5 Best Child's Education Savings Plans in Singapore

Article Author - Providend
By Providend
Nov 23, 2017

Start Planning Early

There is immense joy that comes with parenthood. While we savour the joy our children bring into our lives, we are also constantly thinking about their futures. In particular, their education is the biggest concern and is a major financial commitment.

First, Decide How Much to Save

Before deciding which product to buy, you must first establish how much you need to save. We have developed an Education Savings Calculator to help you determine how much you need to save towards your child's University education. You would need to input the following:

  • Number of years before your child enters University
  • Intended course of study
  • How much to provide

Endowment policies are suitable for parents who do not prefer to take too much risk and yet want better returns than what the banks provide. There are now endowment plans specifically designed for children's education, which spread the maturity payout over the University years instead of just providing a lump sum at the end of the policy.

The following diagram gives a sample of how much one would need to save in the endowment plan for a child entering University in the next 5, 10, 15 and 20 years. Clearly, the more time you have to save for your child's education, the less you need to save every month. It pays to start early.

How much one would need to save in the endowment plan for a child entering university in the next 5, 10, 15 and  20 years

5 Endowment Plans at a Glance

Let's take a look at the payout structures of 5 endowment plans specially designed for children's education. We have used the following profile:

Age: 1 year old (next birthday)
Gender: Male
Savings Amount: ≈ $6000 per annum
Premium Duration: 10 years (except for Manulife Scholar (II))

Aviva MyEduPlan

Aviva MyEduPlan

AXA Early Saver Plus

Aviva MyEduPlan

Manulife Educate

Manulife Scholar (II)

NTUC Income VivoChild

Tokio Marine TM Education

Tokio Marine Kidstart

Tokio Marine TM Education

Here’s how the plans stack up against one other:

Aviva MyEduPlan

AXA Early Saver Plus

Manulife Educate

NTUC Income VivoChild

Tokio Marine Kidstart

Internal Rate of Return (IRR) *






Premium Duration

10 years

5 or 10 years

Policy duration

5 or 10 years, or policy duration

5, 10 or 15 years

No. of payouts at University years






Additional payouts

At age 16 and 17


At age 16 and 17

At age 7, 12, 16 and 18


Noteworthy Additional Benefits

$100/day Hospital Benefit for HFMD and dengue

*IRR based on 4.75% projected returns

How Should You Choose?

  1. Are the returns good?

    Since your objective is savings, getting a good return should be your biggest consideration. All five plans provide projected returns of more than 3.5%, which is a good return for endowment plans.

  2. Do you need the flexibility for some payouts before University age?

    Think about whether you would like to have the option of small payouts at significant milestones in your child's education journey to reward him/her with vacations or gifts, and whether you want these small payouts only closer to the University years (Aviva's MyEduPlan or Manulife's Educate) or even earlier (NTUC Income's VivoChild).

    If you do not need to spend the money, these payouts can always be deposited with the insurer to earn a good interest (around 3%, subject to the insurer's discretion) and can be withdrawn anytime. Such liquidity is an advantage, but if it is not of paramount importance, you may consider AXA's Early Saver Plus or Tokio Marine's Kidstart plans.

  3. How long are you willing and able to pay premiums for?

    NTUC Income Vivochild offers the best returns, but it requires you to save over a longer period. If you prefer to save over a shorter duration, the other 3 plans offer various options to choose from.

Our Verdict

Based on the above example, NTUC Income VivoChild seems to be the most attractive plan, because it offers the flexibility of payouts before University age as well as choice of premium duration, all while offering one of the highest returns of the five.

Do note that the most suitable plan may differ for children of different profiles (Eg. age and gender). Have a chat with one of our experts at DIYInsurance for guidance. Also check out our comparison tool to view a quantitative comparison of the 5 plans and if you buy through DIYInsurance, you will also get back 50% of the agent's commissions we receive from the insurer, in cash.

To read more content like this, subscribe to our mailing list.

DIYInsurance (Do It Your-way Insurance) is Singapore's First Life Insurance Comparison Web Portal started in June 2014 by Providend Ltd to empower people to make informed decisions about their own insurance purchases. In addition to ongoing promotions, we rebate 50% of the agent’s commissions back to our clients so that they enjoy greater cost savings.

The Trusted Place to be Insured

MAS-licensed since 2003 | Expert advisers to assist you | Advisers not commission-based | Dedicated after-sales service | Secure and easy process

Like this article? Don't forget to share.

Term or Whole Life?

A Comprehensive Consumer Guide to Life Insurance

The Case of Term vs Whole Life Insurance eBook
Learn about:
  • What types of insurance do you really need?
  • How should you plan for your insurance?
  • How long do you need coverage for?
  • How much insurance do you need?
Please provide Name
Please provide Email Please provide Valid Email
Need Help?

Chat with us. We will answer your insurance questions!

Live Chat

Call Us
Call Icon

(65) 6309 2478

Add New Comment

Go ahead and ask our non-commissions based planners!

Speak to us online

Live Chat

Call us on our hotline

6309 2478

Let us contact you

Send a message