Give the Gift of Opportunity this New Year with the MAPFRE MSV Child Savings Plan
It’s the beginning of the new year so it’s time to put your New Year’s resolutions into practice. Are you still deciding how you want to improve your life this year or perhaps help to improve someone else’s? What if there was a way to ensure your loved one gets a real boost for the future?
Introducing the new MAPFRE MSV Child Savings Plan, a gift for the future.
Setting your kids or grand kids up for the future is the best gift you can give them. With the Child Savings Plan you can give them a real kick-start in life. Be it buying their first car or putting a down payment on a home, you can help them along their journey through life while creating fond memories they will always cherish.
How much will I need to contribute to the savings plan?
The Child Savings Plan runs for a minimum duration of 8 years, during which you will deposit a monthly premium starting from just €40 (about €1.30 a day). The plan is very flexible so if you can’t pay monthly, fear not. You can also pay quarterly, half-yearly or yearly. You also have the option of contributing a lump sum into the savings plan. You can increase your contributions to the plan whenever you want and can even ask to automatically increase it every year to keep in line with inflation.
How long will my money be saved for?
Your kids or grand kids need to be under 18 when you start the plan and can’t be over 25 when it finishes. This means that you can save for as much as 25 years if you want, making this the perfect present for a child’s first birthday. Your plan will start immediately after all the necessary documents are received and the first contribution has been made.
How much will my child or grandchild receive?
This depends on a number of things. The more you contribute on a monthly basis, how long the plan is running for, bonuses added to your plan and charges deducted will all play their part in tallying up the total. To show you an example, let’s take a monthly contribution of €100 for 15 years with a 3% regular bonus rate. This will give you a whopping €22,113 by the end of the 15 years!
How can the value of the plan be received?
Once your child or grandchild turns 25 the policy owner, be it yourself, your child or grandchild (as you decide), will have full access to all the funds you have carefully put away for them. They will have the option of receiving the full lump sum or they can opt to continue to invest the money in any other savings plan available at the time with the added benefit of not having to pay any of the regular initial costs to start a new plan.. Whatever option they choose, you can be sure that when they are making some big life choices they will be forever grateful of that gift you gave them all those years ago.
A lump sum can be used in a variety of ways, such as to fund private education, a wedding, a car or a deposit on the child’s first house.
Click here to contact us for more information and discover the advantages of this unique and practical New Year’s Resolution!
Laferla Holdings Ltd. is an enrolled Tied Insurance Intermediary under the Insurance Intermediaries Act, 2006 for MAPFRE MSV Life plc.. MAPFRE MSV Life plc is authorised by the Malta Financial Services Authority to carry on long term business under the Insurance Business Act 1998. Both companies are regulated by the MFSA.