The underlying product features are quite similar to that of Quality Investment Plan. The education plan is a universal life product under which guaranteed monthly contributions will be payable for a specific term selected at the outset of the policy. The policy develops Investment Account and Cash Values through periodic contributions. The purpose of the product is to provide a maturity benefit for funding tertiary education. The benefits are payable to the policyholder or to the nominated child when the policy holder dies. The policy is allowed to elect from one of three rider options namely;
I. Death benefits equal to future premiums will be paid by the company following the death of the premium payer, if death premium waiver is elected.
II. Death benefits equal to future premium will be paid by the company following the death or disability of the premium payer, if death and disability premium waiver is elected.
III. A decreasing death benefit plus the Investment Account shall be paid on the death of the premium payer, if the decreasing term insurance rider is elected.
IV. The Investment Account is paid on the death of the child or at maturity of the policy.