December 30, 2016 27

What are SSPN-i and SSPN-i Plus?

What are SSPN-i and SSPN-i Plus?

Important Note: For more information about SSPN-i, SSPN-i Plus and PTPTN, please call PTPTN’s Careline at 03-2193 3000, opens daily from 8am to 10pm. Or visit PTPTN’s official website for the latest announcements at https://www.ptptn.gov.my/seksyen-careline-side

Click here to open an account: https://sspniplusonline.ptptn.gov.my/sspniplusonline/

SSPN is the abbreviation for Skim Simpanan Pendidikan Nasional. It is a saving scheme or saving instrument designed specifically by Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) for the purpose of higher education learning. This scheme is of Shariah-compliant using the “Wakalah Bil Istithmar” concept where depositors appoint PTPTN to manage their deposits to use for investment.

Benefits for SSPN-i:

1. Qualified to apply for education loan

2. Tax relief of up to RM 8,000 per year on yearly deposits

3. Takaful coverage for free for depositors who have already save RM 1,000 and above *

4. Matching Grant up to RM 10,000 to one qualified family **

5. Savings are guaranteed by the Government

6. Competitive dividend rates and tax exempted

Savings can be done at all PTPTN branches nationwide and at more than 3000 registered SSPN-i agents

* This Takaful coverage is free to cover in case of Death or Disability (RM to RM) and Funeral Expenses for qualified depositors and aged 18 to 65 years old. Funeral Expenses to benefactors age 1 day to 28 years old are also set according to terms and conditions.

* Qualified before next birthday age

** Families with basic pay of not more than RM 4,000 monthly are to be considered for Matching Grant upon child’s successful admission to IPT. Application must be attached with completed documents. Qualification is based on the terms and conditions set.

Source: http://www.lovesspn.com/

Benefits for SSPN-i Plus:

1. Shariah-compliant

2. Tax relief of up to RM 12,000 per year on yearly deposits

3. Takaful Benefit for Death or Permanent Disabilities of up to RM 1,000,000

4. No medical checkup

5. Competitive dividend rates and tax exempted

6. Funeral Expenses (Khairat) including spouse and up to 3 children

7. Qualified to apply for education loan

8. Savings are guaranteed by the Government

Estimated Returns Based on 17 Years Deposit

TAHUN
DEPOSIT BULANAN
RM20.00
RM30.00
RM40.00
RM50.00
RM100.00
1
245.20
367.80
490.40
613.00
1,226.00
2
500.21
750.31
1,000.42
1,250.52
2,501.04
3
765.42
1,148.12
1,530.83
1,913.54
3,827.08
4
1,041.23
1,561.85
2,082.47
2,603.08
5,206.16
5
1,328.08
1,992.12
2,656.16
3,320.21
6,640.41
6
1,626.41
2,439.61
3,252.81
4,066.01
8,132.03
7
1,936.66
2,904.99
3,873.32
4,841.65
9,683.31
8
2,259.33
3,388.99
4,518.66
5,648.32
11,296.64
9
2,594.90
3,892.35
5,189.80
6,487.25
12,974.51
10
2,943.90
4,415.85
5,887.79
7,359.74
14,719.49
11
3,306.85
4,960.28
6,613.71
8,267.13
16,534.27
12
3,684.33
5,526.49
7,368.65
9,210.82
18,421.64
13
4,076.90
6,115.35
8,153.80
10,192.25
20,384.50
14
4,485.18
6,727.76
8,970.35
11,212.94
22,425.88
15
4,909.78
7,364.68
9,819.57
12,274.46
24,548.92
16
5,175.76
8,027.06
10,702.75
13,378.44
26,756.88
17
5,627.99
8,715.95
11,621.26
14,526.58
29,053.15

Note: The assumption of dividend payouts of 4% throughout savings period
Source: https://www.ptptn.gov.my/anggaran-tabungan-sspn-i-side

Selected Frequently Asked Questions (SSPN-i)

Q: Who qualifies to open an SSPN-i account?

A: SSPN-i is open to all Malaysian citizens based on the following age limits:

  • Category A: Account is opened by parents or guardians or any other Malaysian citizens for any other Malaysian citizens before reaching the age of 29 years old
  • Category B: Malaysian citizens age 18 years and above to maintain the account or open his or her account himself or herself
  • Category C: Malaysian citizens age 29 years and above, have to open own account

—–

Q: Can SSPN-i be opened at anytime?

A: Yes. SSPN-i account can be opened at any time depending on the account opening terms and conditions

—–

Q: Can the benefactors have more than one account?

A: A benefactor can have more than one account, which are the accounts opened by the parents or guardians or any other Malaysian citizens. The benefactor on his or her own can open their own accounts when they reach 18 years old

—–

Q: How long does it take for the account opening process?

A: The process duration to open an SSPN-i account will take no longer than 14 working days after receiving all the completed documents

—–

Q: Can I withdraw my deposits from SSPN-i account to pay back my education loans or to any other agencies?

A: Depositors can withdraw their savings from SSPN-i account at anytime for whatever reasons

—–

Q: Can SSPN-i account withdrawal be processed by any other people besides depositors?

A: No

—–

Q: Will I be charged for withdrawing my SSPN-i savings?

A: No charges will be imposed

—–

Q: How long does it take for the withdrawal process?

A: The process of withdrawal or account closing will take no longer than 14 working days after receiving all the completed documents.

—–

For more list of Questions and Answers regarding SSPN-i, please click on this link: https://www.ptptn.gov.my/pengenalan-sspn-i-side

Selected Frequently Asked Questions (SSPN-i Plus)

Q: What are the differences between SSPN-i and SSPN-i Plus?

A: Refer the following table:

Perkara

SSPN-i Plus (SSPN-i + Takaful)

SSPN-i

Minimum Commitment

As low as RM30 per month. Nil

Takaful
Contribution

As low as RM10 per month or according to the chosen package Free (qualified for depositors who have RM1,000 and above in savings)

Takaful
Benefits

a) Death benefit / total permanent disability (accidental) of up to RM1,000,000. a) Death benefit / total permanent disability (accidental) (Ringgit to Ringgit).
b) Death benefit / total permanent disability (natural) of up to RM500,000. b) Death benefit / total permanent disability (natural) (Ringgit to Ringgit).
c) Partial disability of up to RM100,000. c) Not available
d) 36 critical illnesses of up to RM100,000. d) Not available
e) Hospital admission allowance of up to RM200 per day. e) Not available
f) Funeral Expenses (Khairat) according to package:
(i) Depositor – up to RM18,000,
(ii) Spouse – up to RM9,000, and
(iii) 3 children – up to RM2,000 each child.
f) Funeral Expenses (Khairat) for:
(i) Depositor – RM2,000, and
(ii) Benefactor – RM500

Tax Relief for Income Tax

a) Up to RM6,000 per year based on nett savings on SSPN-i and SSPN-i Plus for the current year. a) Up to RM6,000 per year based on neet savings on SSPN-i and SSPN-i Plus for the current year.
b) Enjoying additional tax relief of up to RM6,000 per year based on talaful contribution for the current year. b) Nil

Matching Grant (IPT Admission Incentive)

Nil Up to RM10,000 for each qualified family

Account Opening Condition

Any Malaysian citizens can open an account for:
a) Own self
b) Own Child, and
c) Child under legal care
Any Malaysian citizens can open account for:
a) Own self,
b) Own child
c) Child under legal care
d) Any Malaysian citizens whose age not more than 28 years old

—–

Q: What are the Takaful benefits offered for each package?

A: Please refer to the following table:

Package

INTAN

DELIMA

TOPAS

ZAMRUD

NILAM

BERLIAN*

SSPN-i Savings

RM20

RM40

RM90

RM180

RM270

RM200

Takaful Contribution

RM10

RM10

RM10

RM20

RM30

RM300

Total

RM30

RM50

RM100

RM200

RM300

RM500

TAKAFUL BENEFITS

Death / Total Permanent Disability (Accidental)

RM40,000

RM40,000

RM40,000

RM80,000

RM120,000

RM1,000,000

Death / Total Permanent Disability (Natural)

RM20,000

RM20,000

RM20,000

RM40,000

RM60,000

RM500,000

Total and Partial Disability (Natural and Accidental)

Tiada

Tiada

Tiada

Tiada

Tiada

RM100,000

36 Critical Illnesses (Expedited Payment Benefits)

RM10,000

RM10,000

RM10,000

RM20,000

RM30,000

RM100,000

Hospital Admission Allowances
/ day **

RM20

RM20

RM20

RM40

RM60

RM200

Funeral Expenses (Khairat) for Depositor, Spouse (The first and legal only) and children

RM2,500 (Depositor and Spouse)

RM2,500

RM1,000 (each child – maximum 3 children only)

RM18,000
(depositor)

RM9,000
(spouse)

RM2,000
(each child – maximum 3 children)

* The Berlian package is limited to 2 accounts only for one depositor or takaful coverage of up to RM 2,000,000 maximum

—–

Q: What happened to the account if the depositors fail to make his or her monthly commitment until the required date?

A: If there are no payments deposited within the grace period, the account will be closed immediately

—–

Q: Can I withdraw my SSPN-i Plus deposits at any time?

A: Savings can only be withdrawn only after 3 years from the account opening date and the minimum amount that the account must have is RM 1,000 and above. After the 3 years period, the depositors can withdraw at anytime and still depends on the required minimum balance.

—–

Q: What if the depositors wish to switch package?

A: If the depositors wish to switch package, he or she must close the current account first and opens a new account

—–

Q: If the depositors have closed the account, will he or she needs to wait for some period before opening a new account?

A: No. The depositors can straight away open his or her account. However, the reopening of a new account will be treated as a new application and the depositors will receive new Takaful Certificate with a new coverage period.

—–

For more Questions and Answers relating to SSPN-i Plus, please click on this link: https://www.ptptn.gov.my/pengenalan-sspn-i-plus-side

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27 Replies to “What are SSPN-i and SSPN-i Plus?”

  • can i open the account for saving and tax relief purposes , which mean i am not going to apply for education loan.

  • Christine Loh says:

    So it’s a savings plan not loan to?

    • Yes. This is a Savings Plan with added Takaful (insurance) feature attached to it. For the education loan you have to contact Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) directly on the procedure.

  • kl says:

    If I sign up for the berlian package for my daughter for 20 years and make a full withdrawal at the end of 20 years, is there any surrender value for the insurance portion?

    • This paragraph in BM is quoted from the point published inside the Takaful Operator’s Main Policy document, under the topic of Dana Risiko Peserta (DRP) in page 7 to 8, as published in PTPTN’s website at https://www.ptptn.gov.my/polisi-utama-pengendali-takaful-sspn-i-plus

      “Walau apa pun dinyatakan di atas, sekiranya Sijil Takaful matang, ditamatkan, diserah balik atau berlaku kematian atau TPD ke atas Peserta, Peserta akan melepaskan hak beliau ke atas sebarang baki Sumbangan yang belum digunakan yang masih berada dalam Dana Risiko Peserta . Baki tersebut yang dilepaskan oleh Peserta akan dianggap sebagai derma beliau ke Dana Risiko Peserta”

      To summarise, there is no surrender value for the insurance portion.

  • Chitra says:

    Hi. Will the returns for both sspn and sspn plus will be the same after 18yrs of saving? For ex: If I save RM 180 for the sspn and for the sspn-plus I took the Zamrud plan. Plz advise.

  • Chitra says:

    Hi. Will the returns for both sspn and sspn plus will be the same after 18yrs of saving? For ex: If I save RM 180 for the sspn and for the sspn-plus I took the Zamrud plan. Plz advise.

    • Hi Chitra,
      The returns illustrated by PTPTN for its SSPN-i and SSPN-i Plus savings plan is based on 4% return annually, as shown in the PTPTN’s website at https://www.ptptn.gov.my/anggaran-tabungan-sspn-i-side.

      The only advantage that you get for SSPN-i Plus is you have the additional Takaful/insurance cover attached to the savings plan, and you can also claim for your personal tax relief for the insurance/Takaful portion aside from the education personal tax relief that you get from both SSPN-i and SSPN-i Plus.

  • Bryan says:

    If I deposit RM 6k of SSPN-I and RM 6k of SSPN-I PLus
    How much tax relief I am entitle for?
    Thank you

    • Hi Bryan,

      SSPN-i and SSPN-i Plus are the same education savings plan. It is pointless to save RM6k in SSPN-i and another RM6k in SSPN-i Plus.

      The concept of getting the tax relief for YA2018 is when you pay RM12k into SSPN-i Plus, the RM6K tax relief covers the SSPN-i savings plan, and the remaining RM6k is to cover the insurance/takaful plan. The RM6k for the insurance/takaful feature is relevant when you do not subscribe to any other insurance/takaful plans from other providers.

      Click here to register your SSPN-i Plus account

      Note: To be able to pay RM12K into SSPN-i Plus, choose the Berlian plan (RM500 per month) and pay for 3 children for 12 months.

  • Chen says:

    Say if I choose to deposit 500 per month for SSPN-I Plus, 300 will be used for Takaful, and 200 will be used as savings. so Effectively, I am only Saving 200 per month. then after 17 years, the savings is only about 58K. Correct?

  • Ray says:

    Hi i would like to ask for the death benefits under for the depositor (age 25, single) who open account for himself. who is entitled to get the death benefit when the depositor die?

  • wong says:

    Hi Fahmie. According to PTPTN, the monthly SSPN i-PLus package of RM200 breakdowns to RM180 as simpanan SSPN and RM20 as sumbangan takaful. So im eligible to claim tax relief of RM240 only right under the category of life insurance? coz some agent told me can claim RM2400 which i felt misleading. What do u think?

    • Hi Wong,

      Based on your example of RM200 monthly, the breakdown is RM180 as simpanan, and RM20 as sumbangan takaful. Do take note you can only claim for tax relief, if you pay for your child. Individual account is not qualified for tax relief.

      You can claim under Tabungan Bersih SSPN of RM180 x 12 months, which is RM2,160. But if you decide to do early withdrawal, the amount you can claim for tax relief is the remaining balance of that year’s deposit. Do take note that you can only start withdrawing from your SSPN-i Plus account, only after the third year’s deposits.

      For the Takaful portion, you will claim under life insurance. RM20 x 12 months, which is RM240 only.

      The answer provided here is from my own point of view and capacity as an agent for SSPN-i Plus.

      For official information about SSPN-i, SSPN-i Plus and PTPTN or if you want more clarification about your query, you can always call PTPTN’s Careline at 03-2193 3000, opens daily from 8am to 10pm. Or visit PTPTN’s website for the latest announcements at https://www.ptptn.gov.my/seksyen-careline-side or visit SSPN’s website at http://www.lovesspn.com/

  • Gan says:

    I have opened a SSPN account for my child previously. I am interested to open another account for SSPN i-plus, in view of the takaful benefits. Can i have two accounts for the same child at the same time? Or shall i cancel the SSPN account before i open the SSPN-i plus account ?

    • You can have both SSPN-i and SSPN-i Plus account under the same child’s name.

      If you wish to change the account from SSPN-i to SSPN-i Plus or vice versa, the system does not allow you to do so. You have to withdraw and close the SSPN-i account, then open the SSPN-i Plus account.

      The answer provided here is from my own point of view and capacity as an agent for SSPN-i Plus.

      For official information about SSPN-i, SSPN-i Plus and PTPTN or if you want more clarification about your query, you can always call PTPTN’s Careline at 03-2193 3000, opens daily from 8am to 10pm. Or visit PTPTN’s website for the latest announcements at https://www.ptptn.gov.my/seksyen-careline-side or visit SSPN’s website at http://www.lovesspn.com/

      • Additional information and updates,

        Based on the FAQ listed in ILoveSSPN website (FAQ no 18), now you can transfer from SSPN-i to SSPN-i Plus or vice versa as long as the depositors’ details are the same.

  • Samantha Wong says:

    Does the withdrawal of Sspn is meant for local education and not oversea education (if the children opt for oversea education) ?

    • The objective for both SSPN-i and SSPN-i Plus is to help you save for child’s education. After certain period, you can withdraw the savings for education use, local and overseas.

      If you are asking about Geran Sepadan (Matching Grant), then this is applicable for households earning less than RM4,000 monthly, and are able to qualify not more than RM10,000 per family. Other terms and conditions apply. (Source: ILoveSSPN FAQ website)

      If you are asking about PTPTN loans, then you need to contact PTPTN directly for more details.

      The answer provided here is from my own point of view and capacity as an agent for SSPN-i Plus.

      For official information about SSPN-i, SSPN-i Plus and PTPTN or if you want more clarification about your query, you can always call PTPTN’s Careline at 03-2193 3000, opens daily from 8am to 10pm. Or visit PTPTN’s website for the latest announcements at https://www.ptptn.gov.my/seksyen-careline-side or visit SSPN’s website at http://www.lovesspn.com/

  • TAN says:

    1) Based on the FAQ # 22, If I open an account for my own and when the beneficiary deceases, I have to close the account? Will I get back my saving deposited?
    https://www.ptptn.gov.my/faq-simpanan-side/faq-sspn-i-plus
    2) It seems like this takaful beneficiary is not using the nomination system. Is my understanding correct?
    3) In the event of a Will take places, SSPN-i will process the return of the saving deposited and the benefits of the insurance according to the Will?
    4) Based on the same FAQ #33, If I do not have any child/children, does it means my wife is the only valid beneficiary who can make the claim?

    • 1. You need to close the account, since the beneficiary passed, as per FAQ #22.
      When you close an account, the savings portion you can claim back, including the annual dividends and the cash value of the takaful (if available). This is based on the information stated in PTPTN’s website at https://www.ptptn.gov.my/pengeluaran-penutupan-akaun-sspn-i-plus-side
      2. Correct. PTPTN only asks for Beneficiary Name during sign-up.
      3. By right, PTPTN should return to the names as stated in the Will. You can contact PTPTN to get more clarification about this question.
      4. Based on FAQ #33, it is clearly stated that the payout shall be paid to the legal heir. The legal heir(s) need(s) to produce Letter of Administration as per FAQ #34.

      The answer provided here is from my own point of view and capacity as an agent for SSPN-i Plus.
      To sign-up or top-up an account, click here: https://www.ptptn.gov.my/sspniplusonline/?id=000004658

      For official information about SSPN-i, SSPN-i Plus and PTPTN or if you want more clarification about your query, you can always call PTPTN’s Careline at 03-2193 3000, opens daily from 8am to 10pm. Or visit PTPTN’s website for the latest announcements at https://www.ptptn.gov.my/seksyen-careline-side or visit SSPN’s website at http://www.lovesspn.com/

  • Rupa Gopalen says:

    Hi, I have account in both SSPN-I and SSPN-I Plus.
    I would like to close SSPN-I Plus and continue saving in SSPN-I.
    Do I still need to wait for 3 years to close SSPN-I Plus account?

    • Hi Rupa,

      You don’t have to wait for 3 years to close SSPN-i Plus account. The 3 years waiting period is for those who wish to have the account to still be active and wants to just do a partial withdrawal.

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