Agency Product Write-Up (For Internal Reference Only)

IL EduSaver (Plan Code: U146)

Plan Name : IL EduSaver

Plan Code : U146
Plan Abbreviation : ILES
Launch Date : 22 July 2019

PLAN DESCRIPTION
1. IL EduSaver is a regular premium investment top-up that is only available to SmartProtect
Junior (Plan Code: 0495).
2. It does not have any insurance cover. No insurance charge will be deducted from the unit
fund.
3. IL EduSaver premium will be billed together with the Basic Investment Premium.
4. IL EduSaver is designed to complement the packaging of ILP to build education savings fund
for child. It has the effect of enhancing regular savings by having higher allocation for
investment funds.
BENEFITS
Premiums
Premiums paid for IL EduSaver will be allocated into an Education Fund Account (EFA):

Basic Plan’s Account: Basic Plan’s Account: Education Fund Account

Insurance Premium Account Top-Up Premium (EFA)
(IPA) Account (TUPA)
Insurance Premium 1) GSR IL EduSaver Premium
2) Balancer
3) SPTU
4) GAE

Notes:
- IL EduSaver premium will follow Basic Investment Premium (BIP) in term of payment
mode, selection and allocation of unit funds
- No transfer of value between the three accounts is allowed.
- The account value in EFA can be used to deduct charges if there is insufficient account
value in IPA and TUPA.
- Customer is allowed to amend IL EduSaver premium at customer service (CS) stage.

Education Fund
50% of the total account value in the EFA will be payable in one lump sum on the policy
anniversary on which the life assured attains age 18 years next birthday.

Notes:
a) The Education Fund will only be payable IF the remaining units of EFA account is more or
equal to RM2,000.
b) The aggregate value of the remaining units in all accounts must be at least RM1,000
AFTER the 50% of the total account value in EFA is payable.
c) Option to cancel the withdrawal of Education Fund at CS stage: Customer can request to
cancel the withdrawal of Education Fund and leave the fund in EFA at CS stage. This
option can be exercised anytime but not later than 30 days prior to the payout of
Education Fund.

Maturity
Upon maturity of IL EduSaver, the total account value in the EFA will be payable in one lump
sum.

Agency Manual/ ILES/ 22072019 Page 1 of 3

 Agency Product Write-Up (For Internal Reference Only)

IL EduSaver (Plan Code: U146)

Tax Relief
To qualify for education tax relief eligibility (Tax benefits are subject to the Malaysian Income
Tax Act, 1967, and final decision of the Inland Revenue Board): -
- IL Payer Benefit Extra Rider (Jr) (U148) must be attached to IL EduSaver.
- The payer rider term must be equal to IL EduSaver term.

CHARGES

Insurance Charge/ Policy Fee/ Surrender Charge

Not applicable

Fund Management Charge

- A fund management charge will be deducted at each asset valuation before determining the
NAV. Unit prices will reflect the deduction.
- The management charge to be deducted is:
t
250 × K%* × Value of Fund
where:
t = the number of business days from the preceding Valuation Date to the Current
Valuation;
K%* = the percentage charge (subject to the Investment Committee’s approval) for the
appropriate fund as follows:

Fund K% *
F17 Lion Enhanced Equity Fund 1.50
F18 Dana Gemilang 1.50
F1 Lion Balanced Fund 1.00
F4 Lion Fixed Income Fund 0.50
F5 Lion Progressive Fund 1.35
F6 Dana Sejati 0.50
F9 Lion Strategic Fund 1.25
* subject to management changes

- Value of Fund refers to the value of the appropriate fund as determined by the Company.

UNDERWRITING GUIDELINES

Minimum/Maximum Age at Entry

Category Minimum Maximum

Pre-natal policy - Life
Assured (Unborn Child)
Post-natal policy - Life
Assured
13 weeks of gestational 35 weeks of gestational
period period
30 days attained age 15 years next birthday

Minimum/Maximum Premium
Minimum : RM240 per annum
Maximum : No Limit
Premium apportionment for IL EduSaver must be the same as BIP

Minimum/Maximum Term
Fixed term - Up to age 25 years next birthday

Agency Manual/ ILES/ 22072019 Page 2 of 3

 Agency Product Write-Up (For Internal Reference Only)

IL EduSaver (Plan Code: U146)

Minimum/Maximum Sum Assured
Not Applicable.

Non-Medical Limits
• There will be no medical underwriting for IL EduSaver.
• Financial underwriting will subject to AML / Compliance guidelines.
• IL EduSaver premium will be included in the determination of medical/non-medical limits for
the following plans :-
a) IL Waiver of Premium on TPD Rider (Plan Code: U77)
b) IL Payer Benefit Rider (Plan Code: U79)
c) IL Premium Waiver on CI Rider (Plan Code: U101)
d) IL Premium Waiver Extra Rider (Plan Code: U102)
e) IL Payer Benefit Extra Rider (Plan Code: U103)
f) IL Payer Benefit Extra Rider (Jr) (U148)
g) IL Premium Waiver Extra Rider (Jr) (U147)

FLEXIBLE OPTIONS

i. Partial Withdrawal
Monies can be withdrawn by selling some of the units at the NAV in one or more of the
invested funds subject to the following conditions:
a) The minimum amount for partial withdrawal is RM 1,000.
b) The aggregate value of the remaining units in all accounts must be at least RM1,000.
c) The withdrawal shall first be made from TUPA, if any, followed by EFA and lastly IPA.

ii. Fund Selection

The Fund asset allocation/ Fund strategy will follow the basic plan.

iii. Fund Switching

Follow basic plan.

iv. Changing Premium Apportionment

Follow basic plan.

v. Change of Term (at CS stage)

Not Allowed.

OTHER PRODUCT FEATURES

Surrender Values
The cash value of IL EduSaver is the total value of all the units in all the funds selected by the
policy owner based on the NAV at the Next Valuation Date under the Education Fund Account.
Policyholder is allowed to fully surrender IL EduSaver without any charges. However,
indebtedness, if any will be deducted from the surrender amount.

Paid-up Values / Extended Term Assurance / Policy Loans / Automatic Premium Loan /
Bonus Rate / Option to Purchase New Policy
Not applicable.

Agency Manual/ ILES/ 22072019 Page 3 of 3