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?

I agree that it is never too early to start planning. As there are a lot of financial products available, I would suggest speaking to a financial planner to work out something that would be realistic and comfortable for you and your family. Always good to factor in how much money you can set aside after taking into account the relatively fixed expenditures.