DBS forges new saving scheme for parents

DBS launches EduSmart to address concerns and uncertainties that parents face today on deciding how much they need to provide for their children’s future.

EduSmart, a unique three-in-one savings programme, aims to help parents plan smarter for their children’s educational needs. The education savings programme will help parents plan smarter for their children.

“EduSmart enables parents to better anticipate and plan for their children’s future as it takes on a holistic approach to savings for a child’s education. This first of a kind programme combines education insurance, bonus interest on premiums, and a study loan facility at competitive rates with no processing fee that will help address parents’ unanticipated needs,” a DBS report on Thursday said.

EduSmart gives customers the flexibility of choosing the protection component that best fits their needs, such as MoneySmart Kids, MoneyBack or MoneySecure, which are flexible insurance plans that offers both long term savings and protection. Other benefits include bonus interest on the premiums for the first three policy years, discounts on children enrichment programmes, and access to a one-stop portal loaded with education resources.

Rick Vargo, Managing Director of Bancassurance at DBS Bank said, “EduSmart gives parents peace of mind knowing that they have sufficiently catered for their children’s future with a comprehensive savings programme. Parents will also find EduSmart to be more flexible in accommodating their changing needs with the option to temporarily halt payments for up to twelve months or adjust the monthly premiums to suit their current situation and plan.”