The PPS Education Cover is a separate educational insurance policy that covers a member’s chosen child’s tuition fees and related costs up to R1.3 million per year. Members of the PPS Education Cover can opt for death, disability, or death, disability, and severe illness coverage.

The PPS Education Cover pays tuition fees in a lump sum each year, directly to the institution, up to a certain limit. Members of the policy must choose whether the plan covers public school or private school rates.

The plan covers all educational levels, including preschool, pre-primary, primary, secondary, and tertiary education. Preschool cover is optional and can either be included or excluded from the plan by the member.

The policy not only covers the tuition fee for the child covered by the policy, but it also covers necessities such as uniforms, textbooks, and stationery.

PPS Education Cover pays a lump sum to the insured child when he or she is in grade 11 for career counseling. During tertiary education, the policy pays an annual allowance to the insured child in the form of a lump sum to cover residential fees.

The PPS Education Cover provides a number of benefits to the beneficiary at no extra cost. These benefits are discussed further below.

PPS Education Cover Benefits

The PPS Education Cover provides tuition benefits, necessities benefits, and excellence benefits. We will discuss each of the benefits below.

Tuition Benefits

The PPS Education Cover provides tuition coverage for the member’s designated child beneficiary. The plan pays up to R35,412.00 per year for pre-primary public school tuition. Private school tuition for pre-primary students has a maximum cover amount of R76,727.00 per year.

Seven years of primary school tuition at a public school are covered for up to R35,412.00 per year. Tuition fees for primary school at a private school are covered up to R112,139.00 per year.

Secondary tuition is also covered by the plan, which pays for both private and public school tuition fees based on the member’s preferences. The tuition fee for public school is covered for a maximum of R41,314.00 per year over a five-year period. Tuition for private school can be covered up to R123,943.00 per year.

The plan covers tertiary education for a period of six years. Local tertiary education has a lower annual maximum coverage of up to R53,118.00. International tertiary education can be funded up to R1.3 million per year.

Necessities Benefit

The necessities benefit covers the cost of furthering one’s education in South Africa or abroad. The plan provides a one-time payment for school uniforms, stationery, and textbooks. Tertiary students can also take advantage of this benefit.

The cover at school level covers school uniforms, stationery, and textbooks for a yearly lump sum of R17,706.00. Students enrolled in the plan can receive up to R11,804.00 per year for stationery and textbooks.

Before entering grade 12, those in grade 11 receive career counseling to assist them in choosing a career, and this will aid in applying for university studies along their desired career path. The plan covers up to R1,180.00 in counseling sessions.

The plan covers residential fees while pursuing a tertiary education. The plan covers up to R41,314.00 per year in accommodation costs while attending a tertiary institution.

Excellence Benefit

The excellence benefit covers the child insured under the plan, and those who benefit from the cover are those who excel at sports or cultural activities while in primary or secondary school, whether at a provincial or national level.

The PPS Education Cover increases the necessities benefit by 25%. This means that coverage for uniforms, stationery, textbooks, specialized equipment, travel, and other necessities will be increased by 25%.

The PPS Education Coverage is increased yearly in line with South African education inflation. In South Africa, education inflation is equal to actual inflation plus 3%.

Because the cover includes tuition, excellence, and necessities benefits, it can also accommodate other benefits. The benefits that can be added to the PPS Education Cover are discussed below.

PPS Education Cover Optional Benefits

The optional benefits can be added to the plan at an additional premium. Here are the optional benefits available:

Nursery and Preschool Benefit

The nursery and preschool benefit provides cover in addition to what the tuition benefit covers for preschool tuition fees. The benefit provides cover of up to R40,000.00 for tuition at a nursery and preschool.

Extra Benefit

The additional benefit exists to provide additional coverage for extra lessons, extracurricular activities, aftercare, transportation, or technological requirements. Extra costs for pre-primary, primary, and secondary school can be covered by the plan. Members can choose between R10,000.00, R30,000.00, and R50,000.00 in coverage.

School Trip Benefit

The school trip benefit pays the actual costs of trips and camps. This benefit pays up to R50,000.00 for a primary school child and up to R50,000.00 for a secondary school child.

Matric Benefit

The matric benefit covers the additional costs that come with being in Matric. These costs include matric farewell, matric vacation, or clothes. The plan further covers the cost of appliances for the first year at a tertiary institution. These costs are covered and paid as a lump sum of R35,000.00.

Advantages of PPS Education Cover

• There are additional benefits that can be added to the plan to improve it.
• There is tuition fees for studying abroad.
• The plan covers textbooks and other stationery requirements from primary school to tertiary level.
• High achievers in sports or cultural activities receive an additional 25% of necessary benefits.
• Members have the option of covering the cost of public or private education.
• Coverage amounts can be adjusted based on what the member desires for the insured child.
• Coverage is available for the entire educational journey, from preschool to tertiary.

Disadvantages of PPS Education Cover

• When a policyholder adds too many benefits to the plan, the coverage amount may increase.
• There is no cash back if the member is claim-free and the insured child graduates from tertiary education without making a claim.

Conclusion

The PPS Education Cover protects the child in the event that the member dies, suffers a serious illness, or becomes disabled. The plan covers expenses from preschool to tertiary education, and necessities while pursuing an education are also covered up to a certain limit. This plan is ideal for any professional who has a child and wants to insure their education.