11 Educational Plans in the Philippines Every Parent Should Consider

Rouselle Isla

Rouselle Isla

Last updated June 09, 2022

Sending your child to college may seem unaffordable if you compute all the expenses. Whether you’re planning to enroll your child in a public or private school, education in the Philippines is not cheap.

But there are educational plans available to help you develop a disciplined savings plan that will pay for your child’s education. And there are many life insurance companies offering some of the best educational plans in the Philippines. Let's explore them in this guide.

What are Educational Plans and How Do They Work?

An educational plan is a savings, insurance, and investment plan that helps parents save funds for their child’s college education.

The savings and investment portion of an educational plan builds up a fixed fund for a certain period, and the insurance portion provides life protection for the payor, usually the parent, during the term of the plan. 

Should anything happen to the payor that results in permanent disability or death, the payor or the beneficiaries (in this case, the child) is guaranteed a payout. 

Upon the educational plan’s maturity, the payor can use it to pay for the child’s college education. 

best educational plans in the Philippines

Importance of Educational Planning in the Philippines

Educational planning is crucial if you want to ensure that you can pay for your child’s education. With educational planning, you can:

  • Set aside money for your child’s education. If you get an educational plan, you make it mandatory to set aside a specific amount for it each month. As each year passes, you won’t even realize that you’ve already saved enough to afford your child’s education.
  • Save money by avoiding high-interest loans. Because you already have an education plan in place, you won't need to depend on high-interest loans just to pay tuition and other school fees.
  • Choose the best education for your child. Once you have an educational plan for your children, you have the freedom to choose the best learning institution for them. You won’t be hindered by the cost.  
  • Break barriers in your child’s access to education. With education planning, your child’s education won’t be delayed or impeded due to financial constraints. This is because your child’s educational plan will cover most, if not all, of the school expenses.  

Advantages of Getting an Educational Plan

educational plans in the Philippines - advantages and disadvantages

Educational plans can help secure your child’s education. The sooner you get one, the more affordable the premiums and the higher the payout will be. 

You can also add riders to the educational plan to meet your child’s needs. Riders provide insured parties with additional coverage options[1] at an extra cost. Simply put, your child will still be able to go to college even when you’re no longer around.  

With an educational plan, you don’t need to worry about where you’re going to get the money to pay for your child’s tuition. Maturity benefits are usually enough to cover your child’s entire college education.  

Disadvantages of Getting an Educational Plan

Educational plans are not cheap. They usually eat up a huge portion of the family budget, especially if the plan has a lot of riders or add-ons. 

Also, educational plans will not cover all the school fees. There will still be things that you’ll need to pay out of pocket, like food and transportation allowance, dorm rent, and other miscellaneous expenses. 

And since educational plans are an investment, they also carry an amount of risk. Hence, there’s a chance that you’ll earn more or just receive the face amount, which is the gross total amount stated in an insurance agreement or policy.[2]

Are Educational Plans Worth It? 

Yes, especially if you want to make sure your child gets a quality education without worrying about the financial burden.  

It’s every parent’s dream to see their child finish college. But the sad reality is that not all Filipinos can afford the cost of education in the Philippines.

Furthermore, tuition fees today will not be the same 10 or 15 years from now. Because of inflation, tuition and miscellaneous fees, as well as the cost of goods and services will continue to rise. It can be financially challenging to pay for these things when you’re also growing older and future earnings are not guaranteed. This is where educational plans can help. 

11 Best Educational Plans in the Philippines

best educational plans

Wondering about the best options out there for securing your child's college education? If you want to know what the best educational plan in the Philippines is, check out this list of recommendations.

1. Manulife Education Builder 

With Manulife’s Education Builder, you can build your child’s education fund by investing in professionally managed funds. It also comes with life insurance coverage that protects your child’s future and covers their college education no matter what happens. 

Key Features and Benefits 

  • Savings that can fund your child’s college education whether they choose a four or five-year course 
  • Extra protection for your investment should anything happen to you 
  • Premium waiver or cash support to your child until age 17 in case of your death or disability 
  • Flexible payment period and payment modes 

Pros: You can choose how much and how long you’ll pay for the plan, as well as how you want to receive the payouts. Depending on your needs, you can also choose the education riders you want to add. 

Con: As this plan is investment-linked, projected returns are not guaranteed and will depend on market conditions. 

2. AXA AcademiX

With AXA AcademiX, you can grow and maximize your investment to help pay for the quality education your child deserves. In case of untimely death, your child is also guaranteed to receive cash benefits until they graduate. 

Key Features and Benefits 

  • Life insurance coverage equivalent to the total amount of money in your policy or five times your annual premium (whichever is higher)
  • Customizable plan according to your child’s educational fund needs 
  • Pay for your plan for at least five years to grow your investment and education fund faster 
  • Funds are managed by the Metrobank Trust Banking Group 
  • Annual education payout 
  • Guaranteed payouts to cover education expenses until your child graduates should anything happen to you
  • Bonus amount if your policy is active on the 10th and 20th-anniversary dates 

Pros: An educational plan like this can give you peace of mind and security. It’s also flexible enough to meet your needs and gives loyalty bonuses for long-active policies. 

Cons: The long-term payment plan may be difficult to commit to. Returns are also dependent on market conditions. 

Read more: Study Now, Pay Later: How to Get a Student Loan in the Philippines

3. AXA Academic eXentials

The AXA Academic eXentials plan is a straightforward and easy-on-the-pocket educational plan that comes with guaranteed benefits. Pay the monthly installment plan for five years and decide when you want to receive the cash benefits. 

Key Features and Benefits 

  • Can be purchased through an AXA financial advisor or online 
  • Affordable premiums starting at ₱1,500 per month
  • Guaranteed annual education benefit payouts in only five years 
  • Guaranteed total cash benefits starting from ₱124,000 
  • Additional yearly cash benefit until scheduled benefit payout in case of untimely death 

Pros: It’s an affordable and easy-to-understand educational plan. Therefore, it's easy to buy. Just pick a plan that you can afford, accomplish the form, settle the payment, and you’re done. 

Cons: When it comes to benefits, it offers only the basics. 

4. AIA Future Scholar 

The Future Scholar plan from AIA is a life insurance product with an investment component. It offers guaranteed education benefits at affordable premiums starting at ₱20,000 annually. 

Key Features and Benefits 

  • Eight semi-annual guaranteed cash payouts starting at age 18 for four years of education 
  • Expertly-managed funds 
  • Long-term growth potential 
  • Plan continuation benefits should you suffer total and permanent disability or if you pass away 
  • Option to pay in five years or until your child turns 17 years old 
  • Additional option for parents to avail of Philam Life’s term life insurance 

Pros: This is an affordable product if you want to ensure your child’s education in the future. It provides life protection and offers guaranteed cash payouts when your child turns 18.  

Cons: The issue age for parents is up to 55 years old only. And the ₱20,000 minimum premium payment is only for annual payment modes. For monthly, quarterly, and semi-annual modes of payment, the minimum premium is ₱30,000. 

Read more: College Scholarships in the Philippines Parents and Students Should Know

5. Insular Life Wealth Secure Education 

The Wealth Secure Education from Insular Life offers disciplined savings in monthly, quarterly, semi-annual, and annual terms. This helps you build that college fund for your child by receiving more competitive earnings. 

Key Features and Benefits 

  • Helps you save monthly, quarterly, semi-annually, and annually
  • Allows you to build funds for your child’s high school, college, or postgraduate education
  • Lets you pay for school expenses through withdrawals 
  • Offers more competitive earnings than the usual savings instruments 
  • Provides financial protection and assures your child’s education no matter what
  • Option to add riders to enhance the plan

Pros: It has a flexible payment plan that will suit different budgets and help you save more. 

Cons: This is also an investment-linked plan, which means projected returns depend on market conditions and are therefore not guaranteed. 

Personal loan in the Philippines

6. Insular Life Wealth Assure Education 

Wealth Assure Education is another plan from Insular Life. This is an investment-linked life insurance plan that can help you build funds to pay for your child’s education. 

Key Features and Benefits 

  • Helps you build funds for your child’s college education in any field of study
  • Can be used to pay for junior or senior high school, college, or postgraduate studies
  • Withdrawal option when you need to pay for school-related expenses 
  • Faster fund growth in a shorter time 
  • Financial protection that assures your child’s education no matter what happens   
  • Option to add riders to enhance the plan 

Pros: It can help grow your money in a short period while also providing you with life insurance protection as you build your fund. 

Cons: Like the Wealth Secure Education, this is also an investment-linked plan. Projected returns are not guaranteed. 

7. Sun Dream Achiever 

This savings plan and life insurance product from Sun Life helps parents like you to save up for your child’s education while also giving you and your loved ones financial security. It provides guaranteed cash benefits, so you won’t worry about paying for your child’s education needs in the future. 

Key Features and Benefits

  • Life insurance coverage throughout the duration of the policy
  • Option to add riders for additional protection for contingencies (disability, accident, etc.)
  • Flexible premium payment options 
  • Available in annual, semi-annual, quarterly, or monthly terms (monthly payments through auto-debit or auto-charge) 
  • Personalized payout schedule anytime between the 12th to the 17th year of the policy’s effectivity date  

Pro: This is a flexible plan that combines life insurance, savings, and educational plan. A plan like this can help address any kind of financial emergency or need in the future as well. 

Con: The long-term payment commitment can be daunting for some Filipinos whose financial capability can change anytime.

Read more: Buying School Supplies? 6 Money-Saving Hacks for Matipid Parents

This investment-linked life insurance plan allows you to pay for your child’s education while enjoying life protection. It also offers different investment options to help grow your money over time to pay for school expenses and secure your family’s future. 

Key Features and Benefits

  • Life insurance benefit equivalent to at least the plan’s face amount
  • Option to add riders for additional protection for contingencies (illness, disability, or accident)
  • Investment fund options depending on your risk appetite and investment goals 
  • Professional fund managers to help you grow your money
  • Allows you to build funds for all your future needs, including your child’s education or your retirement
  • Option to make a partial fund withdrawal for emergencies 
  • Easy top-ups anytime to increase your fund’s value
  • Loyalty Bonus if your policy is active for at least 10 years 

Pros: It’s a flexible plan that you can use not only for your child’s education but also for other financial goals and even emergencies. 

Cons: Just like the Sun Dream Achiever, it’s a long-term payment commitment that may not be suitable for Filipinos who prefer short-term payment periods. 

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9. Sun Smarter Life Elite 

This protection and savings plan from Sun Life provides double life insurance coverage and cash benefits, which you can use to fund your child’s education needs. 

Key Features and Benefits 

  • Life insurance coverage up to age 100 or maturity 
  • Insurance benefit worth twice your plan’s face amount
  • Guaranteed cash benefits in your lifetime starting on your plan’s sixth year and every two years henceforth
  • Option to accumulate cash benefits to be available for future needs 
  • Living benefits like dividends that you can use for emergencies, paying future premiums, or increasing insurance coverage

Pros: You enjoy lifetime guaranteed cash benefits and living benefits that can be helpful in different financial emergencies or expenses. 

Cons: The grace period for this type of plan is only 30 days. 

Aside from enjoying life protection, the PRULink Elite Protector helps you save, invest, and build funds faster to meet all your major financial goals, including paying for your child’s education. 

Key Features and Benefits 

  • Payable in 5, 7, 10, or 15 years in PHP or USD 
  • Coverage up to age 100 
  • Eligible for applicants aged 7 days to 70 years old
  • Maximum life protection and death benefits 
  • Greater potential for wealth accumulation
  • Loyalty bonus for years 11 to 15 that you can use to increase your policy’s fund value 

Pros: It’s a flexible savings and investment option if you have medium to long-term financial goals, like funding your child’s college education, purchasing a house, or even building a retirement fund.

Cons: Since this is an investment-linked product, projected returns of investment are not guaranteed. The investment is affected by market conditions. Additionally, if you want to build your funds faster, you’ll need to top up more frequently and pay higher premiums.

11. PNB AZpire Wiz

The PNB Azpire Wiz is an educational plan linked to an insurance policy. For as low as ₱2,500 per month, you’re assured that the plan will answer all of your child’s educational needs. 

Key Features and Benefits 

  • Life insurance protection for your child with a coverage of up to five times the educational plan premium
  • Option to switch investment plans up to four times a year 
  • Raise your investment funds and choose to earn through regular or lump sum top-ups 
  • Additional 5% bonus of your total fund value for the last 120 months
  • Additional 2% of your premium when you start to pay from your sixth year onwards

Pros: You can enjoy lower fees on premiums when you save more and additional bonuses when you continuously pay your premiums. The premiums are also easy on the pocket.  

Con: As this is a unit-linked insurance product, there are many factors that can affect its fund value.

To quickly check your best options for educational plans in the Philippines, just refer to this table summarizing their features and benefits, as well as their pros and cons.

Educational PlanFeatures and BenefitsPros and Cons
Manulife Education Builder
  • Guaranteed savings
  • Extra investment protection
  • Premium waiver or cash support to your child until age 17
  • Flexible payment period and modes
Pros
  • Choose how much and how long you’ll pay for the plan
  • Choose how you want to receive the payouts
  • Available education riders
Con
  • Projected returns are not guaranteed
AXA AcademiX
  • Life insurance coverage equivalent to up to 5x the annual premium or amount of policy
  • Customizable plan
  • Annual education payout
  • 10th and 20th anniversary bonuses
Pros
  • Flexibility
  • Loyalty bonuses for long-active policies
Cons
  • Long-term payment plan may be difficult to commit to
  • Returns are dependent on market conditions
AXA Academic eXentials
  • Can be purchased online
  • Affordable premiums starting at ₱1,500 per month
  • Guaranteed payout in only 5 years
  • Guaranteed total cash benefits starting from ₱124,000
Pro 
  • Affordable, easy to understand, and easy to buy
Con
  • Offers only the basics
AIA Future Scholar
  • 8 semi-annual guaranteed cash payouts starting at age 18
  • Plan continuation benefits
  • Expertly-managed funds
  • Long-term growth potential
  • Option to pay in five years or until your child turns 17 years old
Pros
  • Affordable educational plan 
  • Offers life protection and guaranteed cash payouts when child turns 18
Cons
  • Issue age for parents is up to 55 years old only
  • The ₱20,000 minimum premium payment is only for annual payment modes
Insular Life Wealth Secure Education
  • Helps you save monthly, quarterly, semi-annually, and annually
  • Offers more competitive earnings
  • Provides financial protection
  • Option to add riders to enhance the plan
Pro
  • Flexible payment plan
Con
  • Investment-linked plan, which means projected returns depend on market conditions and are not guaranteed
Insular Life Wealth Assure Education
  • Can be used to pay for junior or senior high school, college, or postgraduate studies in any field of study
  • Withdrawal option when you need to pay for school-related expenses
  • Faster fund growth
  • Option to add riders to enhance the plan
Pro
  • Can help grow your money in a short period while also providing you with life insurance protection
Con
  • Investment-linked plan, projected returns are not guaranteed
Sun Dream Achiever
  • Life insurance coverage throughout the duration of the policy
  • Option to add riders for additional protection
  • Flexible premium payment options
  • Personalized payout schedule anytime between the 12th to the 17th year
Pro
  • Flexible plan that combines life insurance, savings, and educational plan
Con 
  • The long-term payment commitment can be daunting for some Filipinos whose financial capability can change anytime.
Sun FlexiLink by Sun Life
  • Life insurance benefit equivalent to at least the plan’s face amount
  • Option to add riders for additional protection
  • Investment fund options depending on your risk appetite and investment goals
  • Professional fund managers to help you grow your money
  • Option to make a partial fund withdrawal for emergencies
  • Loyalty Bonus if your policy is active for at least 10 years
Pro
  • Flexible plan that you can use not only for your child’s education but also for other financial goals and even emergencies
Con
  • Long-term payment commitment may not be suitable for Filipinos who prefer short-term payment periods
Sun Smarter Life Elite
  • Life insurance coverage up to age 100 or maturity
  • Insurance benefit worth twice your plan’s face amount
  • Guaranteed cash benefits in your lifetime starting on your plan’s 6th year
  • Option to accumulate cash benefits
  • Living benefits like dividends
Pro 
  • Lifetime guaranteed cash benefits and living benefits

Con
  • The grace period for this type of plan is only 30 days.
PRULink Elite Protector Series
  • Payable in 5, 7, 10, or 15 years in PHP or USD
  • Coverage up to age 100
  • Eligible for applicants aged 7 days to 70 years old
  • Maximum life protection and death benefits
  • Loyalty bonus for years 11 to 15
Pro
  • Flexible savings and investment option if you have medium to long-term financial goals
Cons
  • Projected returns of investment are not guaranteed. If you want to build your funds faster, you’ll need to top up more frequently and pay higher premiums.
PNB AZpire Wiz
  • Life insurance protection for your child with a coverage of up to five times the educational plan premium
  • Option to switch investment plans up to four times a year
  • Additional 5% bonus of your total fund value for the last 120 months
  • Additional 2% of your premium when you start to pay from your sixth year onwards
Pros
  • Lower fees on premiums when you save more
  • Additional bonuses when you continuously pay your premiums
  • Affordable premiums
Con
  • Unit-linked insurance product; many factors can affect its fund value

What to Look For When Choosing Educational Plans in the Philippines

educational plans in the Philippines

1. Payment Option

Educational plans in the Philippines are long-term financial commitments. Getting one means making sacrifices and putting away a certain amount of money to pay for the premiums. 

This is why it’s important to get a payment option that matches your paying capacity. Whether it’s monthly, quarterly, semi-annually, or annually, choose a payment plan according to your financial capability. 

Also, consider an educational plan’s grace period and reinstatement policies. In case you miss a payment, find an educational plan provider that will help you continue your plan without too much hassle. 

2. Withdrawals and Payouts

Insurance providers have different standards when it comes to payouts. Some offer fixed payouts a few years after you purchase the plan or immediately after your plan starts. Others also offer payouts when your child reaches a certain age.

Sometimes, there will be emergency situations that will require you to make a partial withdrawal on your policy. It will be good to have this option on your educational plan as well.

3. Riders or Add-ons 

Sometimes, there will be emergency situations that will require you to make a partial withdrawal on your policy. It will be good to have this option on your educational plan as well.  

Getting an educational plan in the Philippines is already a huge step in securing your child’s future. But if the budget permits, you may also want to avail of additional layers of protection. 

Additional benefits like hospitalization, critical illness, disability, accidental death, or premium waivers further ensure that your child will be financially taken care of when you’re no longer around. 

Insurance providers have different standards when it comes to payouts. Some offer fixed payouts a few years after you purchase the plan or immediately after your plan starts. Others also offer payouts when your child reaches a certain age. 

4. Fund Growth

Choose a plan that will let your money grow over time. It will allow you to earn more than what you pay for while also giving you a comfortable cushion against unexpected emergencies. It will help you achieve your fund goals faster, too. 

5. Educational Plan Tenure

You want to choose a plan that will cover your child’s entire high school or college education, or both, depending on your needs and preferences. The best way to do this is to get an educational plan while your child is still very young (as young as 7 days old) so that you can pay for at least 10 years with premiums that are still affordable. 

Read more: How to Finance Your Child’s College Education? Hear It From These Amazing Single Moms

How to Get the Right Educational Plan in the Philippines

educational plans in the Philippines - How to Get the Right Educational Plan in the Philippines

Made up your mind about getting an educational plan for your child? If you're ready to avail of a policy, here are some important steps to take to make sure you'll get the right one.

  1. Choose a school you want your child to attend. After you decide on a school, find out the total cost of education in that school. 
  2. Compound that amount with the average increase of tuition and other school fees in the Philippines, which is about 10% year-over-year.[3] This is how much you need to save for your child’s education fund. 
  3. Determine how much you can afford to set aside for the plan and how often you want to make your payments.
  4. You don't have to buy the best educational plan in the Philippines at once, especially if you don't know which one to take. You can instead start saving. Consider putting some of your money in the bank which can earn compound interest over time.
  5. If you want additional benefits, decide which ones will be most helpful to your child if you’re no longer around.
  6. Shop around for educational plans in the Philippines from different providers and compare packages.
  7. Consult a financial advisor from the educational plan provider to get more details. Or submit an accomplished online form on the insurance company's website; the provider will then connect you to one of its advisors.
  8. The financial advisor will ask you to fill out forms and make your initial premium payment for the processing of your policy.

Final Thoughts 

When started early, educational plans in the Philippines can help parents save money. The longer you allow your investments to grow, the bigger the potential returns can be. 

Should you fall on hard times and find it hard to pay the premiums, don’t let your policy lapse. You can charge premium payments to your credit card in the meantime. But settle them right away to keep credit card balances from piling up and becoming unmanageable debt. 

We hope you’d be able to choose the right product from the best educational plans in the Philippines listed above. Consider your budget, your needs, the insurance provider, and the plan’s benefits. And don’t be afraid to ask questions from your financial advisor so that everything is clear to you. 

Read more: 4 Safe and Easy Ways to Pay for Tuition Other Than Cash and Check

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Rouselle has over eight years of writing experience in the personal finance niche. She has written feature stories, articles, and how-to guides on various personal finance and trending lifestyle topics. And when not writing or editing articles, Rouselle likes binge-watching Netflix shows and fixing herself a nice, tall glass of iced coffee. Follow Rouselle on Linkedin.