The rising cost of education
One of the major responsibilities you face as a parent is your child's university education. Trying to secure university education is not easy, as the cost of education is constantly rising. For example, a degree in Medicine in Singapore today costs approximately S$125,0401. In 18 years, the same course will be as high as S$193,9131 and S$209,0071 in 21 years.
If your child wants to go overseas, the cost of education is even higher. For example, a medicine course in Australia today costs about S$359,3882. It might cost as high as S$827,4312 in 18 years and S$943,6062 in 21 years.
However, university education for your child need not be a financial burden if you plan early. Introducing MaxEdu Plus - a plan specially designed to help you protect and save for your child's future education.
Key benefits at a glance
- Save for your child's education in a disciplined manner
- Receive cashback from the end of second year
- Provide your child with insurance protection
Save easy. Rest easy.
This plan helps you save in a disciplined and smart manner. By putting aside a fixed amount on a regular basis, you can build up your savings to provide for your child's education.
To protect your savings goal against any unforeseeable circumstances, we have included the choice of Premium Waiver Benefit rider. With this rider, you can rest assured that in the event of Death or Total & Permanent Disability, the remaining premium payments will be taken care of. Your child can still enjoy both yearly cashback and maturity benefits for the university education.
This illustration is based on assumption that the projected investment rate of return is 5.25% p.a. as illustrated in the Benefit Illustration. As the bonus rates used for the benefits illustrated above are not guaranteed, the actual benefits payable will vary according to the future experience of the Participating Fund.
Liquidity
With MaxEdu Plus, you will receive yearly cashback from the end of the second year till the year before maturity of the plan. These cashback may be used to offset your child's primary and secondary school expenses.
Flexibility that caters to your needs
MaxEdu Plus comes with a choice of terms - 12, 18 or 21 years. You can also choose to collect cashback, accumulate them at OAC prevailing interest rate or use them to pay part of the premiums.
It pays to start saving early
As a parent with an eye to the future, you should start early to save for your child's university education. University costs have risen consistently for the past 10 years, and there is little reason to think this trend will not continue. Clearly, it helps to begin saving early to secure your child's future.
To save for your child's future and get cashback with MaxEdu Plus, come talk to us at any OCBC branch, call 1800 438 6088 or log onto www.ocbc.com/wealth today.
Sources:
- NUS Undergraduate Tuition Fee (Academic Year 2006/2007) and Singapore Department of Statistics - Mean of 10 years Consumer Price Index (Yr 1996 to 2005 inclusive).
- Tuition fee at University of Queensland, University of Western Australia and University of Melbourne; Australia Bureau of Statistic - Mean of 10 years CPI (1996 to 2005 inclusive).
Important Information
MaxEdu Plus is a participating regular premium endowment insurance with cash benefits plan and is underwritten by Overseas Assurance Corporation Ltd, a wholly-owned subsidiary of Great Eastern Holdings Ltd and a member of the OCBC Group, and is not a deposit or obligation of, or guaranteed by OCBC Bank. Max is a registered trademark of the Overseas Assurance Corporation Limited.
Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid.
You may wish to seek advice from a financial adviser before making a commitment to purchase a life policy. In the event that you choose not to seek advice from a financial adviser, you should consider whether the life policy in question is suitable for you.
This material is for general information only. It is not a contract of insurance. It does not constitute an offer to buy an insurance product or service. It is also not intended to provide any insurance or financial advice. The specific terms and conditions of the plan are set out in the policy documents. A person interested in the insurance policies should read the product summary and benefit illustration (available from OCBC Bank) before deciding whether to buy this product.
No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein.
OCBC Bank, its related companies, their respective directors and/or employees (collectively “Related Persons”) may have positions in, and may effect transactions in the products mentioned herein. OCBC Bank may have alliances with the product providers, for which OCBC Bank may receive a fee. Product providers may also be Related Persons, who may be receiving fees from investors. OCBC Bank and the Related Persons may also perform or seek to perform broking and other financial services for the product providers.
This publication may be translated into the Chinese language. In the event of any ambiguity, discrepancy or omission between the English and Chinese versions, the English version shall apply and prevail.
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