Your Child's Future is Precious
Be it an aspiring lawyer, a caring doctor or a skilled engineer - whatever your child aspires to become tomorrow, we make sure it comes true. ILM (Child Education Plan) ensures your promise of better education gets fulfilled no matter what the future holds for you.

Allied Bank, with EFU Life Assurance Ltd, introduces “ILM”, a savings plan that helps you meet your child's future education expenses.

Why?
Education costs that are already exorbitant will further soar because of uncontrollable inflation. Saving adequately and then prudentially investing those savings will give you the financial ability to fulfill the promise of a better education to your children, even if you are not around to see it.

When Should you Start?
The earlier you start saving the better your child's future will be. So build a steady saving from as low as Rs.6,000 per annum with ILM After all, you work hard to earn your money; it's only fair that your money should work hard for you in return.

Milestones to Look-out for
School Fees: Rs. 70,000-Rs. 100,000 per year
University Education: Rs. 300,000-Rs. 500,000

These are approximate costs for good local schools and universities. These costs are substantially high right now and will be even higher by the time your child reaches these milestones.

Product Features and Benefits

Low Minimum Premium
I'LM gives you the opportunity to start saving for your child with as low asRs. 6000 per annum, which is less than Rs. 20 a day.

Built-in Accidental Death and Disability Cover
The plan provides immediate funds in case the assured parent dies due to an accidental cause or suffers permanent disability. The amount of payout is equal to 10 times the basic annual premium with a maximum payout limited to Rs. 5 million.

Regular Education Fund Benefit
Withdrawals linked to key education related events can be made. They are allowed after completion of 5 policy years and a maximum 10% of the fund value at each time can be withdrawn.

Education Bonus
The plan provides valuable education bonuses during the plan term to boost the fund accumulation. Starting from the 11th policy year, a bonus is allocated as a percentage of the average Basic Plan contribution paid.

The extra unit allocation, in addition to the basic plan contribution, is as follows:

Fund Withdrawal Option

At maturity, the plan provides the accumulated fund value, which can either be taken in a lump sum or in 2, 3 or 4 equal annual installments.

Continuation Benefit
In the unfortunate event of death of the assured parent during the savings term, EFU Life continues to make the contributions towards the plan so that the future planning of the child is not affected and the targeted funds are available when needed.

Optional Benefits

Illustration
For a 35 year old male, • plan with a 25 year term, an annual premium of Rs. 15,000 and a built-in Accidental Death and Disability benefit (providing sum assured of Rs. 147,400), the expected cash values would be as follows:

*The policy cannot be surrendered until two full years premiums have been paid.
A portion of premium is invested in earlier years.

If the policyholder chooses the optional rider i.e. Income benefit, for an annual premium of Rs.945, a regular quarterly income of Rs. 3,750 will be given to the family to meet the recurring child expenses incase of death of the parent during the plan term.

Accessibility
In case higher funds are needed, the client has the flexibility to fully or partially withdraw the accumulated fund value anytime after two full years premiums have been paid.

Unit Accumulation and Investment Fund
Every contribution paid towards the plan is invested in an internal investment fund of EFU Life called the “EFU Managed Growth Fund”.  The objective of the Fund is to maximize capital growth by investing in a balanced portfolio spread across a wide range of shares, government and other fixed interest securities and cash.

Fund Acceleration Premium (FAP)
You can make an additional lump sum contribution to the plan besides your regular Premium, to enhance its cash value, at any time during the  policy term.

Applicable Ages and Terms
The plan is available to individuals of 18 years to 60 years of age.  The minimum savings term available is 10 years while the maximum is 25 years. The savings term has to be selected in such a way that the maximum age of the customer at the end of the savings term is not more than 70 years.