EVERY parent hopes for the best for their children by taking care of their clothing, nutrition and matters related to their education.
Having a perfect education is among the factors that contribute towards developing a happy life. Education is also one of the important agenda in our nation’s development plan to create a knowledgeable society.
Looking at the situation today, many excellent students are not able to further their studies due to financial problems. They do not receive any aid, either in the form of loan or scholarship from any institution, such as the National Higher Education Fund Corporation (PTPTN) or Majlis Amanah Rakyat (Mara).
When previous borrowers fail to pay their study loans, current students face difficulty in obtaining loans to pursue their studies.
Parents, meanwhile, have a huge responsibility in ensuring that their children get a good education.
As the cost of education keeps increasing year by year, parents should plan their financial matters, particularly those related to education, right after the birth of their children to enable them to obtain a good education.
When parents are able to plan, the polemic related to the educational loans will not arise.
The applications to enter higher public education institutions (IPTA) throughout Malaysia keep increasing year by year but the places offered are limited.
Moreover, the selection of students enrolling in IPTA is determined by meritocracy.
The selection will take into account of extra-curricular activities, in addition to academic achievements.
For children who are not active in extra-curricular activities, parents have no choice but to send them to private higher education institutions (IPTS) locally or abroad. Obviously, this involves a lot of money.
Another factor that parents should be aware of is the tuition fees which keep on increasing.
In order to reduce the burden on parents, among the instruments that offer an alternative to education loans and scholarships is the takaful plan.
Takaful operators are not just providing protection and investment plans but they also offer education plans so that parents can prepare adequate funds for their children’s future education. This kind of plan will help students further their tertiary education.
In Malaysia, the understanding on the importance of takaful is still lacking.
Various parties should play their roles in ensuring that education protection becomes an important agenda in family management.
In financial planning, parents should identify the family’s needs and ensure that priority is given to important matters, such as children’s education.
If parents are concerned about the requirements of the education system, they would have planned their budget, besides participating in a takaful education plan for their children.
Among the education fund products offered in the market is Ikhlas Education Takaful Classic (IETC), a product by Takaful Ikhlas Berhad.
The benefits offered by IETC are death and total permanent disability benefit, maturity benefit, cash withdrawal (based on requirements), increment of contribution rate and excellent academic achievement awards for participants whose children obtain excellent results in Ujian Pencapaian Sekolah Rendah (UPSR), Penilaian Menengah Rendah (PMR) and Sijil Pelajaran Malaysia/Sijil Pelajaran Malaysia Vokasional (SPM/SPMV).
The award is RM100 for each “A” obtained in UPSR subjects (minimum 5As), PMR (minimum 7As) or SPM/SPMV (minimum 7As).
Other takaful operators are also offering similar education products.
Hence, there is no reason for parents not to prepare for their children’s education as early as possible.
Islamic scholar Imam Al-Ghazali Rahimahullah once said: “Children are our jewels”.
So, it is our responsibility as parents to polish these jewels by providing them with education.
If children have adequate education funds, surely they will be able to further their studies, thus raising the level of education in Malaysia.
Lastly, observe the meaning of a hadith narrated by Bukhari: “It is better to leave your heirs wealthy than to make them beg from people with their hands.”