in ending poverty, encouraging new ideas, and developing future leaders.
