KUALA LUMPUR: Deputy Prime Minister Tan Sri Muhyiddin Yassin has launched a new National Higher Education Savings Scheme (SSPN-i), the SSPN-i Plus, a scheme which incorporates education savings with affordable and comprehensive takaful coverage.
Muhyiddin, who is also Education Minister, said SSPN-i Plus was an initiative under the National Higher Education Fund Corporation (PTPTN), aimed at promoting the habit of saving for higher education among Malaysians.
"The SSPN-i Plus offers an education savings plan with various takaful coverage plans, for as low as RM50 a month.
"Depositors in this syariah-compliant scheme not only invest for their education but will also receive a comprehensive takaful coverage, coupled with competitive dividend returns and tax relief of up to RM12,000 a year," he said at the scheme's launch here, today.
He said PTPTN was not only established to provide education loans but also functions as an educational savings institution through SSPN-i.
As of April 30, Muhyiddin said there had been 2.2 million savings accounts under the SSPN-i, with a total deposit of RM1.7 billion, since its inception in 2004.
"In this context, PTPTN's aim was to ensure that graduates would not be too burdened with education loans, through their savings in the SSPN-i.
"This effort should be commended and well received by us all," he said.