To help parents manage the expenses of their children's education with comprehensive financial protection, MetLife Bangladesh has introduced a new insurance policy titled “My Child's Education Protection Plan.”
My Child's Education Protection Plan features several unique benefits for parents so that their children's education is not hampered by financial uncertainty. The policy offers both savings opportunities and insurance coverage for an unfortunate event like the death of the parent.
In case of the death of the parent, the family will receive death coverage equivalent to 100% of the insured amount (face amount). At the same time, the family will continue to receive 2% of the face amount every month until the policy coverage period ends and no premium payment is required.
When the policy's coverage period ends, the family will also receive another amount of financial benefit from partial maturity and maturity value with applicable bonuses.
If the insured child dies, the policyholder will receive the amount equivalent to the total premium paid or the cash value of the policy (whichever is higher) with applicable bonuses.
My Child's Education Protection Plan can be purchased with flexible coverage periods ranging from 12 to 20 years.
Commenting on the launch of the new policy, MetLife Bangladesh's Chief Executive Officer Ala Ahmad said: "Parents tell us about their worries in providing a well-planned and uninterrupted education that will help the children unlock their full potential. With our new education policy, we have addressed the major concerns of parents so that financial uncertainty does not hamper their dreams of raising successful children."