Bancassurance

Tuition

«Tuition» is securing your child’s education

Securing your child’s education is to ensure him/her a better and brighter future.


Is there a right time to start saving?

It’s never too late to start planning for your child’s educational and academic future. Start saving now, your savings will grow with him.


What is « Tuition »?

« Tuition » is a saving plan and a life insurance offered by Emirates Lebanon Bank sal, proposed by Willis Towers Watson Lebanon in collaboration with Libano-Suisse s.a.l.


It allows you to:
  • Build up savings to finance your child’s university education.
  • Ensure continuity of your savings plan until maturity in case of Death or Total and Permanent Disability: Libano-Suisse s.a.l. commits to pursue the plan on your behalf by settling remaining due premiums until maturity date.

  • Optional “Schooling fees” coverage

    With "Tuition" you have the option to choose an additional "Schooling fees" cover in order to secure payments of schooling amounts as determined by the insured at subscription and which could vary between $1 000 and $ 6 000 per year.


    How does « Tuition» work?

    Upon subscription:

  • You designate one(sole) beneficiary,
  • You choose either of below two options:
  • You set the amount to be received at contract maturity (thus when the designated beneficiary reaches the age of 25 maximum) and the premium will be calculated accordingly.

    You set, depending on your financial situation, the amount of the premium to be paid. The accumulated capital at contract maturity (thus when the designated beneficiary reaches the age of 25 maximum) will be calculated accordingly.


  • You can add, if you wish, an optional “Schooling fees” coverage by defining the insured amount (between $1 000 and $ 6 000 per year).
  • You select the frequency of payment of your premiums which will be automatically withdrawn from your account: monthly, quarterly, half-yearly or annually starting from 25$/month.
  • Contract period is of minimum 4 accomplished years.
  • An annual interest rate is guaranteed for the first three policy years and a new rate will be declared every year thereafter to which profit sharing is added (if any).
  • You also have the option to protect your investment against inflation through annual indexation of the premium (between 1% and 10%).
  • At contract maturity, you can receive the saved amount either as a lump sum or as an annual income spread over a period of 5 to 15 years.

  • What happens in case of a covered claim?
  • In case of Death or Total and Permanent Disability:
    Libano-Suisse will secure continuity of premiums settlement and will pay to the beneficiary the attained cash value at contract maturity.

  • In case of Death or Total and Permanent Disability with the “Schooling fees” option:
    Libano-Suisse will pay to the beneficiary (or to his legal guardian if he is under 18 years of age), the annual schooling amount as determined by the insured at subscription.

  • « Tuition » features and terms:

    Minimum age of insured upon subscription: 18 years
    Maximum age of insured upon subscription: 64 years
    Maximum age of insured at contract maturity: 75 years.
    Remark: The coverage ceases at the age of 65 for disability
    Number of beneficiaries  per contract: Only 1
    Maximum age of beneficiary at contract maturity: 25 years
    Sum insured:

    For the "Schooling fees" coverage, sum insured varies between $1000 and  $6000 as determined by insured at subscription.Yearly settlements in case of claim.

    Minimum contract duration: 4 accomplished years
    Currency: USD
    Minimum premium: USD 25 / month
    Frequency of  payment: 1M, 3M, 6M, 12M 
    Premium annual indexation (optional - upon subscription): 1% to 10%
    One-time policy fee (upon issuance): USD 20
    Payment of saved amount at  contract maturity:

    Lump sum

    or

    Annual income spread over a period of 5 to 15 years


    N.B: Libano-Suisse simulation tool does not allow monthly premiums lower than 25$.

    The Bank reserves the right, at its sole discretion, to amend above Terms and Conditions at any time, without prior notice.