Orient Insurance Educare Oriented Plan

The UAE, with its resilient economy, political stability, and progressive financial regulations, has emerged as a favoured destination for prudent investors around the globe. In the realm of financial planning, one segment that warrants specific attention is safeguarding a child's future, with a particular focus on their education.

This article sheds light on a comprehensive investment solution for this concern - the Orient Insurance Educare Oriented Plan. This distinctive insurance plan promises to anchor your child's educational journey from school through university and beyond.

Let’s keep on reading as we unravel the features, benefits, eligibility, and more details about this investment plan to help you secure your child's academic future.

About Orient Insurance PJSC

Orient Insurance PJSC is a leading insurance provider in the UAE, known for its innovative and customer-friendly insurance solutions. The company is committed to providing secure and beneficial insurance and investment plans to its customers and has a strong presence in the UAE insurance market.

Orient Insurance Educare Oriented Plan Details

Refer to the table below to know the key details of the Orient Insurance Educare Oriented Plan –

Aspect	Detail
Plan Type	Endowment Savings Plan
Minimum Entry Age	18 Years
Maximum Entry Age	62 Years
Maximum Age at Maturity	70 Years
Minimum Plan Term	8 Years
Maximum Plan Term	30 Years
Minimum Premium Payment Term	1 Year
Maximum Premium Payment Term	2/3rd of the Plan Term
Premium Frequency	Monthly / Quarterly / Half Yearly / Yearly
Guaranteed Terminal Bonus	8-10% of the sum assured based on the plan term
Guaranteed Bonus	1% of the Sum Assured per policy year, payable at Maturity or in the event of a Death Claim
Family Income Benefit	Guaranteed Monthly Family Income Benefit till maturity, 1% of the Sum Assured
Waiver of Premium	Applicable in the event of the policyholder's demise
Maturity Benefit	100% Sum Assured + 1% Guaranteed Bonus of the Sum Assured (Annually) + Guaranteed Terminal Bonus
Death Benefit	Sum Assured for Immediate Financial Assistance, Waiver of Premium, Family Income Benefit, and Maturity Benefit
Optional Riders	Accidental Death Benefit, Permanent and Total Disability (Accident and Sickness), Passive War Risk
Surrender Options	Full surrender with applicable surrender value or continue with reduced surrender value
Policy Reinstatement	Available up to 24 months from the first unpaid premium due date
Minimum Premium Amount	AED 250 Monthly or USD 100 Monthly

Key Features and Benefits of Orient Insurance Educare Oriented Plan

The Orient Insurance Educare Oriented Plan is an endowment savings plan with the following key benefits -

• Immediate Financial Support: The plan offers immediate financial support upon the unfortunate demise of the policyholder.
• Guaranteed Maturity Benefit: This is the amount payable upon policy maturity.
• Guaranteed Terminal Bonus: The plan provides a guaranteed terminal bonus based on the plan term.
• Family Income Benefit: In case of an unfortunate event, the family receives a guaranteed monthly income until the plan's maturity.
• Waiver of Premium: In case of the policyholder's demise, future premiums are waived. This way, one’s family members can continue to receive the benefits without the financial burden of the premiums.
• Guaranteed Bonus: The plan offers a guaranteed bonus of 1% on the Sum Assured per annum.
• Coverage: Orient Insurance Educare Oriented Plan offers worldwide coverage.
• Grace Period: The plan comes with a grace period of 90 days from the last premium date.
• Free Look Period: Another key advantage of the plan is its free look period, which is 30 days from the policy issuance date.

Maturity and Death Benefits of the Orient Insurance Educare Oriented Plan

Maturity Benefit

The maturity benefit is the payout that the policyholder receives from Orient Insurance upon survival until the end of the policy term. The structure of the maturity benefit in the Educare Oriented Plan is both robust and guaranteed, designed to provide substantial financial support for your child's education.

The Maturity Benefit primarily consists of the following -

• 100% Sum Assured: This is the basic sum assured agreed upon at the inception of the policy. It's the guaranteed amount that you will receive on maturity.
• 1% Guaranteed Bonus of the Sum Assured Annually: This is an additional bonus that accrues every year. It's calculated as 1% of the sum assured and is added to the total payout at maturity.
• Guaranteed Terminal Bonus: The Educare Oriented Plan provides a guaranteed terminal bonus upon maturity. This bonus is calculated as a percentage of the sum assured based on the plan term.
• Reversionary Bonus: If applicable, the reversionary bonus is added to the maturity payout. The reversionary bonus is not guaranteed and is declared by the company based on its performance.

Death Benefit

The Death Benefit serves to provide financial protection to the policyholder's family in case of their untimely demise. In such an unfortunate event, Orient Insurance ensures that your child's future remains secure. 

The Death Benefit in the Educare Oriented Plan is quite comprehensive and includes -

• Immediate Financial Support: Orient Insurance will immediately pay out the sum assured to provide immediate financial support to the insured’s family.
• Waiver of Premium: After the policyholder's demise, the family will not have to pay any more premiums, which relieves them of any financial burden.
• Guaranteed Monthly Family Income Benefit: The plan also offers a guaranteed monthly family income benefit till maturity, calculated as 1% of the sum assured. This provides a steady income to the family.
• Maturity Benefit: In addition to the above, the family will also receive the Maturity Benefit (100% Sum Assured + 1% Guaranteed Bonus of the Sum Assured Annually + Guaranteed Terminal Bonus) + any applicable Reversionary Bonus. This will ensure that your child's education is financially covered, as initially planned.

Surrender Value of Orient Insurance Educare Oriented Plan

The surrender value is the amount that the policyholder receives from the insurance company if they decide to exit the policy before the end of the policy term. It's essential to note that the policy acquires a surrender value only after a certain period of time, as defined by the policy terms.

For the Orient Insurance Educare Oriented Plan, policyholders have two options in case they decide to surrender their policy:

Option 1: Full Surrender of the Policy

In this case, policyholders can choose to surrender their policy entirely and avail the applicable surrender value. Upon surrender, the insurance cover will cease, and policyholders will not be entitled to any further benefits from the policy. This option is suitable for those who need immediate liquidity and are willing to forego future benefits.

Option 2: Partial Surrender and Continuation of Protection Benefits

Alternatively, policyholders can choose to continue with the protection benefits, i.e., the Death Benefit and the Family Income Benefit, while availing a reduced surrender value of the policy. In this instance, despite surrendering a part of the policy, the policyholder's family remains covered under the protection benefits.

In this scenario, the policyholder gets a portion of the surrender value while the remaining policy continues to provide death and income benefits. This option is suitable for those who require some immediate funds but also wish to maintain insurance protection for their families.

Eligibility Criteria for Orient Insurance Educare Oriented Plan

To apply for the Educare Oriented Plan, the applicant must meet the following criteria -

• Possess a valid UAE/GCC nationality or residence visa
• Minimum entry age is 18 years, while the maximum is 62 years.
• The maximum age at maturity is 70 years.
• The minimum and maximum plan terms are 8 years and 30 years, respectively.
• The minimum Premium Payment Term is 1 year, and the maximum is 2/3rd of the Plan Term.

Required Documents for Orient Insurance Educare Oriented Plan

To apply for the Educare Oriented Plan, you will need the following documents -

• Completed and signed application form
• Signed illustration
• Emirates ID, Passport Copy with valid UAE/ GCC residency visa
• Copy of standing order form (for payments by Account Debit) and Credit Card Authorisation form (for payments by credit/debit cards)
• Medical and/or Financial Questionnaire (if applicable)

Note that Orient Insurance may ask for any other document as required.

Optional Riders with Orient Insurance Educare Oriented Plan

The Orient Insurance Educare Oriented Plan offers 4 optional riders to enhance the policy's coverage:

• Accidental Death Benefit (Additional): This rider provides an additional sum equal to the Sum Assured in case of the policyholder's unfortunate death due to an accident.
• Permanent & Total Disability (Accident & Sickness): This rider ensures that in case of Permanent and Total Disability due to accident or sickness, future premiums will be waived while the Family Income Benefit and Maturity Benefit will continue.
• Permanent & Total Disability (Accident): Similar to the previous rider, this one waives future premiums in case of Permanent and Total Disability due to an accident. The Family Income Benefit and Maturity Benefit, meanwhile, will continue.
• Passive War Risk (Accelerated): This rider extends the policy's Death Benefit to include Passive War Cover, which is applicable for the Life Assured mentioned in the Policy Schedule. This Benefit is further extended to Permanent and Total Disability (accident and sickness), if opted for.

How to Apply for Orient Insurance Educare Oriented Plan?

Applying for the Orient Insurance Educare Oriented Plan is a straightforward process that can be initiated from your home’s comfort through the Policybazaar Insurance website.

• Visit Policybazaarinsurance.ae and navigate to the investment option.
• Fill out the lead form with the specified details.
• Choose the Orient Insurance Educare Oriented Plan from the plans listed.
• Go through the plan details and click on the 'Apply Now' button.
• A concerned representative will contact you and help you with the process.

Mentioned below are some of the key advantages of applying for the Orient Insurance Educare Oriented Plan through the official website of Policybazaar Insurance UAE -

1. Ease of Comparison: Policybazaarinsurance.ae allows you to compare different insurance policies side-by-side. This helps you understand the benefits, features, and costs of each policy, which can help you make an informed decision.
2. Detailed Information: The website provides detailed information about each investment plan, including benefits, features, eligibility criteria, exclusions, terms and conditions, premium payment options, and so forth. This transparency helps users understand exactly what they're purchasing.
3. Convenience: Policybazaar Insurance UAE allows you to buy investment plans online from the comfort of your home or office. This eliminates the need to visit a provider’s office or meet with agents. The entire process, from researching policies to paying premiums, can be done online.
4. Customer Support: Policybazaarinsurance.ae offers excellent customer support. In case you have any questions or need assistance, you can easily contact our customer service team via phone or email.
5. Safe and Secure: Our platform uses secure payment gateways for all transactions, ensuring that the user's personal and financial data is always safe. Furthermore, the website respects users' privacy and follows strict guidelines to keep their personal information confidential.

Take a look at the next section of the article to see what others have been asking about the Orient Insurance Educare Oriented Plan.

Frequently Asked Questions