Product Features

Who should take this policy?

Any individual within the age of 18 to 56 years who wants to save a guaranteed cash value within a certain period for the educational goals of their children/ family members or to get the financial protection to provide the university expenses to the remaining children/ family members because of not being able to perform any income-generating work should take this policy.

Things that are assured

The followings are provided under this life insurance.

1. As a wealth management program, to save money for the educational goals of our children/ family members
2. The following risks are covered during the policy term

• • Risk of the education suspension of our children/ family members because of the loss of income due to the premature death of the insured
• • Risk of the education suspension of our children/ family members because of loss of income due to the total and permanent disability of the insured

Exclusion Clauses

Risks that are not entitled for the Death Benefit

If the insured dies for any of the following reasons, the insured is not entitled to Death Benefit.

• (A) Suicides within one year from policy commencement date
• (B) Death within one year from policy commencement date due to the underlying disease that were not disclosed when purchasing the insurance.

Risks that are not entitled for the Total Permanent Disability Benefit

If the insured has been permanently disabled for the following reasons, the insured is not entitled to Total Permanent Disability Benefit. Only the surrender value will be paid out to the policyholder or the beneficiaries.

• (A) Total permanent disability due to the self-inflicted injury
• (B) Total permanent disability due to the suicide attempt
• (C) Total permanent disability due to the drug abuse
• (D) Total permanent disability due to the use of harmful drugs
• (E) Total permanent disability due to the criminal commitment
• (F) Total permanent disability within one year from policy commencement date due to the preexisting disease that were not disclosed when purchasing the insurance.

Who can purchase this insurance?

The Policyholder

(A) As long as the proposer (who will become the policyholder) has the insurable interest with the insured and the mutual agreement between them, the insured can be any of the following individuals:

1. Our lives (the insured and the policyholder here is the same)
2. Wife or husband’s life
3. Children’s lives
4. Individual with Insurable interest

(B) A legal entity (who will become the policy owner) can propose to purchase this insurance if there is a mutual consent for the life of any individual with an insurable interest.

Beneficiary

• • The policyholder can select the beneficiary who will be entitled the death benefit in case of the unfortunate death of the insured.
• • The beneficiary can either be the individual or group with the proportional basis (percentage).
• • Policyholder can be assumed himself as the beneficiary in case of TPD or maturity term.

Policy Term

Premium term and eligibility due to the policy term depending on the policy term are as the followings.

Policy Term	Premium Term	Eligibility due to the Policy Term
9 years	5 years	Within 18 to 56 years
11 years	7 years	Within 18 to 54 years
14 years	10 years	Within 18 to 51 years

Since the eligibility of the policyholder is up to 65 years, the maximum age of the insured is 56 years for a minimum policy term of nine years.

Premium Payment

Premium can be paid monthly, quarterly, semiannually, and annually as desired on the given date.

Grace Period

Although payments must be made on the given date, the grace period is granted.

• • For the policies which has been chosen the premium payment mode as yearly, semiannually and quarterly, grace period 30 days is granted.
• • For monthly policies, grace period 15 days is granted.

Policy Lapse

• • For the policy term less than three year, the policy will be lapsed if the policyholder fails to settle the premium within the grace period.
• • For in-force policies which have the surrender value as they have been made premium payment more than three years and, the policy holder can miss to make the premium payment unless the total outstanding amount of the outstanding premium, interest on late payment and the receivables from the company are collectively no larger than the surrender value. (During the policy lapse, no benefit will be entitled in case of death/ total and permanent disability)

Reinstatement

You may reinstate your policy within 12 months from the policy lapsed date. The missed monthly premium(s), the interest and other outstandings must be paid in lump sum for the reinstatement of your policy.

Benefits

Basic Benefit Plan

Education Benefit • 20% of the sum insured will be paid every year starting from the end of premium term including the end of the policy term for 5 years.

Premium Waiver • In case of the death/ total and permanent disability of the insured, the future premium due to be paid is allowed to be waived and entitled to the Education Benefit.

Other Benefits

• • Paid-Up Policy

  For the in-force policies, the policyholder can convert into the paid-up policy if he can no longer make premium payments

• • Policy Surrender

  For the in-force policies, if the policyholder wants to cancel the policy, he has the right to return the policy and request a surrender value.

• • Policy Loan

  For the in-force policies, the policy holder can take out the loan.

Double Benefit Plan

1. All Basic Benefits

2. Death benefit

If the insured dies during the policy term, the beneficiary is entitled to claim the full sum insured. If it is converted to a paid-up policy, the paid-up value is entitled to claim.

3. Total Permanent Disability Benefits

If the insured is permanently disabled during the policy term and is unable to perform any income-generating work, the policyholder is entitled to claim the full sum insured. If it is converted to a paid-up policy, the paid-up value is entitled to claim.

Endorsements

If the policyholder would like to change the following facts within the policy term, he may inform KBZ LIFE Offices or our agents for the endorsement.

• • Changes in beneficiaries
• • Changes in mode of the premium payments
• • Changes in information (Address, Phone, Email, etc.)

How to purchase this insurance?

If you would like to purchase this Education Life Insurance, you can either contact the KBZ LIFE employee or KBZ LIFE Insurance Agent or online and the following procedures are required.

• (1) Fill proposal
• (2) Inspecting the insured's documents
• (3) Inspecting the medical evidences
• (4) Premium payment
• (5) Issuance of the protocol (receipt) / policy agreement as an acceptance of the request

Our KBZ LIFE and KBZ LIFE’s representatives are ready to provide service if you need any help to purchase the insurance. You can contact KBZ LIFE and representatives. The representative will follow through until the insurance process is completed.

How to claim for the compensation?

If you ever encounter any unfortunate events, address your concerns to us.

• • If the insured has died or injured during the insured period, or the insured is still alive until the maturity date, notify us immediately. The KBZ LIFE Office or KBZ LIFE representative or KBZ LIFE staff will assist you with any issues that may encounter in the process of compensation.
• • Send us required medical evidences.

KBZ LIFE will provide assistance to expedite claims.