CIMB's 3-in-1 Education Package

CIMB Wealth Advisors' newly launched 3-in-i education package is a combination of life insurance/family takaful, unit trust and trust nomination service:

• Life insurance: Non-par, limited payment, regular premium decreasing term assurance covering the payor. Other optional riders can be added. Term: 10, 15 or 20 years.
• Unit trust: Lifecycle Funds (2017, 2022 or 2027). The number represents the maturity year. The funds will switch to lower risk assets automatically as they approach the maturity year.
• Trust nomination service: expedite payments to beneficiaries in the event of death of investor.

The package is similar to a regular premium investment-linked education plan with payor premium waiver rider, except there is no insurance cover on the child. The money paid to the package presumably is not entitled to claim the tax relief of RM3,000 per year?

Source: CIMB Wealth Advisors