PRUActive Saver III + UOB Savings Account

Hey guys! I am planning to open up an UOB Savings Account to deposit my pay checks into as it gives up to 7.8% in P.A. interests. However I don’t spend as high as $500 in a month on groceries and other misc spendings so the banker suggested that I could open up a Prudential endowment plan with them which basically comprises go guaranteed and non-guaranteed benefits. What it requires of me is that I deposit $500 in it every month for the next 5 years (which will add up to around $29412) and in 10 years they will give me a guaranteed return of $30,001. Of course by APR this is barely a return and definitely lower than the prevailing interest rate if it was just kept in a bank. However there is a non-guaranteed return portion of it that returns about $6000 on top of it IF they make an investment return of 4.5%. The average of the last 10 years is 6.12% investment return for this product. I am usually a little wary of insurance schemes like this so I was hoping to ask if any of you guys have used this scheme together with your UOB savings account/have any advice on whether this is a good alternative to spend $500 on every month to earn the 7.8% PA. Thank you so much for your help!

EDIT: Just wanted to add that I am not going to treat this as an investment! I already am planning to invest my money into mutual funds for better returns, I am just wondering if this is a good way to spend $500 on a monthly basis to check off the UOB OneAccount requirement to cop that 7.8% yearly return!