My little one is currently 4 months old. Do I need to invest in an education endowment plan? If yes, when is the best time to purchase it?

You can definitely start saving money for your child's education as the cost of education is rising everyday. A friend of mine purchased the NTUC Income VivoChild plan for her son as soon as he turned 1 year old. She chose this plan because of its flexibility. There are guaranteed cash benefits at different stages of your child’s education, from primary school to university or you can also choose to accumulate your cash benefits at an interest rate of up to 3.5% per annum. You can read about the plan here: http://www.income.com.sg/savings-and-investments/savings-plans-regular-premium/vivochild