An education policy is just that; an education policy. Its returns are calculated as a percentage of the sum assured. For example, if you take a policy of 1m for 10 years, by end of year 1, you will have contributed 100k. Your return with be a %, typically 3.5 - 5 % of 1m, not 3.5 - 5 % of 100k. This is unlike a private pension whose return will be based on your contribution!

Historically, education policies in the fullness of time dont give great returns because they are NOT compounded. So you dont get the benefits of the power/wonder of compound interest. However,its important to have one and this is why:

As time goes, you age and get wiser, your perspective to things change. You might want to resale a plot earmarked for education for promising returns which fail to materialise and you lose bigtime. You could withdraw your pension for other things as well. The education policy will remain strictly for education. Infact you could go ahead and only have the policy pay to academic institutions in the name of the child covered. This way you are assured, that no matter how your plans and perceptions change, your childs education is secured.

Further, in the event of death, an education policy doubles the sum assured and puts it in trust for your childs education. Your plot could be sold by next of kin for a month of carousal in Mombasa over Dec, your pension could be squandered by beneficiaries, but the education policy will go to your child's education even as you decompose in your grave

The returns are not great, but the security is. So have both to complement your plans, put kidogo cash in education policy just so you have that security and have your private pension for flexibility. And even that plot for future, you just never know.