CHILD STAR
PLAN
About the product
Child Star Plan is a personal life insurance plan that allows you to save for education costs.
It is composed of distinct Savings and Life Components the Childstar Plan is available to all people within the age group of 18 to 65 years and will provide life insurance cover up to the age of 66 years. You can choose to have a policy with a term of 5 to 20 years.
The policy has a minimum Sum Assured of Ugx. 5,000,000 & Maximum Sum assured of 40 million. The Minimum Saving Premium is Ugx. 50,000.
Benefits
Death Benefit
Upon the accidental death, we will pay 200% of the sum assured and in case of non-accidental death we will pay a lumpsum equal to the sum assured. If the policyholder dies, we shall pay the remaining Saving premiums on the policy and the value of the saving Fund will be paid out at selected maturity dates.
Maturity Benefit
The Policyholder will be entitled to the saving fund. The fund value will be paid out either at maturity or in annual payments over the last 3,4 or 5 years of the Policy’s life. The percentage of the total fund which pays out at each year is shown in the table below
Maturities | 3 Years | 4 Years | 5 Years | |
1st Payment | 100% | 40% | 30% | 25% |
2nd Payment | 55% | 40% | 30% | |
3rd Payment | 100% | 55% | 40% | |
4th Payment | 100% | 55% | ||
5th Payment | 100% |
Family Last Expense
This is an optional Bene?t. The Policyholder’s nominated spouse and up to 3 children will be covered. On Death of any of these members, we will pay out a lumpsum of Ugx. 2,500,000.