Masomo Plus

Secure your child’s future by ensuring that their education is guaranteed

The product is primarily an education savings plan with regular benefits payable to the policyholder at the end of the premium payment term.

The timings of the regular benefits will be such that they coincide with the planned school going period and thus enabling the product to fulfill the intended need to provide for school fee at the most appropriate time.

The entire policy term will be divided into two key periods:

  • Savings period
  • Benefits period


Savings Period

This is essentially the premium payment term. This is the period during which the policyholder will pay premiums and you will have the option to select the required savings period based on their envisioned school joining age for their child.

Benefits Period

This is the period when you receive pay-outs which will be in terms of regular annual benefits to yourself or the school.

It has benefit period ranges from 3 to 8 years and you have the option of selecting the one that is most suitable.

Main benefit

The main benefit under the policy will be each of the regular benefits (School fees) paid to you or to your child’s school during the benefit period. This will be payable annually or termly in advance from the end of the Savings Period to the end of the Benefits Period.

Premium waiver

This is where premium payment is waived up to the end of the savings period in the event that you as the premium payer come to an untimely demise or suffer from a critical illness This means that premium payment is no longer needed.

Points to Note
  1. In case of Death of policy owner during savings period or during the education period. Premiums are waived up to the end of savings period and schools fees made as prior arrangement.
  2. In case of Death of child dependent during savings period: Automatically, 10% of the sum assured is paid but up to a maximum of 200,000/=
    Additionally, you will be required to do either of the following:
    1. Nominate a different child beneficiary
    2. Convert the policy to a normal endowment plan
    3. Terminate the policy in return for premium less expense as will be determined by the company
    If first two options are selected, the policy continued as before
  3. Death of child during benefits period A lump-sum benefit equivalent to the present value of all unpaid future school fee benefits at the time of death is paid. The amount payable will be known to the client at policy inception.
  4. Death of policy owner during benefits period No benefit will be immediately payable. However, the on-going school fee payments will continue to the end of the policy term.
Optional Benefits
  1. Critical Illness Rider
    This will be a lump sum benefit payable on the life of policy owner being diagnosed with certain specified illnesses.
  2. PTD Rider
    Future premiums are waived on disability of the premium payer to keep the policy in-force to the end of the premium term and to maintain the original benefits as selected by the policyholder at the onset of the policy.
  3. Waiver of Premiums on Critical illness
    On behalf of the policy-owner future premiums will be waived on the premium payer getting diagnosed with any of the illnesses specified as critical to keep the original benefits as selected at the onset of the policy.
Policy terms
Minimum (Years) Maximum (Years)
Savings Period 5 18
Benefits Period 3 8
Entire Policy Term 8 24
Conditions of the policy
  1. Applicable for persons aged between age 18 to 65 years
  2. 6 months waiting period where only claims from accidents are payable
  3. Premiums paid are fixed and can be done annually, semi-annually, quarterly or monthly.
  4. Policy acquires surrender value only after one year
  5. Premiums adjustment either upwards or downwards is allowed subjected to timely notification
  6. A cooling off period, where you can opt to cancel the policy, of thirty days is applicable.
  7. The policy acquires interest through bonuses paid periodically as announced and advised
  8. The policy allows you to take a loan against the amount saved.
List of illness considered critical
  • Heart Attack
  • Stroke
  • Cancer
  • Renal Failure
  • Coronary Surgery
Funeral Cover

Don’t let your passing be stained with the cumbersome funeral costs. Allow your loved ones mourn in peace.

There are few things in life as tragic and heart-breaking as an unexpected death of a loved one. The pain only increases if your loved ones are trying to come to terms with the loss and having to cope with the funeral arrangements and cost.

This policy covers the beneficiary and the beneficiaries in the event of:

Death – This involves accidental impairment and accidental loss of life as well as natural death

Impairment – This involves loss of eyes, loss of ears, loss of speech, loss of limbs and others as specified in the schedule/p>

Major Burns – All degree of burns are also covered under this policy.

Important points to note:

  • In the event that the main member dies, the benefit will be paid in lump sum
  • The cover commences immediately policy is taken in the cases of accidental death. In natural death cases, there will be a minimum waiting period of 1 month.
  • The minimum entry age for infants is one month and the maximum entry age for adults is 75 years.
  • The cover is renewable annually
  • Children are covered up to a maximum age of 25 years under proof of still being under the care of parents/guardian (proved through schooling)
  • The cover covers a maximum of four children and one legal spouse
  • Biological parents of policy holder and spouse can be added at an additional premium
  • Minimum joining age is 30 days for children and maximum limit is 75 years.
  • Children over 18 years are covered up to 25 years with proof of schooling.
Cover Options
  • Minimum joining age is 30 days for children and maximum limit is 75 years.
  • Children over 18 years are covered up to 25 years with proof of schooling.
Additional Benefits

    The policy also covers for other extra costs that the family may have to meet at the time of death. These include but are not limited to:

  1. Refreshments at funeral
  2. Cost of buying wreath
  3. Cost of tent, seats etc.
  4. The hearse
  5. The cost of transportation of family members
  6. The casket or urn
  7. Purchase of burial plots in public cemeteries
  8. Clearance of all hospital bills inclusive of mortuary bills accrued within clause
  9. Labour for the burial site
  10. Obituaries and any other funeral announcements
  11. Cremations
  12. Costs of mortuary
  • Death or impairment as a result of suicide or attempted suicide
  • Alcohol and drug abuse
  • Involvement in criminal activities or illegal acts