Standard Chartered introduces new insurance plan to help Malaysians save to achieve their life aspirations
Kuala Lumpur, 15 July 2015 – Standard Chartered Bank Malaysia (”Standard Chartered”) has partnered with Prudential Assurance Malaysia Berhad (“PAMB”) to offer the PRUaspire endowment plan to help customers with their savings needs. Whether it be for one’s retirement, to fund your children’s education or to achieve your life aspirations, PRUaspire is an insurance savings plan for all life stages.
Ensuring quality education for their children is a high priority for many parents. The combined cost of tuition fees and cost of living for tertiary education abroad can increase almost twofold in ten years, not taking into account foreign exchange fluctuations. Most households need to look for smart ways to make their money work harder in order to meet multiple financial commitments while still having some savings to enjoy their hobbies or to provide for loved ones.
| Country |
Tuition Fees* |
Average Cost Of Living |
Total Cost |
10 years later (6% inflation) |
| UK |
RM 464,000 |
RM 176,000 |
RM 640,000 |
RM 1,146,000 |
| USA |
RM 462,000 |
RM 198,000 |
RM 660,000 |
RM 1,182,000 |
| Australia |
RM 344,000 |
RM 203,000 |
RM 547,000 |
RM 980,000 |
| Singapore |
RM 381,000 |
RM 86,000 |
RM 467,000 |
RM 837,000 |
| Malaysia |
RM 152,000 |
RM 50,000 |
RM 202,000 |
RM 362,000 |
*Sources: www.studymalaysia.com; www.infozee.com
Sammeer Sharma, Executive Director & Head of Bancassurance, Standard Chartered Bank Malaysia, said:
“It is estimated that parents require an average of RM1.1 million to raise a child in Malaysia from birth to tertiary education abroad. This shows that it is never too early to start financial planning. PRUaspire is the latest among a wide range of solutions offered by Standard Chartered to help customers to manage and grow their wealth.
All of us have aspirations to travel the world, purchase a dream home or send our children to study overseas. The guaranteed payouts from PRUaspire can be used for such milestones, or reinvested to earn compounded interest.”
Tan Kay How, Chief Marketing Officer, Prudential Assurance Malaysia Berhad said:
“As the cost of living goes up every year, many Malaysians find it challenging to meet their expenses and save at the same time. PRUaspire not only offers a savings element with a regular income stream; customers can also enjoy added peace of mind with the insurance coverage that comes together with the plan.”
PRUaspire combines savings and insurance protection and offers guaranteed annual cash payouts complemented with potential bonuses. Customers can choose between a minimum policy term of 15 years up to a maximum of 40 years. Those who select 40 years of coverage can receive a total payout of 508% of the Basic Sum Assured throughout the policy term to enjoy more rewards.
Premium payment term varies from 3 years, 5 years and 10 years. PRUaspire is available to Standard Chartered customers who are between 1 and 60 years old.
Mr Tang of Kuala Lumpur chose PRUaspire due to the attractive payouts and flexible plan options.
“I bought plans for myself and my two children. My intention is to reinvest the cash payouts so that I can have more savings in ten years to send my eldest to study overseas. I also like the fact that PRUaspire comes with insurance protection so that my family can be provided for in case anything untoward happens to me,” Tang said.
For greater flexibility, customers can choose from eight different plans and three optional riders. Those who purchase a basic plan with basic sum assured of RM200,000 or less will receive guaranteed acceptance for hassle-free enrolment.
PRUaspire is underwritten by PAMB and distributed exclusively at Standard Chartered Bank Malaysia branches. For more information, please visit www.sc.com/my/insure.
-ENDS-
