Education Plus

Education Plus
Uninterrupted Education for your Child

An education plan to take care of your child’s future, providing funding when they need it the most.

Education Plus provides an attractive education fund at the maturity of the policy, also acting swiftly in an unfortunate event of a parent’s passing, to ensure your child’s education dreams are funded and protected uninterruptedly.

The plan also proposes a range of special offers to policyholders, providing consistent rewards for your investment during the policy term.

  • Customizable Education Fund
  • Life Cover in case of an untimely  demise
  • Monthly Education Assistant fee benefit 
  • Health and Education partner benefits
  • Additional 15% bonus on maturity

Education Plus goes beyond the average education plan. Here’s how:

  1. In an unfortunate demise of a parent, we will ensure your child has uninterrupted education support through:
    • A Life Cover – An immediate payment of 5 times your basic annual premium (Basic Sum Assured) as a lump sum to ease the financial burden.
    • An Education Assistance Fee Benefit – A consistent monthly income to take care of all educational expenses from the day of the parent’s demise until the maturity of the policy.
    • A Waiver of Premium – Uninterrupted growth of the education fund you planned for your child along with the Loyalty Bonus made possible with the continuous premium settlements made by Union Assurance until maturity.
  2. Providing the best returns for your child’s education fund through:
    • A Fund Build Up – Continuous growth of your child’s education fund with an annual interest paid by the company in the form of monthly dividends to your fund balance.
    • Loyalty Bonus – Strengthened loyalty to your child’s future with a 15% bonus being paid towards the accumulated education fund at maturity upon completion of all due premiums for the policy term.
    • Strengthen of Union Assurance – You will have a peace of mind knowing that your child’s dreams are taken care of by one of Sri Lanka’s largest life insurance companies, backed by the country’s largest listed conglomerate, John Keells Holdings PLC.
Dividend Declaration

Your Education Fund keeps growing every month with the best in market annual dividend rates declared by Union Assurance.

An interim rate of dividend decided at the beginning of the year will be credited monthly to the individual funds during the year. The actual rate of dividend to be credited will be decided at the end of each year. In any case, the actual declaration will never be less than the interim rate.

Annual dividend rates declared by Union Assurance in the past


Average Market Interest Rate*

Minimum Dividend Rate Guaranteed for the Year**

Declared Dividend Rate**

2015 5.99 8.00 9.50
2016 7.10 8.00 10.50
2017 9.01 10.00 10.25
2018 8.85 10.00 10.00
2019 8.73 10.00 10.00

*Calculates based on the Average Weighted Deposit Rate of commercial banks for the corresponding year (Source: Central Bank)

Partial Withdrawal

We are flexible enough to understand your decision for a Partial Withdrawal from the fund in case of an emergency. You may obtain a Partial Withdrawal of up to 15% of the accumulated Education Fund once during a policy term, after completing a 3 year period with applicable premium payments.

  • Policy term: This policy can be obtained for a term from 10 years up to 30 years.
  • Age limit: 
    • Age at Entry - 18
    • Maximum Age at Entry - 60
    • Cover Ceasing Age - 70
Fund Illustrations

The following illustrations show examples of how you could structure your own customized education solutions to suit your needs and your child’s dreams.

For example; If you wish to build approximately a Rs. 1.5 million Education Fund at maturity (assuming a 10% dividend declaration):


Policy Term Basic Sum Assured - Death Benefit

Monthly Education Assistance Fee

Monthly Premium

35 10 525,000 10,000 9,800
45 10 540,000 10,000 10,600


Policy Term Basic Sum Assured - Death Benefit

Monthly Education Assistance Fee

Monthly Premium

35 15 265,000 10,000 5,200
45 15 275,000 10,000 5,900

*This is for information only. The precise terms and conditions will be detailed in the policy document.

*The illustrated values will vary based on the exact age at commencement of cover and the actual dividends declared.


Issued and underwritten by: 

Application Form