MANILA, Philippines - For parents who secured a Philippine American Life and General Insurance Co. (Philam Life) education plan called Bright Future Invest, it is again time to reap the benefits of planning ahead.
Unlike other parents who may still be scrambling for cash for their children’s first-semester tuition, these parents can just go to Philam Life branches that recently conducted their first education payout for the upcoming school year 2014-2015.
According to Philam Life president and chief executive officer Rex A. Mendoza, the life insurer takes pride in being able to carry out its education payout for the coming school year as scheduled.
“Philam Life takes pride in fulfilling our promise to help parents give their children a good education,†Mendoza added.
Philam Life carried out the Education Payout across branches nationwide last May 2, including an event at the following branches: Cubao, Caloocan, Mall of Asia and Alabang for Metro Manila based plan holders; Baguio, San Fernando, Batangas for Luzon; Cebu and Iloilo for Visayas; and Davao and Cagayan de Oro for Mindanao.
Benefits payouts for calendar year 2013 reached about P1.4 billion, bringing the company’s 10-year total education payout since 2004 to P7.5 billion. This is a testament on how the company has fulfilled its promise to secure a bright future from generation-to-generation.
Next education payout would be in October 2014 in time for the second semester.
Data from the Commission on Higher Education (CHED) show that the average tuition fee increase per unit for school year 2013-2014 was P37.45 or 8.5 percent nationwide, the lowest percentage increase in the past 10 years.
On the other hand, the average increase in other school fees nationwide is P194.6 or 7.6 percent.
Philam Life’s Bright Future Invest is a unit/linked savings and life insurance plan that offers high potential returns so policy holders can grow their money and help send their child to college, despite increasing tuition fees.
The unit/linked savings and life insurance plan is invested in Philam Life funds which are expertly managed by Philam Life’s fund managers.
There are three available funds to suit one’s unique needs and risk appetite: fixed income, balanced and equity. Once the policy holder’s child enters college, the policy holder can do partial withdrawals from his/her account value to help fund the child’s education.