Would you buy a savings plan or ILP? If yes, why?

I've written this officially for IPFAS ( Insurance and Financial Practitioners Association of Singapore ).

If I had a time sensitive specific goal that required a sum of money without any exceptions, a savings plan would serve my purpose as there is a guarantee, with upside potential. E.g. children's education. I can't tell my kid that he/she has to delay university for a year or two because the stocks that I bought are down by 50% in a market crash and that I have to wait for the market to recover before selling them to cash out.

As for investments, I prefer to invest on my own terms. Setting up RSP into UTs is easy, and I prefer to buy stocks when I find a price point I like. Hence to invest, I would not need to do it via an ILP.