guys, I have been thinking about SSPN. Hope someone can shed some light on this. Is SSPN really a good medium to save money?

Let's say I save RM6k this year, and get the max deduction of 26%, I can get RM1,560 refund. Subsequently, this 6k might entitle to a dividend of say 3-4% every year? I can't withdraw this money until my children are being offered a place in tertiary education (no flexibility).

what if I can save the same amount of money in another investment, which generate
more than 5% every year, in the end I will have both higher savings couple with flexibility.

Is my analysis correct?

Firstly, don't get me wrong of rejecting SSPN, I myself also invest in SSPN. I'm just thinking whether this is the best option with my limited funds.
I don't think there is any investment which has no risk.. it's either low, medium or high risk.
Even saving in SSPN has its own risk, I don't think our money is guaranteed, right? what if one day PTPTN declare bankruptcy as many defaulters.. there goes our money..

Some investments which I can think of... shares with more than 5% dividend yield (probably REIT?), unit trust (like ASW, ASB...)...