The child education policy is a life insurance product specially designed as a savings tool to provide an amount of money when your child reaches the age for entry into college (18 years and above). The funds can be used to pay for your child's higher education expenses. Under this policy, the child is the life assured, while the parent/legal guardian is the policy owner. If you opt for a payor benefit rider, the education policy also provides assurance that, in the event of the policy owner's untimely demise, the child will have access to the funds to help finance his or her studies.