Give your child a clean slate with Allianz EduPlus
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Parents who raise financially fit children will agree that you have to start them young. But is that really effective when your child ends up being slapped with a five-figure study loan as soon as they enter the job market.
Over 1.5 million young Malaysians are slaves to student loans amounting to RM32.07 billion and currently find themselves on the Central Credit Reference Information System (CCRIS) list1. Are your children to be part of that statistic? An education savings plan surely would have come in handy. This leads to the next question. When do you start saving for your child's education? The answer, NOW.
"As parents, you want to do everything you can for your children. Sending them to the best nurseries, best school, getting them involved in sports or music in hopes of molding well-rounded individuals. And with the rising cost of education, it is easier said than done. As a father of two girls, I can attest to planning early and planning well. There is no perfect time to start an education plan, but the best way to start as soon as you can regardless if your child is a newborn or 10 years old. And you can do so with Allianz EduPlus in five simple steps," said Joseph Gross, Chief Executive Officer of Allianz Life Insurance Malaysia Berhad.
To get started with the Allianz EduPlus, decide on your child's age of entry, with the maximum age being 10 years. Next determine the amount you want to save for his or her education and then the premium amount you are comfortable paying. You can opt to pay premiums for up to six years, 10 years or up to the commencement of Guaranteed Education Benefit payouts. Next you can choose when you would want your child to receive the Guaranteed Education Benefit payouts based on when you expect them to begin their tertiary education. This could be at age 17, 18, 19, 20 or 21. Lastly, you can opt to attach additional riders to the boost the plan.
The two riders available with Allianz EduPlus include the Allianz EduPlus Rider which pays up to 120% refund of total premium paid and higher Guaranteed Education Benefits. The Payor Waiver of Premium Rider not only allows you to qualify for education tax relief, it also assures you that child's policy will continue uninterrupted should anything untoward happen to you (death or Total and Permanent Disability) and could even extend it to ensure your child receives a stream of regular income to cover their basic daily expenses should the unfortunate happens to you.
"Allianz Life advocates providing simply the best value for customers and EduPlus is one such product. Not only does it help parents save for their children's education, it offers them tax relief and potential investment returns also allows them to purchase a whole life plan after the policy has matured with no underwriting required. So parents can start planning for their children's future and have the perks to go along with it," added Gross.
To find out more about the Allianz EduPlus, visit the Allianz Malaysia corporate website at allianz.com.my or contact the Allianz Customer Service Associates at 1-300-88-1028 or by email at CustomerExperienceCentre@allianz.com.my.
1 Over 1.5 million PTPTN loan defaulters listed in CCRIS.