If you and your spouse are having medical insurances to claim tax RM3000 max, why to adopt child education insurance which cannot relief more tax, if the SSPN (additional RM3000 max tax relief) which able to meet your benefit / insurance requirements?
Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) introduced a savings scheme which puts emphasis on ‘Savings Towards Higher Education’. Besides ensuring annual dividend returns, the SSPN also provides special financial incentives in the form of Matching Grants especially for low income depositors. In addition, insurance coverage and payment of death compensation is provided free of charge to all eligible depositors.
Benefits
1. Tax relief on savings up to RM3,000 per year,
2. Free insurance coverage up to RM50,000 (dollar to dollar) for depositors who have an accumulated deposit of a minimum of RM1,000 (eligibility for insurance/death compensation is only for depositors between 18 and 65 years, whereas death compensation is awarded only to beneficiaries aged 1 to 28 years),
3. Matching grant with a maximum endowment of RM10,000 per family (a family whose household income does not exceed RM2,000 per month is eligible for a matching grant when the child is accepted into a higher learning institution), and
4. Deposit as low as RM20 at any time deemed necessary and government guarantee on savings
Competitive dividend rate and tax exemption on dividend,
Saving Method
1. Salary deduction for the staff of government and private sector,
2. Salary deduction through Biro Perkhidmatan Angkasa,
3. Auto debit - Bank Pertanian Malaysia and Maybank,
4. Standing instruction - Bank Simpanan Nasional; or
5. Online transaction through e-SSPN - especially for those who have savings accounts in Bank Islam Malaysia Berhad, CIMB Bank, Hong Leong Bank, Public Bank Berhad and Maybank.
List of agent:
1. CIMB Bank Berhad
2. Bank Pertanian Malaysia (BPM)
3. Bank Kerjasama Rakyat (BKR)
4. Bank Simpanan Nasional (BSN)
5. Bank Islam Malaysia Berhad (BIMB)
More details, please refer to PTNPTN website: http://www.ptptn.gov.my/web/guest/simpanan
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