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!!

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??

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!!

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.