A man invested to Moon Life Insurance a sufficient amount of funds so that his son could receive five annual payments of P10,000.00 each for his university tuition and fees, starting with his 18th birthday. Interest at the rate of 12% per annum was to be paid on all amounts on deposit. There was also a provision that his son could elect to withdraw no annual payments and receive a single lump amount on his 25th birthday. His son chose this option.