Projected return of 4.16%

Hi Mr. Tan,
Recently, I am looking to invest a small sum of money in a low risk product for my children's education. After discussing with my agents, I am thinking of investing the money in a 15 year NTUC's Growth plan policy which provides a projected return of about 4.16% with a guaranteed return of about 2%. I am not looking to invest in a mutual fund because I would like to keep the risk to an acceptable level.
1) What is your view of this product?
2) Do you think my decision is wise?
3) Is there any other product that I should be looking at?

REPLY
This product is fairly satisfactory. I have also invested my SRS funds in the Growth policy to get the same modest return in the past.

My preference today is to invest in a mutual fund to get a higher return over the future years. Read this FAQ:http://www.tankinlian.com/faq/savings.html

Perhaps you can invest in 5,000 shares of the STI ETF. I believe that it should give a better return over the next 15 years.