FEATURES
AND BENEFITS
Full Payment Guarantee
If the Planholder passes away during the paying
period and before he reaches the age of seventy
(70), the unpaid balance of the Contract Price
shall be considered fully paid.
Waiver of Installment Due to Disability
If the planholder becomes totally disabled during
the paying period and before he reaches the age
of sixty-five (65), and such disability continues
for at least six (6) consecutive and uninterrupted
months, and provided a notification made to Prudentialife
within ninety (90) days after such disability,
Prudentialife shall waive the payment of each
installment becoming due during the period of
disability.
Accidental
Death and Dismemberment Benefit for the Planholder
If death or dismemberment of the insured Planholder
is proven to have resulted directly from bodily
injury effected solely through external and violent
means sustained in an accident, within ninety
(90) days after the date of sustaining the injury,
and independent of all other causes, and such
death or dismemberment occurs during the paying
period w/c must not extend beyond an aggregate
period of five (5) years and before the Planholder
reaches the age of sixty (60), indemnities shall
be paid as follows: (1) one hundred percent (100%)
of the Contract Price for loss of life, or two
hands, or two feet, or sight of two eyes or a
combination of one hand and one foot, or one hand
and sight of one eye, or one foot and sight of
one eye; (2) fifty percent (50%) of the Contract
Price for loss of one hand, or one foot, or sight
of one eye.
Accidental
Death and Dismemberment Benefit for the Scholar
If death or dismemberment of the insured Scholar
is proven to have resulted directly from bodily
injury effected solely through external and violent
means sustained in an accident, within ninety
(90) days after the date of sustaining the injury,
and independent of all other causes, and such
death or dismemberment occurs while the Scholar
is enrolled and availing of the education program,
indemnities shall be paid as follows: (1) one
hundred percent (100%) of the Contract Price for
loss of life, or two hands, or two feet, or sight
of two eyes or a combination of one hand and one
foot, or one hand and sight of one eye, or one
foot and sight of one eye; (2) fifty percent (50%)
of the Contract Price for loss of one hand, or
one foot, or sight of one eye.
If the Planholder passes away before the maturity of the plan and before he reaches the age of 70, a cash benefit equivalent to 100% of the Contract Price shall be extended to the Beneficiary.
Educational Assistance Benefit
If the planholder passes away before the maturity of the plan, and before the Planholder reaches the age of 70 , the Scholar shall receive an amount equivalent to 10% of the Contract Price for every elementary and high school year education he/she will undergo prior to maturity, up to maximum of 100% of the Contract Price.
Dual Protection Benefit
If the co-Planholder passes away during the paying period and before he reaches the age of 60, the unpaid balance of the Contract Price shall be considered fully paid.
Starter Fund
After the Scholar's completion of the education program using his/her PowerEd Plan, the Planholder shall receive a cash bonus equivalent to the last annual Plan Benefit given.
Money-Back Benefit
Ten years after completion of the Education program, Planholder or Beneficiary, if Planholder has already passed away will receive 100% of the Contract Price.
Other Features:
Deferred Designation of Scholar
- Planholder may purchase an education plan even without a specific Scholar in mind
- Planholder should specify the maturity of the plan
The Planholder may designate a new Scholar at any period of the plan provided that:
- If the change is to be done during the Paying Period, the new Scholar must have the same age qualification as the original Scholar or must be younger (but age gap must not exceed 5 years).
- If the change is done during the Availment Period, any eligible Scholar may be designated.
The Planholder may donate or sell the plan to any living relative or third party provided that:
- The Plan is up-to-date or fully paid
- A new Plan Application is filled out and signed by the Transferee
- Transfer is done in writing and approved by Prudentialife (via Transfer form to be signed by the Transferor and the Transferee)
- The Transferee is subject to new insurance requirements and to the same terms and conditions of the original contract
If the Planholder fails to pay his installment on due date, he/she is given a two-month grace period from due date to settle the account without penalty. Should the Planholder fail to settle his/her account within the grace period, the Education Plan shall be considered lapsed. Lapsed plans for not over two (2) years can still be reinstated either by:
- Updating
The Planholder pays all arrears with penalty charges based on prevailing interest rate plus reinstatement fee.