Malaysia: Govt launches education savings plan with takaful coverage

Source: Middle East Insurance Review | Jul 2015

Malaysia has launched a National Higher Education Savings Scheme (SSPN-i), the SSPN-i Plus, which incorporates education savings with affordable and comprehensive takaful coverage.

Deputy Prime Minister Tan Sri Muhyiddin Yassin, who is also Education Minister, said SSPN-i Plus was an initiative under the National Higher Education Fund Corporation, aimed at promoting the habit of saving for higher education among Malaysians.

The SSPN-i Plus offers an education savings plan with various takaful coverage plans, starting from MYR50 (US$14) a month. “Depositors in this Shariah-compliant scheme not only invest for their education but will also receive a comprehensive takaful coverage, coupled with competitive dividend returns and tax relief of up to MYR12,000 a year,” said Mr Muhyiddin.

MYR1 = US$0.27

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