15th March 2022 - 3 min read
Public Bank has emphasised the importance of planning for the financial future of one’s children by tapping into the right instruments, highlighting two of its latest products aimed at such needs: the PB Alpha Edu insurance plan and the PB Journey mobile app.
With regard to PB Alpha Edu – which was rolled out early this year – it is a non-participating insurance plan with investment-linked features that can serve as an education fund. It also offers coverage for death as well as total and permanent disability (TPD).
Underwritten by AIA Bhd, the PB Alpha Edu plan encompasses an Education Fund that offers annual payments for the policyholder’s child when he or she begins pursuing tertiary education between the age of 18 to 21. The amount payable will be made based on the basic sum insured and the entry age of the child, as indicated below:
On top of that, policyholders will also enjoy a maturity benefit once the child hits the maximum age of 21 – which is earned by investing 40% of the premium paid into selected investment funds. Additionally, they’ll receive any remaining accumulated amount still left in the Education Fund (after the annual disbursements during the child’s tertiary education), and the balance of another perk called the Education Wallet. Briefly, the Education Wallet is comprised of:
Meanwhile, in the event of death or TPD of the child, policyholders will obtain 200% of the basic sum insured, along with the account value, accumulated Education Fund, and balance in the Education Wallet (if any).
According to Public Bank, parents may also opt to purchase PB Education Protector Rider plans as protection for the unfortunate event of their death. Depending on the rider plan chosen, the child will receive yearly income benefit, and the PB Alpha Edu plan may also be kept active without the need for premium payments for the remainder of the policy years.
In addition to that, Public Bank also launched the PB Journey mobile app back in 2021 to help parents teach their children good money habits and instil saving habits in a fun and interactive way. The app provides access to Public Bank’s WISE savings account, and there are also learning modules to help children learn the value of money as well as how to be financially responsible under the guidance of their parents.
According to Public Bank, the app will soon be upgraded with a new DuitNow QR payment service feature in the first half of 2022, allowing children to spend and keep track of their pocket money.
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world