Education Savings Plan
An education plan is the best gift your child can receive from you as they become a young adult. Ensure this gift is secured and safely invested so they can maximize their academic endeavors.
Education Savings Plan We Compare
- Aviva MyChoice Saver
- Manulife Ready Builder II
- NTUC Gro Power Saver
- AXA Early Saver II
- China Taiping i-Saver 8
Get The Best Education Plan(Enquire)
Your biggest insurance for your child is their education, kick start a financial program to save for their educational needs.
As we provide quotations from various insurers, do leave us your details below for a Licensed FA representative to provide you with the best plan that suits your needs
Answer 3 Specific Education Plan Preference for us to Customize Your Quote.
What is Education Savings Plan?
These are participating endowment policies that are structured to provide a regular interval pay out to finance your child tertiary education years.
How much should I plan for my child’s tertiary education?
Depending on your child’s ability and your preference, here is the current estimated cost for your child’s education needs (If you’re using mobile to view, tilt sideways to see the full table)
Comparison Among Top Universities
|Tuition Fees (Annual)||Annual Estimated Accomodation / Living Cost (on-campus)||Total Cost of Candidature (Tuition Fees & Cost of Living)|
|Arts / Architecture / Law||Business / Accountancy||Engineering / Science / Computing|
|S$29,350 – S$38,450||S$31,800||S$37,500 – S$37,550||S$10,386||S$39,736 – S$48,836|
(With MOE Tuition Grant Subsidy, carrying a 3-year bond)
|S$17,100 – S$18,500||S$20,100||S$17,100 – S$18,950||S$10,386||S$27,486 – S$30,486|
|S$34,135 – S$45,398||S$37,851 – S$40,108||S$37,851 – S$43,866||S$18,987||S$53,122 – S$64,385|
|S$21,121 – S$25,693||S$21,121 – S$25,693||S$21,121 – S$25,693||S$14,236||S$35,357 – S$39,929|
|UK Universities||S$33,186 – S$41,657||S$33,186 – S$45,848||S$45,848 – S$55,068||S$16,463||S$49,649 – S$71,531|
|US Universities||S$56,086 – S$66,134||S$56,086 – S$66,134||S$56,086 – S$66,134||S$35,283||S$91,369 – S$101,417|
Base on this table, we can see that for a 3 years business degree in NUS with MOE Subsidy will still cost around $60,000 without setting aside cost of accommodation. A typical overseas degree should cost around the range of $200,000 – $400,000 over the whole course of the program including accommodation needs.
If you are looking to plan 20 years ahead, you should factor in the average Singapore inflation rate of 2 to 2.5% p.a. By doing so, you should have worked out a 40% to 50% increase from the current cost in the next 20 years
What is the typical per annum return for an education savings plan?
A typical return on an education savings plan in Singapore should provide an estimated 2 – 4% p.a. average return, however, these figures typically base on a standard projection provided by the insurance companies.
Will there be any coverage for my child?
Different insurer offer unique protection features for the child which can be one of the many reasons to buy an education savings plan. Some insurers provide medical or child accident benefit and most insurers will provide a basic death and disability benefit.
Will it be more beneficial to invest the money in stocks or investment funds instead?
Unlike a typical endowment policy, funds, stocks and shares are not principal guaranteed, you may get a more favorable return but you may also face the risk of losing your hard earned savings catered to your child’s educational needs.
What are some of the better endowment policies I should consider for my child education needs?
What should I look out for?
You should look out for the effective interest rate, guaranteed and non-guaranteed. You should also take note of the pay out structure of the plans, some plans provide pay out when the child is 16, 17, 18, 20, and 21 years old follow by a lump sum at age 22. Some plans only pay lump sums in the last 3 years of the plan.
Most plan are structured to cater to either male or female child as they factor in the 2 years compulsory national service that your male child has to undergo before the beginning of his tertiary education.