Saving for education is one way to give your child the tools to get ahead / for success. Whether it is finance for school fees, technikon or university fees, start saving for education today with the Old Mutual Education Plan.
Features and Benefits
- Invest from as little as R150 a month, for 10 years or more.
- You may invest more if you wish - up to R1000/child.
- Assuming that the current tax rule continues, your payout will be tax-free since the insurer already paid tax.
- You may make a part withdrawal within the first five years and then every five years thereafter.
- With the Premium Holiday benefit, you can miss up to 6 monthly premiums over the term of your policy without it being made paid-up.
- No medical examination is required.
- Optional premium waiver benefit! For an increased premium, if you die or are disabled due to an accident at any time within the first 10 years, Old Mutual will pay into the Plan the value of the premiums for the balance of the first 10 years. The same applies if you die from causes other than an accident after the first 6 months.
- Old Mutual invests your money in its Smoothed Bonus Portfolio, which aims to deliver inflation-beating returns. With that goal in mind, bonuses are added to your investment each year.
- Your monthly premiums will be increased automatically each year although you may opt out of this if you cannot afford the increased premium. View an illustration of the effect of premium increases
- You qualify to invest in the Education Plan if you're a permanent resident of South Africa and at least 18 years of age.
- Access to health and legal support, trauma, assault and HIV treatment and emergency medical response, as part of Family Support Services (free with your Plan).
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