To continue with my previous post about educational plans, I strongly believe that even when our previous experience was not a good one there is still a virtue in preparing for your child’s future. That’s why my husband and I decided that it is time for our elder daughter to get her own educational plan.
Come the time that she needs to go to college, we might have to shed at least ₱100,000 per year. Really, education is so expensive here in the Philippines. In 2014 alone, the Commission on Higher Education (CHED) approved 6 to 14% increase per unit for 287 private colleges and universities.
We have so many choices, but based on what we’ve read, there is no best educational plan. It’s up to you what you deemed best for your child and for us, that’s Paramount Direct with its Dream College Plan. Its plan includes Plan 100, Plan 300, Plan 500 and Plan 1000. I think the basic differences of these plans are the monthly premiums and, of course, the benefits. More on this below.
We chose the Plan 100. Good thing you can apply online because we have no time going to the office and talking to an agent. Here’s how it looks.
Beneath the ‘Apply Now’ button are fields where you can choose the product and the plan and input your birthdate (mm/dd/yyyy). Next, click the ‘Check Premium‘ button.
Below is another version where you only need to choose the product and the plan before clicking the Apply Now button. Don’t be confused, though; they are basically the same. This is just for the sake of showing you two ways to apply through the site. We used the second version.
So, again, we chose the Dream College Plan (product) and Plan 100 (plan). There are about four pages to fill out. The first page is the Personal Information of Payor.
The second page is the Contact Information.
The third page is the Employment Information.
The fourth page is the Other Information. This includes the Personal Information of Scholar, Beneficiaries, Non-Forfeiture Options, Health/Medical Information, Declaration on Existing Policy(ies) and Additional Benefits.
Click the ‘Submit Application‘ button.
Upon clicking the button, you will a confirmation that your application is already received.
An email will be also sent to you, which you also need to confirm.
The email you will receive details the application. It will also include information on the Schedule of Benefits. See below.
As promised above, these benefits are for the Plan 100 with the monthly premium of ₱1,245.95. Multiply it by 3 for Plan 300 (₱3,735.95), by 5 for Plan 500 (₱6,225.95) and by 10 for Plan 1000 (₱12,450.95). It’s not exactly that amount, but these will put things in perspective.
For the record, we are still in Step 1. But, we will proceed to Steps 2 and 3 in the coming days. Anyhow, at the second version of the online application, there’s a note below saying, “We will mail the Policy Contract for your review after a few days. If everything is in order upon reviewing, you can complete your application by paying your initial premium so we can activate your policy as soon as possible.”
What I like about this company is it offers various methods for paying your monthly premiums. Here they are:
- Mail – check or postal money order, the official receipt (OR) will be sent to your address
- Branch offices – premium billing notice, you will be issued a provision receipt (PR), the OR will be sent to your address
- Any BDO branch – cash through bills payment slip, you will receive a validation slip
- Any LBC, bayad center or SM Bills Payment – premium billing notice, you must ask the teller a copy of the notice and receipt aside from the validation slip
- Credit card – you must fill out and send the Credit Card Authorization Form back to Paramount through email or fax (TeleFAX Number +632 772-9264)
- Post-dated check – post-dated check with the name and policy number at the back, you will be issued an acknowledgment letter and the OR will be sent to your address
How convenient! With all these, you have no excuse not to pay for your monthly premium.
Of course, while paying for the monthly premium, you still have to save. You shouldn’t think of having a college educational plan as a way to slack, thinking that your child’s education is covered. Well, we are just talking about the tuition fees and there are many other expenses. The price of each book alone, depending on the chosen course, can go as high as ₱1,000.
So, being prepared is the best way to combat the surge of educational expenses in the future especially if you have more than one child.