Important Notes
AXA Education Calculator is published for general information only and does not relate to and/or deomnstrate any specific investment objectives, financial situation and financial needs of any person. Please take note that it provides estimated and indicative figures for example only and you should not take this as financial advice.
AXA Early Saver Plus is used purely as an example of how a particular life insurance product may be used to meet your financial needs. Please take note that there are other financial products that could also be used to meet your financial needs. AXA Early Saver Plus is a plan underwritten by AXA Insurance Pte Ltd. This AXA Education Calculator is not a contract of insurance. The precise terms and conditions of the plan are specified in the policy contract. A product summary in relation to AXA Early Saver Plus is available and may be obtained from AXA Insurance Pte Ltd. You should read the product summary before deciding whether to purchase the policy.
If you would like to consider buying a life insurance policy to fulfill your financial needs, we recommend that you seek advice from a financial consultant before making a commitment to purchase any life insurance product. In the event that you choose not to seek advice from a financial consultant, you should consider whether the product in question is suitable for you. Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value may be less than total premiums paid.
The insurance policy featured in this AXA Education Calculator is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you should you buy the policy. For more information on the types of benefits that are covered under the Policy Owners’ Protection Scheme as well as the limits of coverage, where applicable, please visit the AXA website at www.axa.com.sg or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg) for a copy of the SDIC Guide on PPF Scheme (Life Insurance).
Tuition Fee
Total 4-year tuition fee is based on the average of the latest degree costs released by the Top 3 Universities from QS World University Rankings 2015/2016 for each country:
Singapore: National University of Singapore, Nanyang Technological University and Singapore Management University
Australia: Australian National University, University of Sydney, University of Melbourne
UK: University of Cambridge, University of Oxford and London School of Economics
US: Massachusetts Institute of Technology, Harvard University and Stanford University
Canada: McGill University, University of Toronto, and University of British Columbia
Living Costs
The living costs is based on the average annual living costs published on the website of the respective universities. For Singapore Universities, the living cost for SG Citizens does not include accommodation; whereas for International Students, campus accommodation cost is included.
Inflation Rate
Inflation rate for living costs is based on 10-year geometric averages of Inflation Rate (Consumer Prices) published by the World Bank, for 2007-2016. Inflation rate for tuition fee is based on 10-year geometric averages of Consumer Price Index - Education published by the respective country's government statistical bureau.
Interest rate assumption in “How your savings may look in the future”
The interest rate of 0.5% per annum is an estimate based on average Banks' 12-month fixed deposit rates published by Monetary Authority of Singapore, for 2007-2016. It is used purely for illustrative purposes of how your savings may accumulate in the future. Your actual level of future savings will depend on the actual returns of your choice of savings.
Please take note that in general, savings are subject to inflation risk, but will not suffer negative non-inflation adjusted returns at any given point in time. However some life insurance plans, such as Participating Plans or Investment-Linked Plans, are subject to investment risks. This means your actual returns from these plans are not guaranteed and are affected by investment market performance.
Foreign Exchange Rate
The rates which are used to convert tuition fee and living costs in foreign currency into Singapore Dollars are based on yearly average exchange rate published by www.oanda.com using interbank +1%, from May 2016 to April 2017.
Note on monthly amount to set aside for AXA Early Saver Plus
The monthly amount calculated by AXA Education Calculator is an estimate of the monthly premiums for AXA Early Saver Plus. This monthly amount is calculated based on our assumption that your estimated education cost is the Total Projected Payout under AXA Early Saver Plus, which comprises of guaranteed and non-guaranteed payouts. We assume that premiums are paid on time and that the policy stays in force until maturity. We have also applied a projected investment rate of return of 4.75% per annum, which is not guaranteed. Your actual returns from buying an AXA Early Saver Plus policy will depend on the performance of the Participating Fund. It will also be affected by any policy transaction you may make such as surrendering your policy, taking a policy loan, etc.
