Max Education Plan

A good education is the key to success. But it costs a great deal of money – and school fees are rising all the time. Here’s the easiest way to give your children the education they need to fulfill their potential.

How it works

  • Choose how much you want to invest – from KShs 7,000 up to KShs 100,000 per month.
  • Select your investment term: A minimum of ten (10) years up to a maximum of twenty (20) years.
  • Your premiums will enjoy tax relief up to the maximum permissible by law.
  • Old Mutual offers you a choice of funds to invest in. These are the Fixed Income Fund and the Stable Fund depending on your risk appetite.
  • Lock in period: This is five (5) years before you can access your funds. After the lock in period you may terminate your policy by cashing in the benefits you are entitled to.
  • No medical examination needed.
  • Bonus Cover! If you become disabled or die as a result of an accident, Old Mutual will pay your premiums for the next 10 years or until the end of the policy term whichever comes first. This also applies if you die from natural causes after the first three years.

Investment Benefits

Paid up benefit: If you stop paying your premium within the five (5) year period your withdrawal value will be a percentage of your Accumulated Unit Fund (paid-up values table below). Your maturity benefit will be 100% of your Accumulated Unit Fund at the end of the selected policy term.

Paid-up Values

Months

Description

%age of accumulated unit fund

0-6 Less than 12 months' worth of premium has been received 0%
7-12 Less than 24 months' worth of premium has been received 70%
13-48 Less than 48 months' worth of premium has been received 85%
49+ At least 49 months' worth of premium has been received 100%

Application Process

  • Complete an application form with the help of an Old Mutual Adviser.
  • Pay your first premium installment using any of our easy payment options. If using M-Pesa ensure proof of payment by inserting M-Pesa payment confirmation number.
  • You will receive your contract document immediately.
  • There is a cool off period of thirty (30) days from the day you are issued with the policy contract within which you can cancel your policy and premiums paid will be refunded.
  • A separate financial questionnaire will need to be completed with the help of a financial advisor for premium contributions of KShs 20,000 per month and above.

Payment Options

Premiums may be paid monthly, quarterly, semi-annually or annually. Your first and subsequent premiums are payable through the following options: M-Pesa, Zap, PostaPay, Cheque, Check-off, Direct Debit or Standing Order.

Please ensure you quote your policy number with each payment.

For more information on the MAX Education Plan please visit your nearest Old Mutual branch, send us an email or speak to your financial adviser.