December 30, 2016 16

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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