PPS Education Cover is a tailored insurance policy designed to protect your child’s educational journey in the event of your disability, severe illness, or death. With the rising costs of education, particularly in private institutions, this cover ensures that your child can continue their education without financial interruptions.
Why Choose PPS Education Cover?
As a professional, securing your child’s future education is crucial. The PPS Education Cover provides peace of mind by ensuring that your child receives the same or higher education level as you envisioned, regardless of unforeseen circumstances. This cover is versatile, allowing you to protect your child’s education from preschool through to tertiary levels, both locally and internationally.
Key Features of PPS Education Cover
- Comprehensive Coverage: The policy covers your child’s tuition fees and related educational expenses up to a maximum limit per year. Whether your child attends a public or private school, you have the flexibility to choose the appropriate coverage.
- Global Education Support: The PPS Education Cover extends beyond South Africa, allowing your child to attend international tertiary institutions listed by PPS. This global coverage ensures that your child can pursue their education anywhere in the world.
- Annual Lump Sum Payments: Tuition fees are paid directly to the educational institution as an annual lump sum, easing the financial burden on your family and ensuring uninterrupted education for your child.
- Career Counseling in Grade 11: To give your child a head start in their future career, PPS offers a once-off payment for career counseling in Grade 11. This benefit helps your child make informed decisions about their career path and university applications.
- Necessities Coverage: In addition to tuition, the policy covers essential educational necessities such as school uniforms, textbooks, and stationery, ensuring your child is well-equipped for their studies.
- Tertiary Education Allowance: During tertiary education, PPS provides an annual allowance as a lump sum to cover residential fees, alleviating the cost of accommodation while your child pursues higher education.
PPS Education Cover Benefits
The PPS Education Cover offers three primary benefits: Tuition Benefits, Necessities Benefits, and Excellence Benefits. Each of these benefits is designed to support your child’s educational journey comprehensively.
Tuition Benefits
The Tuition Benefit is the cornerstone of the PPS Education Cover, providing financial support for your child’s education across all levels.
- Preschool and Pre-primary Education: The cover includes up to R35,412.00 per year for public preschool tuition and R76,727.00 per year for private preschool tuition.
- Primary School Education: The policy covers seven years of primary school education. Public school tuition is covered up to R35,412.00 per year, while private school tuition is covered up to R112,139.00 per year.
- Secondary School Education: The plan covers five years of secondary education. Public school tuition is covered up to R41,314.00 per year, and private school tuition can be covered up to R123,943.00 per year.
- Tertiary Education: The policy covers six years of tertiary education. Local tertiary education is covered up to R53,118.00 per year, while international education can be covered up to R1.3 million per year, allowing your child to attend prestigious universities globally.
Necessities Benefit
The Necessities Benefit provides financial support for essential educational items beyond tuition.
- School Uniforms, Stationery, and Textbooks: The policy covers a yearly lump sum of R17,706.00 for these essentials at the school level. Tertiary students receive up to R11,804.00 per year for stationery and textbooks.
- Career Counseling in Grade 11: A once-off payment of up to R1,180.00 is provided for career counseling sessions to guide your child in choosing the right career path and preparing for university applications.
- Residential Fees During Tertiary Education: The policy covers up to R41,314.00 per year for accommodation costs, ensuring your child can focus on their studies without worrying about housing expenses.
Excellence Benefit
The Excellence Benefit is designed to reward high-achieving students who excel in sports or cultural activities at the provincial or national level.
- 25% Increase in Necessities Coverage: For students who excel in extracurricular activities, the policy increases the Necessities Benefit by 25%, covering additional costs such as specialized equipment, travel, and other necessities.
- Annual Adjustments for Inflation: The coverage amount is adjusted annually in line with South African education inflation, ensuring that your policy remains relevant and sufficient to cover rising educational costs.
Optional Benefits
The PPS Education Cover also offers several optional benefits that can be added to the policy for an additional premium. These optional benefits enhance the coverage and provide additional financial security for your child’s education.
- Nursery and Preschool Benefit: This benefit covers tuition fees for nursery and preschool, providing up to R40,000.00 in additional coverage beyond the standard tuition benefit.
- Extra Benefit: This benefit covers extra lessons, extracurricular activities, aftercare, transportation, and technological requirements. Members can choose coverage amounts of R10,000.00, R30,000.00, or R50,000.00, depending on their needs.
- School Trip Benefit: This benefit covers the actual costs of school trips and camps, providing up to R50,000.00 for both primary and secondary school students.
- Matric Benefit: This benefit provides a once-off lump sum of R35,000.00 to cover matric-related expenses, such as matric farewells, vacations, or the purchase of appliances for the first year at a tertiary institution.
- My First Car Benefit: This benefit provides a once-off lump sum to fund the purchase of a car for your child, helping them transition to independence after completing their education.
Advantages of PPS Education Cover
- Comprehensive Coverage: The policy covers all levels of education, from preschool to tertiary, ensuring your child’s education is fully protected.
- Flexible Options: Members can choose to cover public or private school fees, adjust coverage amounts, and add optional benefits to tailor the policy to their needs.
- Global Education: The policy supports international education, allowing your child to attend prestigious universities worldwide.
- Inflation-Adjusted Coverage: The policy’s coverage amount increases annually in line with education inflation, ensuring that your policy remains relevant and sufficient.
Disadvantages of PPS Education Cover
- Premium Costs: Adding multiple optional benefits can significantly increase the premium, making the policy more expensive.
- No Cashback: The policy does not offer cashback if the insured child completes their education without making a claim.
Conclusion
The PPS Education Cover is an excellent choice for professionals who want to ensure their child’s education is secured, even in the face of unexpected life events. With comprehensive coverage that spans preschool to tertiary education, including necessities and optional benefits, this policy provides peace of mind for parents and a stable educational journey for their children.