The education of your child is an important matter for every parent. A good or bad education determines your child’s upbringing, his moral character, and his ideals and perspective on the world. Therefore, it is important for parents to never neglect their children’s education and, if they can afford it, to prepare a fund for their children’s future education as early as possible. With the rising cost of living in modern times, as parents, as much as you want to provide a good living environment and education for your children, it has to be said that this can be a major challenge.
Indeed, the cost of education in Malaysia is high and your income may not be nearly enough to afford the task of providing an excellent education for your child. Therefore, buy child education savings plan Malaysia for your child in advance is a very important option. It can guarantee a stable and secure educational environment for your child’s future education. But before you make your plan, you may want to read this article to learn more about what a child education savings plan is, and what is the advantages of buy child education savings plan Malaysia for your kids.
What is child education savings plan
A child education savings plan is a type of savings plan designed to provide protection for a child’s education, to help the child enjoy a fair education, to reduce the burden of education on the family, and to reduce the burden on society. In general, a child education savings plan or insurance can be classified as endowment or investment linked. An endowment can be likened to a savings account with insurance benefits, while an investment-linked plan is a combination of investment and insurance and allows the insurance company to invest the funds you have saved for your child’s education to earn more benefits.
Advantages of buy child education savings plan Malaysia for your child
Safeguarding your child’s future: It is important to buy child education savings plan Malaysia as early as possible so that your child’s future is protected. With the increased cost of living and the devaluation of the currency in modern times, the earlier you save for your child’s education, the more financially stable your child will be in terms of learning and living in the future. Especially in Malaysia, this is something that is very important.
Earn dividends and surcharges: In addition to securing income and your child’s education fund, you can add more money to your child’s education fund by using the money saved for education to invest wisely. By harnessing the power of compound interest, you will receive more money at the end of your child education savings plan than the amount you originally insured.
Tax Deductions: You can take a tax deduction for your child’s education fund. By taking a tax deduction, you can save more money for your child’s education.
Accident prevention: If something happens to you as a parent during the policy period, the child education savings plan ensures that your child can continue to receive a stable education.