PTPTN

IF not now, when?

Because the earlier you start saving, the more secure your future.

With that in mind, the National Higher Education Fund Corporation (PTPTN) has launched the National Education Savings Scheme (SSPN).

Without positive action, there can be no improvement in life. This, stressed PTPTN senior general manager Abdul Ghaffar Yusop, is especially true when it comes to saving for your children’s future.

Don’t hesitate when it benefits yourself and your family, he said.

“We want parents to understand the importance of saving for their children’s education and the benefits of starting early. Even if the amount is small, your money will grow,” he said, adding that with rising education cost, parents must ensure that children are not saddled with debts when they grow up.

With a fund in place, children won’t need a loan to further their education later on.

Calling on Malaysians to change their mindset, he said parents should not expect the Government to fund their children’s tertiary education.

“Be responsible. The moment your child is born, you have an obligation to plan for his or her future.

“When SSPN-i was introduced, only 10% made monthly contributions. The rest of the depositors just left their initial RM20 contribution inside the account until their kids turned 18.”

To help parents be disciplined savers, SSPN-i Plus was created in 2015. Once the birth certificate is issued, an account can be opened. With a monthly minimum of RM30 - the lowest takaful deposit in the market - you can already open an account. Meanwhile, those who can afford it have the option of saving up to RM500 per month.

“So whether you’re in the bottom income group or in the high income bracket, you can save with us.

“If you can save RM50 a month, in 20 years, you’ll have more than RM15,000 for your child’s education. That’s why you should start today.”

Sharing how the takaful portion of the SSPN-i Plus provides security, he said in the unfortunate event that a parent passes away, the child’s education would still be taken care of.

“At the insistence of his friend, a father in Negri Sembilan took up the RM30 package for his three kids on May 1. Nineteen days later, he was hit by a lorry on the way to work. He died. His wife received RM127,000 from PTPTN, which really helped ease the family’s burden as she had no source of income,” Abdul Ghaffar said, adding that a Chinese family faced a similar fate in Petaling Jaya recently.

“Takaful is syariah-compliant but it’s for everyone - not just Muslims. The lady’s husband had an account for his kids and when he passed away from an illness, they received RM180,000. The account covers 36 critical illnesses.”

Account holders also get a yearly dividend. And, because the majority of your money goes to the savings portion of the account, you’ll still get your money back even if you stop contributing.

PTPTN products, said Abdul Ghaffar, are backed by the Government, and depositors are given tax relief of up to RM12,000 per annum.

Until Dec 31, the first 500,000 depositors for pupils aged seven to 12, will receive a matching grant.

“Save RM500, and we’ll top up another RM500 for free. There’s only four months to go so please take advantage of this promotion. There are 2.7 million primary school pupils so we are hoping to get the message out to as many parents as possible.”

And, with a monthly minimum deposit of RM50, you’ll qualify for the ‘Cabutan Wow! SSPN-i Plus’. Draws are held monthly, quarterly, and yearly.

For the monthly draw, the top prize is a local family tour package worth RM4,000 and RM1,500 cash. Thirty winners will also receive consolation prizes, which is a trip to a local theme park worth RM1,500, and RM500 cash.

The main prize for the quarterly draw which ends Sept 30 is a trip to Disneyland Japan or an Umrah package for the family worth RM23,000, plus RM3,000 cash. There will be another quarterly draw from October to December.

The yearly draw ends on Dec 31 with a RM100,000 cash prize up for grabs. Two second prize winners will take home RM50,000 each, while three others will win RM10,000 each. There is a RM200 consolation prize for 4,000 depositors.

“In total, we have RM2mil to give away to more than 4,000 depositors. Our focus in on family fun. That’s why we’re giving away lots of holidays. So, what are you waiting for? Start today.”

For details, call the PTPTN Careline 03–2193 3000 or log on to www.lovesspn.com.

“We want to make it as easy as possible for depositors so all transactions can be done online. But if you prefer to come to our counters, you can as well.”