David G Curmi, CEO of MAPFRE MSV Life said that this is an important product due to the fact that child savings have always featured prominently in the Company's product portfolio.
"Today we are delighted to be launching a new version of one of our flagship products - the MAPFRE MSV Life Child Savings Plan. This is also the first product that we are launching following our recent rebranding to MAPFRE MSV Life," said Mr. Curmi. "The Child Savings Plan addresses the savings needs of customers during the first important stage in the life cycle journey. It features a compelling value proposition that addresses the need to save towards a child's future goals and aspirations. Furthermore, the new product features a straightforward structure both in terms of the benefits it offers and also in terms of the pricing structure," added Mr. Curmi.
The MAPFRE MSV Life Child Savings Plan is a With Profits savings product aimed at helping individuals to start saving on a regular basis by linking to goals in their child's future. It also aims to make children aware, as they grow older, of the value of saving. The Plan features a number of standard benefits and provides increased flexibility, allowing partial surrenders of up to €1,000 per annum subject to a minimum balance of €2,000 on the policy account. Customers get to choose how much they want to save from a minimum of €40 monthly and can increase or decrease the amount being saved and also take breaks from making payments if circumstances change, without losing out on any of their savings. The Child Savings Plan is ideal for parents, grandparents, godparents, guardians or family relatives who want to start saving for their loved ones and makes for an ideal gift for the child.
Speaking during the event, Michael Galea, Chief Business Development Officer of MAPFRE MSV Life said that the new Child Savings Plan helps promote financial education and the importance of starting to save as early as possible. He announced that MAPFRE MSV Life is publishing an educational booking entitled "A Simple Guide to Saving for your Children" and will also be launching a number of podcasts intended to drive customer education through digital content that is ease to understand and can also be shared on the social media. Mr. Galea also highlighted that in keeping with the positioning of the Child Savings Plan as an ideal gift, the policy document will include a Child Certificate that can actually be presented to the child as a gift. The Child Certificate is personalised and features the name of the child, the name of the policy owners and other details about the savings plan.
More information on the new Child Savings Plan can be obtained from the dedicated MAPFRE MSV Life Child Savings Plan website - , by calling freephone 80072220, from any Bank of Valletta and APS Bank branch and from any MAPFRE MSV Life Tied Insurance Intermediary. COM MSV071216