Hi all,

Seeking some views here - I'm looking for an education insurance policy for a child, the main purpose is actually for income tax relief claim of RM3k per year. So with the budget of RM250 per month, what kind of education insurance policy can I consider?

Prudential My Child? Which one will provide guaranteed returns? Endowment?

Appreciate any views on this. Thanks!!

Education insurance policy only ? How about life and medical
Generally, the premium paid towards the endowment will not be eligible for tax deduction. You may want to clarify further on that before you finalise your plan.

Hi, thanks for the response. As I've mentioned, the purpose is to maximize income tax deduction. Therefore, it must be education (medical can't be claimed right, and life already maxed out). Also have other plans for life/medical coverage so that is absolutely not needed. Objective is to maximize income tax deduction, provide absolutely minimum protection (I don't want any $$ in the event my child TPD/death), and maximize the potential returns when the policy matures (when child turns 20?)

So if for e.g. Prudential MyChild, there are two components right?

1. basic protection
2. prusaver

So assuming a budget of RM3k pa or RM250 per month, can it be like

1. RM50 per month for basic protection
2. RM200 per month for prusaver

Then are you saying income tax relief can be claimed on #2 only? and not #1? So total amount eligible for tax relief is RM200 x 12 = RM2400?

Thanks!!

You can have a look at SSPN by PTPTN. http://www.ptptn.gov.my/web/guest/simpanan

Take relief up to RM 3000.

Medical card premium 100%
CI can be included to this portion but 60% of the premium is allowed only.

Basic Protection allocation 40%
Prusaver allocation 95%

Total amount eligible for tax relief shoud be RM 50*12=RM 600

need conformation on it.. as there are many prusaver pruedusaver etc etc

This post has been edited by MaxWealth: Mar 10 2011, 08:48 PM

1. Life insurance is combined with EPF.
2. Education and medical insurance are combined together totaling max RM3000 for income tax relief, I suggest you also look into medical insurance for yourself if you don't have one.
3. To ensure maximum guaranteed returns for your child, deposit RM250 every month into Savings Account and when it reaches RM1K, transfer to FD. Look into HLB Junior FD promotion from time to time. The child savings account interest rate reasonable. Just use excel and you can see how much with just RM250 a month you'll get in 20 years time.

This post has been edited by Gen-X: Mar 10 2011, 08:40 PM

thanks. i already have this.

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Added on March 10, 2011, 9:09 pmso pru edu saver is not eligible for tax relief??

how come prudential pru my child pdf doc (downloaded from prudential website) says this....

10.Is PRUmy child eligible for tax relief?

During childhood
"As a parent, you should be entitled to education tax
relief on premiums paid for PRUedusaver, PRUsaver
kid or Parent Payor. Furthermore, premiums paid
for PRUfamily income, PRUfamily double income and
PRUessential child may also qualify for tax relief."

The Pru my child is a combination of protection and education investment, right? Based on what you say, I can only claim tax relief for the protection component of this education insurance policy??


This post has been edited by poolcarpet: Mar 10 2011, 09:09 PM

Thanks for the suggestion. I'm aware of the 3 points below, again my focus is on gaining the maximum tax relief. Hence i'm looking SPECIFICALLY at education insurance. Don't need life, don't need medical. Already have coverage for those.

The only reason why i'm emphasizing on guaranteed returns is I know most education insurance will have that chart showing you total returns after X years, and those are based on 9% or some high return rate. I'd rather lose out a bit on the potential high return rate, and get a lower guaranteed rate, maybe 5%? or even 3-5%. Remember I've already gained from the tax relief... so this is on top of the tax relief gains.

I have other investments and plans for education funds, this education insurance is just a part of it, and again, I just want to maximize the tax relief, hence looking for education insurance, which can be claimed under the tax relief scheme.

Does anyone know of such policies?



This post has been edited by poolcarpet: Mar 10 2011, 09:18 PM

Thats why i say need comfirmation from the PRU HQ.

Due to the allocation rate is 95% and the flexibility of withdrawing and redepositing it. Need to check it out. If yes, then it will be very good.

Wah 9% is damn high and as for guaranteed return of 5% for education policy, please PM me and let me know when you find one. Thank you.

you really claim to the max...

Prusaver attached to a link plan cannot be used for tax relief
Maybe you could get a 15/20 years endowment plan for your kid for that purpose . . . Hope this will help you

for my 2 children, I took Pru BSN

go see any agent, in the proposal they give you - there will be two colums. one is conservative prob 2-3% but another will be 'high' about 6-9%. most will emphasize on the 6-9%, but i prefer to look at worst case 2-3%...

i'm not an agent though, so i may be wrong.

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Added on March 11, 2011, 10:13 amsee this is where the confusion is. some tell me can, some say cannot.

This post has been edited by poolcarpet: Mar 11 2011, 10:13 AM

RM 250x12= RM 3,000.00 all get LHDN tax relief? NO!

Only the portion that pays for the protection (pure insurance part) is eligible for tax relief. Usually around RM 400 - 500.

The other portion that is used to but into unit trust fund are considered as investment and hence not eligible for tax relief.

But, fret not, just buy a medical card and critical illness and voila... tax relief is yours again. T&C applies. A pure critical illness policy alone would already exceed the RM 3,000.00.

Truth be told, the RM 3,000.00 is too little because a critical illness policy nowadays will be >RM 3K even for a sub-decent coverage. This RM 3K, hasn't taken into effect the rising medical inflation.

This leaves very little room for any child edu tax relief.

My opinion, it should be RM 3K for child education RM 6K for medical.

Xuzen

This post has been edited by xuzen: Mar 11 2011, 01:53 PM

Ah, this is what I was told in the past but some tell me 250x12 can be claimed as long as the policy has the word education in it.

Buying the medical card/CI is not what I want as I already have company coverage. No point spending 3k to 'save' up to 26% right?

Anyone know if this is the same for Great Eduplanner (which seems to be an endowment type of policy??)

Yes, you cannot claim the investment portion.

Your annual tax statement on your insurance will split out the portion.

ok, so it's quite clear any ILP type of education insurance won't be able to have max claim on the 3k.... how about endowment type of insurance? any ideas??

For child Education endowment Policy, it's entitle for the tax relief. below are some term and condition to meet before we can include for the tax relief.

- the education plan must be taken up by the parent/legal guardian and it must mature when the child reaches the age of between 13 to 25.
- make sure the policy has a the word “education” printed in the policy title
- It is also important that you opt for a payer benefit rider throughout the life of the policy.
- if wife elects for separate assessment, she can also claim the same amount of relief on her life, education and medical insurance premiums but not on the same child.

yeah, so what are all the different child education endowment policy available out there?

thanks!!

there are alot endowment plan outside. in order for tax relief endowment plan. it must get the policy which has the word "education".

i believe all insurance company like prudential, AIA, ING, Great Eastern also having the similar edu plan. just maybe some of them does not have the education word in the policy, hence is not entitle for the tax relief.

Also, please be cautions on the % return as well. do not just believe what ever % return that show in the proposal. always refer to the bank negara report and the report will tell you the actual company performance or investment performance that the company actually perform.

thanks

Well mine I got Edu and Medical plans for my two children with Prudential and the do break up portion of the premiums paid for Education and Medical in the Statement sent to me yearly for Income Tax purposes.

do you mean your prudential Edu plan combine with the medical plan? how many policy you bought for your each son? is it in your one policy, there are medical coverage + edu saving? may I know what kind of medical coverage is that? just death / TPD benefit or have other medication benefit? also may i know the policy or plan name for prudential?

The tax relief I mentioned here is for the plan which only cover death / TPD benefit + education saving. no other medical coverage inside. thanks

Yes, my policy is combine Edu and Medical under 1 single policy for two of youngest children and its called Prulink Education Plan. Medication is included I think (no co-issured) because it was bought back in 2005. New policies bought for two older children pure Medical in 2009 got co-insurred and therefore no medication.

Maybe some Prudential agents can answer yeyayey question.

in this case, it's confirm that Prudential will break up portion of the premiums paid for Education and Medical if combine medical coverage and edu saving under one policy.

Also, would like to share this info to you guys. not tend to offend any prudential agent. medical coverage for prudential charges is slightly higher compare to Great Eastern. for the same plan and same age range. eg, the medical plan until age 80, 200 daily room & board for age 31-35 male, prudential charges is RM1,621, while Great Eastern charges RM498.

Therefore, if a person paid RM3,000 yearly for his premium, prudential will use up more premium in medical coverage hence less protection only able to provide. While great eastern could provide more coverage since the medical charges is less. maybe can get the same protection but less premium also.

Again, I am not tend to offend prudential or any others. just like to share this to others only. sorry if I have said anything wrong here. you guys can check the details charges from prudential website. thanks

RM1,621, vs RM498 - Haha . . . this figure is a little imposible. Just imagine you are buying a toyota vios / honda city. Both will have 1.6 engine & price range will be similiar. The price should be 1.6k +/- , even if you go for standalone medical card those under AIA, it wont be as cheap as RM498 per year for a adult age 30. End of the day . . . comparing prices for medical insurance is not important. What important is if you have any illness whether it's covor or not, renewable or not, & of course is there any agent to service you.

Do consider HLA too

again I am just sharing this information out only. not tend to offend anyone. you can double confirm with prudential & great eastern. I have both the charges on my hand.

for sure the premium calculation is not directly calculate base on the RM1,621 and RM498. it will calculate the remaining years and include it in the premium. however if you break down the charges, it's the charges. you can call to prudential and great eastern to double check.

for medical coverage, for a same PruHealth 200 product & SM200, annual limit for prudential is RM75,000 and life time limit RM750,000 while great eastern smart medic SM200 plan. annual limit at RM90,000 and life time limit RM960,000. for Great Eastern smart medic plan, it's not a standalone medical card. it's guarantee renewable until age 80. the last entry age for SM200 is age 65.

while for critical illness coverage, Great Eastern smart early payout will start pay the claim in different % when illness at 0 stage or 1 stage. while other conventional plan only paid the claim at 2 stage or later.

correct me if anything wrong and sorry if anyone is offend on this. thanks

yeyayey:I guess the difference in premium is becuase in Prudential case a certain sum of the premium is used to buy prudential unit trust where as GE is stand alone and you don't get a sen if you don't make a claim end of the day.

Am I correct to say this, anyone?

no, I am mention the Investment-linked product from Great Eastern. Smart Invest Essential Product. not a standalone plan.

It's similar to Prudential PruLink. Which include Death/TPD benefit, 36 critical illness, Personal Accident, medical coverage and etc etc riders. Also the remaining premium will convert into units for investment purpose where policy holder can withdraw the saving later.

thank you for the info, I must go check it out and see worthwhile to convert for two of my older children medical policy to GE and save some money

You guys can check the premium and schedule of benefits here

http://financialfreedomhereigo.blogspot.co...20Smart%20Medic

http://financialfreedomhereigo.blogspot.co...NS-%20PRUhealth

U may want to compare with Allianz medical card too. The cost of insurance is even lower than Pru and GE, and no co insurance incurred.

I can show u the breakdown if u want. Check it on my website under Powerlink medical card section. @ www.blueangel.info

Thanks

This post has been edited by chew_ronnie: Mar 12 2011, 02:04 AM

thanks [f]ireZz[kf] for sharing the medical charges link.

also, as I've mentioned early. It's so crucial to identify the insurance company actual performance. always refer to the bank negara report and the report will tell you the company performance that the company actually perform.

If you refer to the bank negara report, Great Eastern has the largest asset, the company performance is the highest compare to others. In order word, the cash value or return will be higher compare to others.

If you guys are not aware, Great Eastern are actually belongs to OCBC, hence the performance is more stable and better investment return. thanks

I'm sorry if I would offend u for my below statement. I apologize 1st and foremost.

I dun actually agree with u on the statement saying that largest insurer in M'sia is the most stable and the funds will be the best. It is like saying that M'sia's largest car producer is Proton, and Proton is the best!

I compare based on facts, not by talking, just take a look at the fund prices of GE, Allianz and Prudential. All funds are launched at RM1 per unit and you can see that over the years, all funds are going up and down. If you compare these 3 companies, say example managed funds.

GE: Lion Balance Fund NAV RM 2.684 https://www.epartner.com.my/ePartner3_fpms/...ion=FundListing
Pru: PruLink Managed Fund NAV RM 2.655 http://www2.prudential.com.my/fundpriceV2/daily.php
Allianz: Allianz Life Managed Fund NAV RM 3.720 https://www.allianz.com.my/cls/content_fund.aspx?t=448

In this scenario, can we assume that Allianz's fund has outperformed the others? Of course it also depend on the date of launching.

What i'm trying to say here is that, in investment linked funds, it is unit trust and NO one can predict what will happen in the future. The largest company MAY NOT perform the best.

Sorry for being harshed here.

not worry, it's just a discussion here. no offending occur

I am agreed that largest company not perform the best and no one can predict what will happen in the future especially comes to investment. Please not get me wrong, I am not saying other company not perform well in their investment fund.

From the Allianz managed fund, it's show a very good figure. However it's very hard for us to calculate the actual policy yearly return. so many criteria we need to consider in, the bid price and offer price for the particular policy. for the pass Great Eastern balance fund performance, it hit 29.29% return on 2009 and 18.2% on 2010. This figure is from Personal Money Magazine.

Also, I have a latest copy of bank negara report which show Great Eastern Company Performance has a better performance compare to others. However it might subject to change cause bank negara report always give abit out dated data due to each company have different financial year end period.

Hi all,

Thanks for the very good discussion... so in the end, there is no policy out there that can meet my specific requirements, right?

1. Education insurance for child
2. 3k premium per year, either payable monthly, quarterly or yearly not a problem.
3. Minimum protection of life/TPD of child - RM10k? RM5k even if possible?
4. Cash value upon maturity
5. 100% tax relief claimable (of the 3k)

There is no such policy? The idea is to take advantage of the income tax relief, say at 26% - the 'effective' payment is RM2220 for the 3k premiums. Assuming Great Eduplanner can fit this for the 15 yr policy, that means total premiums paid RM22,220 over 10yrs and upon maturity at 15 yrs, cash value will be paid out.

I appreciate all the PMs and info, but I am very specific in what I'm looking for - if this does not exist, that's fine - I'm not looking for any other insurance/medical/CI/savings/etc...... Thank you!!

This post has been edited by poolcarpet: Mar 12 2011, 08:45 AM

delete


This post has been edited by Nepo: Mar 12 2011, 09:18 AM

Just to put in my comments - not to offend ANY agents or insurance companies here. But ALWAYS ALWAYS remember past performance does not indicate future performance. Even if a company is doing well now, anything can happen. Would anyone have predicted what happened to AIG? All companies exist to earn profit. Give value to shareholders. Board and management can change. Policies can change which might affect one company over another. No one can predict the future.

So that is why I personally don't like being too tied down to a certain insurance company. Those policies which mention coverage till 80/90/100 yrs especially, personally I would avoid those. But that's only me. I prefer shorter term coverage, e.g. 1 year PA renewed yearly for coverage against accidents, e.g. for education I want the coverage to mature when child turns 18 or 20 latest. At that time, I can look at my financial position (can I dream and possibly be the next Robert Kuok?) and then re-evaluate my needs (if I have billions, do I even need any more insurance? ).

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Added on March 12, 2011, 8:55 amThanks Nepo, I am of the opinion any insurance policy for children should cover the life of parent not child. I have seen few proposals where the insured is the child, to me, what for? I get proposals for RM150k coverage on child. If anything happens to my child, I don't want a single sen. It should be the other way round, anything happens to ME, then the child is the beneficiary (to support his future education needs).

I would be very grateful, if anyone can let me know which education insurance fits my requirements and also these below (insured = parent)

Thanks!

This post has been edited by poolcarpet: Mar 12 2011, 08:55 AM

i am very surprised if insurance companies haven't done this for their potential customers!

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Added on March 12, 2011, 9:24 amwhy delete?

This post has been edited by poolcarpet: Mar 12 2011, 09:24 AM

Hi you may wanna have a look at Allianz's PowerGrad policy.

1. Education Policy
2. 3k premium, mode of payment as u mentioned
3. Very low sum insured on child. From 10 onwards
4. Covers payor, both husband and wife and cash value upon maturity
5. 100% tax relief claimable - I come back to u on this, i don't know how the proportion is.

6. 5 to 25 yr coverage term depending at age of child.




If condition 5 is fully claimable, then this is the perfect plan to suit ur needs.

Check out brouchure at my personal site here. http://www.blueangel.info/p/powergrad

PM me for actual quote. Thanks

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Added on March 12, 2011, 12:45 pmIn my reply to ur statement up there, you may have a look on those what very high networth people are doing with insurance and insurance serves a very important role in their life. http://thestar.com.my/news/story.asp?file=...44276&sec=focus



This post has been edited by chew_ronnie: Mar 12 2011, 12:45 PM

Rich particularly those hundred millionaire, billionaire doesn't need any insurance product.
The word is "need", but it doesn't mean they cannot have it nor don't want to have it or not suit to them.

For them, insurance is just merely part of asset allocation, diversification, in the meantimes, still can get tax benefit, credit risk proof, tax exempted income/return etc.

Unlike middle class people, insurance is essential and serve as an important tool (aka the primary function of insurance) to protect them from loss of income which could affect their family.
Rich one doesn't need to worry this already aka they don't need the primary function of insurance, but more on secondary part function of insurance (as mentioned above).

Yes it's not a must and as u say these filthy rich people would not need the primary insurance coverage ie medical card or critical illness. It,s just part of their assets distribution as these monies are creditor proof in the form of annuities for different usage.

In fact by doing this method, these people can preserve their wealth. I've done a few such policies to my clients saying exactly what was written in the article, of coz the market are for those multi millionaires with one or two children.

Actually the rich buys more insurance to insure they properties/assets but they don't need Life Insurance and Medical Insurance some even "pantang" to buy Life Insurance. For example, some rich men even buy insurance on their Rolex watches or entire watch collection and some even insure their chandeliers in their home.

Yah, for the middle class, we need medical insurance especially if we want go to Private Hospitals. Did an article on that, click hereto my blog to read me blah blah blah if you got time to waste.

Ok... didn't expect a simple statement on rich not needing insurance to generate so many response but even if I'm that rich, I won't spend money on rolex/chandeliers, so no need insurance for those in the future

Guidelines to enjoy maximum tax relief on childrens's education policies.

How to enjoy maximum tax relief on children's education policies?

1. If the life assured of the life policy is the parent, to qualify for tax relief, the beneficiary must be the child.

2. If the life assured is the child, the following condition must be met:
a. A payor benefit must be attached into the policy and in the event that the payor passes away, are totally and permanently disabled or diagnosed with critical illnesses, all future premiums for the said policy will be waived. This payor benefit duration must be the same as the policy maturity duration.

3. A copy of the insurance policy schedule must be submitted when a tax deduction claim is made for the first year. Subsequently only the receipt of payment is required for submission.

4. For both Takaful and conventional education policies, the maturity benefits/cash values must be paid to the child when they attain the age of between 13 to 25 years of age.

This post has been edited by chew_ronnie: Mar 14 2011, 03:22 PM

Hi,

Good stuff... I think someone posted this before then deleted it for some reason.

So which policy is available which meets all these requirement?

1. If the life assured of the life policy is the parent, to qualify for tax relief, the beneficiary must be the child.
4. For both Takaful and conventional education policies, the maturity benefits/cash values must be paid to the child when they attain the age of between 13 to 25 years of age.

Which education policy will insure life of parent, and mature when child is 16 years old?


Thanks!



This post has been edited by poolcarpet: Mar 15 2011, 09:07 AM

I'm still asking Allianz on the PowerGrad education policy. All conditions can be met except that the tax decudtible option which i'm awaiting answers from them. Once i get it, i'll inform u.

Thanks

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Added on March 15, 2011, 12:25 pmAllianz has got back to me on the eligibility of the tax exemption on the insurance education policies. Currently there are 2 plans under the Allianz stable.

The 1st one is the PowerGrad policy:
Low life coverage on child.
Comes with a payor waiver.
Terms from 5 to 25 years.
Maturity cash values.

The 2nd one is the Income Provider Plan (Allianz will withdraw this plan on 31st of Mar 2011)
Low life coverage on child.
Option to include payor - but must include in order to qualify for tax exempt.
Terms pay 10 yrs, maturity at 20 yrs.
Maturity cash values.

Hope this will help u in ur selection.

This post has been edited by chew_ronnie: Mar 15 2011, 12:25 PM

If you guys can get a life insured = payor, and eligible for tax exemption, kindly inform me ya..thanks

Just to reiterate on this, which i think should not be the 1st priority in choosing child education insurance, simply because if the insured is the parent and the nominee is the child, what happens when the parent dies before the child reaches age 16 or 18? All the insurance proceeds CANNOT be claimed by the underage child. So what is the point of choosing these kind of policies.

In my humble opinion, all endownment plans can be used as an education policy by the guidelines stipulated above with the parent being the sum assured.

I may be wrong in this, but this is the issue i thought off by doing so. Thanks

This post has been edited by chew_ronnie: Mar 15 2011, 03:13 PM

can this little problem be solved by naming the child as the beneficiary, but also have a nominee (e.g. relatives)?

i totally do not understand the point of insuring the life of the child in any insurance. the child does not generate any income, what is the point of the parent getting the payout in case of d/tpd of the child?? ok, probably in tpd situations, it may help in subsequent living expenses, but in death?

update: i found this:
http://www.insuranceinfo.com.my/_system/me...ld_edu_plan.pdf

great, now it confuses things even more.

"Under a child education policy, the child is the life assured, while the parent/legal guardian is
the policy owner."

so an education policy MUST be life assured=child??? then why are there options to insure life of parent for certain education policies?

this is so confusing, no wonder i never did buy any even after started looking at this 2 years ago! lol

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Added on March 15, 2011, 4:03 pmok, what are the current education policies in market which is:

1. endowment non-participating (meaning guaranteed returns)
2. term 15 years or less

so far i've seen ilp/endowment participating, are there any endowment non participating policies out there?

thanks!!

This post has been edited by poolcarpet: Mar 15 2011, 04:03 PM

To put things into perspective, an child education fund is basically an endowment type policy. Endownment because you are insuring an insurable interest's life within a fixed period of time.

I googled non-par education endowment and no satisfactory product crop up. My guess is that insurance providers are not offering it for some reason or other.

If you put in RM 3000 premium per year, do not expect all RM 3K to be tax dedictible because you can only claim tax relief on the insurance part.

For insurance to work, you must be insure a insurable interest (in this case your own child) hence in an education policy the legal owner is the legal parents and object of insurance is the child. It is just to satisfy the requirement of Insurance Act 1966.

The parents life is insured as a rider to waive the premium payment incase the payor/parents predecease the life-insured. This is important because in the unfortunate event that the parent predeceased, we must assume that the minor will not have the financial capability to pay the remaining premium.

If you name your child (minor) as beneficiary, he/she will not be able to use the money until 18y/o. The money will be parked at Amanah Raya Bhd (Public Trustee). If you name another person other than spouse or child, then the nominees can only act as a trustee (sec 167 of Insurance Act 1966).

Best is to name spouse as primary nominees and alternative nominees as trustee (can also name private company trustee such as Rockwills or OSK Trustee or ARB) incase both parents predeceases the life assured.

Hope this help.

Xuzen

Ok, I contacted LHDN directly to clarify. They do not have a list of education insurance which qualifies for the tax relief, but these are the guidelines....

a. Polisi yang diambil adalah untuk diri sendiri, pasangan atau anak;
b. Benefisiari polisi adalah anak;
c. Jika orang yang diinsuranskan adalah ibu/bapa, manfaat insurans hendaklah hak milik anak sebagai nomini polisi;
d. Jika orang yang diinsuranskan adalah anak,
- adalah wajib nyawa orang yang membayar premium (ibu/bapa) dilindungi (payor benefit rider);
- jangka masa rider mestilah sama dengan polisi asas;
- sekiranya rider dipakej bersama dengan polisi asas dengan hanya satu premium, kesemua premium yang dibayar dibenarkan sebagai potongan; dan
- sekiranya ibu/bapa tidak layak untuk payor benefit rider, premium polisi asas tidak layak mendapat potongan;
e. untuk polisi takaful, peserta adalah ibu/bapa dan manfaat polisi mestilah dihibahkan kepada anak;
f. jumlah matang untuk polisi konvensional dan polisi takaful mestilah dijadualkan untuk bayaran semasa umur anak di antara 13 dan 25
tahun.

So far i never see any education policy with life insured= parent

If the insured= parent-->usually we called it Life insurance ---> This lump sum of compensation can be used for full repay the housing loan (where we can call it MLTA), for family monthly expenses (were we can called it income replacement) etc etc.

If the insured= child--> The premium calculated is based on your child and the child enjoy the benefits of the plan.

So far havent come across endowment non-participating.
Recent market trend is whole life participating and whole life non participating. Endowment is giving a lot of financial stress to the insurance company.
If you want a term < 15 years, you can only opt for ILP. But in order to fully gain tax relief you must make sure the coverage is > the BNM coverage guideline which is quite high.
WIth this high coverage, hardly can get good return at then end of 10-15 years.

So, it means, it could be any policy, as long as I buy an insurance policy for my kid and I paid for myself as rider?
It could be (medical + unit trust + insurance) or pure saving or any other kind of policy?
Because, I am also looking to maximise income tax 3k relief on education fund for my kid.

If you are paying insurance for the previous year, usually you will have a certificate of premium paid. You can based on it and determined on which portion for tax relief.