Enhanced GLICO Education Endowment Plan(E-GEEP) – FAQs

1. What is E-GEEP? 

E-GEEP is a savings plan with insurance benefits. It helps you save money to finance your child’s or your own education, while also protecting the premium-paying parent or guardian.

2. Who can take this policy?

• Policyholder: Must be at least 18 years old (maximum entry age is 57 years).
• Dependent Life: Can be enrolled from birth.
• Terminal age: 65 years.

3. How long does the policy last? 

You can choose a duration between 8 years (minimum) and 25 years (maximum).

4. What happens if the Policyholder dies? 

The Death Benefit (sum assured) is paid to the named beneficiaries. If death occurs within the waiting period, premiums paid will be refunded, except in the case of accidental death, where the full benefit is paid.

5. What is the Total Permanent Disability benefit? 

If the Policyholder becomes totally and permanently disabled due to accident or illness, up to 100% of the Death Benefit is paid. The deferred period for this benefit is 6 months.

6. What counts as total permanent disability? 

GLICO LIFE recognizes total permanent disability as:

• Complete loss of sight in both eyes
• Loss of both hands above the wrist
• Loss of both feet above the ankles
• Loss of one hand above the wrist and one foot above the ankle

7. What is Child Education Protection Assurance (CEPA)? 

If the Policyholder dies or becomes totally and permanently disabled, GLICO LIFE will continue paying the premiums until maturity. This ensures the child’s education savings continue. Benefit escalation stops when CEPA is activated.

8. Can I withdraw money before maturity? 

Yes. After the second anniversary, you can make a one-time Partial Withdrawal each year of up to 50% of your accumulated savings. If the Policyholder dies, the guardian of a dependent under 18 can withdraw up to 50% annually until maturity.

9. What do I get at maturity? 

At maturity, the Policyholder or beneficiaries receive the accumulated savings plus declared bonuses, minus any withdrawals made during the policy term.

10. How do benefits increase over time?

Benefits automatically increase by 5% each year, with premiums increasing by 10%. You can choose higher escalation rates if you prefer.

11. What is the waiting period? 

There is a 6-month waiting period before Death, Disability, or CEPA benefits apply. If death or disability occurs during this time, premiums paid will be refunded. Accidental death is fully covered even within the waiting period.

12. Can I surrender the policy before maturity? 

Yes. You can surrender the policy and receive a percentage of your accumulated savings depending on how long you’ve held the policy. For example:

• 2 years: 50%
• 5 years: 80%
• 7 years or more: 100%

13. When does the policy end? The policy ends if:

• The Policyholder dies
• The policy matures
• The Policyholder reaches age 65
• The policy is surrendered or cancelled during the free-look period
• There is non-disclosure of a pre-existing medical condition