Sri Lanka Insurance launches ‘School Fee Protector’
View(s):Sri Lanka Insurance (SLIC) has launched a ‘School Fee Protector’ Life Insurance plan to ensure an uninterrupted education for children studying in private and international schools. The SLIC ‘School Fee Protector’ has been introduced after recognising competitive lifestyles and the significant financial responsibilities of the communities in Sri Lanka.
SLIC said in a media release that by paying all pending school fees in the event of a parent’s unforeseen demise or total permanent disability, the ‘School Fee Protector’ plan assists in ensuring in continuous education to the children of private and international schools.
“With School Fee Protector, the child will not experience the misery of having his or her education disrupted or completely discontinued in such circumstances where the ability to pay remaining fees would otherwise no longer exist,” it said.
Parents aged between 18 to 65 years at the time the policy is taken can purchase ‘School Fee Protector’. Parents can choose the policy term and cover value according to the remaining number of school years and fees for the child and commence the policy with a single premium for the entire policy term. The cover can be taken at any time, not just at the beginning of the school year.
As a state-owned insurer and the pioneer of the insurance industry, Sri Lanka Insurance has been serving to the nation for over six decades, with a managed asset base of over Rs.268 billion and a Life fund of Rs. 152 billion, the largest in the local insurance industry.
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