The satisfaction of seeing our children receive their certificate at their university graduation ceremony is a culmination of all our efforts to help them achieve this goal. Most, if not all, parents want to provide tertiary education for their children. But the costs involved, ranging from school fees, textbooks as well as tuition fees can be hefty and pose a real concern to many parents.
The fact that $1.1 billion is spent by families on tuition a year is a good indicator of how much Singaporeans value education, not to mention how increasingly expensive it can get too.
According to the Report on The Household Expenditure Survey for 2012/2013 which was released in September 2014, the average amount a household spent on educational services a month was $310 in 2012/13 – an increase of 5.7 percent per annum over the last five years. The key average monthly expenditure on university education on private tuition and other educational courses works out to be about $105 and $106 respectively.
In a fees table published online by the National University of Singapore,tuition fees for its new cohort for 2014/15 per annum range from $7850 for an Arts & Social Science Singaporean undergraduate (after MOE tuition grant) to $24,200 for a Dentistry course.
Taking into account the inevitable large sum to be set aside for education, not to mention additional costs due to rising inflation rates, most discerning parents will probably start planning well ahead. Instead of just squirreling their money into a saving account, most sensible parents understood that they can expedite their resources by investing into a financial product targeted at children’s education.
Great Eastern Life’s Supreme Education secures your child’s future and education needs.
High guaranteed cash payouts
School fees, textbooks, tuition and enrichment classes such as ballet or swimming – all these will cost you a tidy sum of money.
With cash payouts totaling 130% of the Sum Assured paid out to coincide with your child’s educational milestone ages, i.e. ‘O’ Levels, ‘A’ Levels and three years of tertiary education1, Supreme Education can ease your financial burden or come in handy on a rainy day.
If you choose not to cash out over the payout periods, you can also accumulate the payouts2 for withdrawal at a later date.
Choice of two maturity ages and premium payment terms
We understand that not every child will pursue the same educational path. To assure that a plan is relevant to your needs and budget, you can choose from two maturity ages of 22 or 24* to coincide with your child’s educational journey.
You can also choose between two premium payment terms: 10 years or up to three years before maturity.
Guaranteed insurability for added assurance
Supreme Education offers Guaranteed Insurability Benefit that allows your child to have additional coverage3 without the need for medical underwriting upon adulthood, another significant life stage. This option can be taken up between six months before and six months after the maturity of this plan.
Exclusive protection for parent
For better security and comprehensive coverage, you can opt for the Parent Assurance Benefit (PAB)4. This rider offers a lump sum payout to cover your child’s living expenses in the event of the parent’s Death, Total & Permanent Disability (TPD), Terminal Illness (TI) or 30 Critical Illnesses (optional).
If no claim is made throughout the PAB term, upon maturity, the No Claim Cashback benefit provides a refund of 50% of the total PAB premiums paid.
In addition, the Payer Benefit rider ensures waiver of premiums so that there is no disruption to the education plan in the event of the unexpected.
To secure your child’s education, speak with your Great Eastern Life distribution representative today!
* Based on age next birthday. 1 Based on Singapore’s mainstream education system: ‘O’ Level, ‘A’ Level and three years tertiary education. 2 Cash payouts will be accumulated at the company’s prevailing interest rate, subject to change without notice. 3 Limited to S$200,000 or 200% of sum assured of the existing Supreme Education plan, whichever is lower. Other terms apply. 4 As a reducing term rider, the Sum Assured will reduce over the term of the rider.
The above is for general information only. It is not a contract of insurance. The precise terms and conditions of this insurance plan are specified in the policy contract.
Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid. It is usually detrimental to replace an existing accident and health plan with a new one. A penalty may be imposed for early plan termination and the new plan may cost more, or have less benefits at the same cost.
These plans are protected under the Policy Owners’ Protection Scheme, which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
Information correct as on 11 November 2014
The Great Eastern Life Assurance Company Limited (Reg No. 1908 00011G)
1 Pickering Street, #13-01 Great Eastern Centre, Singapore 048659