THROUGHOUT the years, the National Higher Education Fund Corporation (PTPTN) has been funding Malaysian students in their tertiary education, aiding in their pursuit of their dream careers, mostly in the form of loans.
By 2004, a different direction was adopted, whereby the aim was to encourage parents to save for their children’s future higher education needs. In addition, the corporation launched SSPN-i Plus on June 8, 2015, combining savings account and takaful coverage.
This was launched as a new savings product and was formed through a strategic collaboration between PTPTN and Hong Leong MSIG Takaful Bhd (HLMT).
Children who hold SSPN-i Plus accounts would automatically be eligible for PTPTN loans, while their monthly savings in those accounts will help free their parents from having to make huge sacrifices, like mortgaging properties, by defraying the loan itself.
SSPN-i Plus is seen as the next step from the ongoing SSPN-i products, one with an affordable yet comprehensive takaful coverage.
Recently, the SSPN-i Plus has been further updated to keep up with the times and has also acquired a new name: Simpan SSPN Plus.
With Simpan SSPN Plus, account holders or depositors have more options in choosing out of three takaful operating companies, with not only HLMT (Hong Leong MSIG Takaful) but also Great Eastern Takaful Bhd and Takaful Ikhlas Family Bhd added to the list.
PTPTN chief executive officer (CEO) Ahmad Dasuki Abdul Majid said, “Through the PTPTN Strategic Plan 2021–2025, which was launched on July 29, we aim to ensure our service product is the prime one that Malaysians use to save for higher education.
“We feel that we have the capability to help Malaysians better with Simpan SSPN Plus,” he added.
Nevertheless, Simpan SSPN Plus maintains the same affordable savings for every household with more attractive takaful coverage benefits.
Six package options offered to all Malaysians are syariah-compliant, starting with the Intan package at RM30, Delima package at RM50 and Topas at RM100. These include a takaful contribution of RM10 each month, with savings of RM20, RM40 and RM90 respectively.
The following packages are Zamrud, which at RM200 per month has a takaful contribution of RM20, while Nilam at RM300 allocates RM30, with savings at RM180 and RM270 respectively.
The highest contribution package is Berlian, which is at RM500, allocated RM300 towards takaful with RM200 in savings.Simpan SSPN Plus also offers additional privileges to depositors.
These include the previous SSPN-i Plus privileges, which include eligibility to apply for a PTPTN loan, income tax relief on the current year up to RM8,000 a year, critical illness takaful benefits, commitment as low as RM30 per month, competitive dividends, guaranteed by the Government, is syariah-compliant and no health checks required for the Intan, Delima, Topas, Zamrud and Nilam packages.
Having three takaful operator companies provides depositors with a wider range of services to choose from.
For developer and entrepreneur Lim Kee Hau, who has been a depositor since 2017 for his four children, the recent upgrade of the product means better coverage and more choices. In 2018, he added his newborn to the list and has been paying RM500 per month at RM100 per child.
“By increasing the number of takaful operators from one to three companies, PTPTN offers potential depositors the option to choose the best takaful operator for them,” Lim said.
“In fact, some takaful operators also offer outpatient treatment due to accidents up to RM3,000.”
Existing SSPN-i Plus depositors can also enjoy more benefits when they are automatically upgraded to the Simpan SSPN Plus, which occurs on the date of their takaful contribution payment, under HLMT.
They will have access to more benefits; for example, if they take the RM500 Berlian, that includes an increase in takaful benefit from RM1mil to RM1.2mil in the event of an accident, takaful coverage for ordinary accidents from RM500,000 to RM600,000.
The raised limit also includes permanent disability benefits now set at RM600,000, takaful coverage for critical illness to RM120,000, hospital income benefits increased to RM250 and funeral expenses from RM18,000 to RM20,000.
A ‘WOW’ experience
This year the WOW! Draw offers interesting prizes worth almost RM320,000 to be won.
Renamed WOW! Simpan SSPN Plus 2021 Draw, to reflect the new product, all Malaysians can take part when they sign up with the Simpan SSPN Plus, as the promotion period runs from Sept 1 until the end of this year.
The top prize is a gold bar worth RM150,000, while the second is the Perodua Bezza 1.3 AV, among other attractive prizes.
To take part, all you have to do is to open a Simpan SSPN Plus account or top up your deposit during the promotion period, as well as ensure the account is free of arrears and remains active until the date of the draw.
For details on the WOW! Simpan SSPN Plus 2021 draw, or for more about PTPTN’s new savings option, visit www.lovesspn.com