Aviva MyLifeIncome Review
The complete Pros and Cons on Aviva MyLifeIncome
NOTE: Aviva MyLifeIncome is discontinued and has been replaced with Aviva MyLifeIncome II
Aviva MyLifeIncome is a sustainable, supplementary income plan that gives you a lifetime of yearly payouts, with 100% principal guaranteed feature. You can start to receive a lifetime of yearly income, as short as 5 years after placing a single premium for all your life purposes.
Alternatively, choose to accumulate your yearly income for higher financial gains until you need the money for even bigger life goals and objectives.
Aviva MyLifeIncome product details
Aviva MyLifeIncome is featured for Cashback benefits in our 7 Best Regular Insurance Savings Plans in Singapore (2023 Edition)
Aviva MyLifeIncome is featured for Flexibility of Withdrawing Capital benefits in our 5 Best Insurance Plans for Retirement Income (2023 Edition)
Aviva MyLifeIncome Rating on InterestGuru.sg: [usr=4.25]
Aviva MyLifeIncome Popularity on InterestGuru.sg: [usr=4.5]
- Life policy – Annuity
- Premium Term from Single premium, 3, 5, 10, 15, 20 or 25 years
- Accumulation period options (Based on premium payment term):
– For Single Premium: 4 to 40 years
– For 3 years premium payment term: 2 to 40 years
– For 5, 10, 15, 20, 25 years premium payment term: 0 to 40 years - High payouts of up 6.2% of Sum Assured every year
Yearly Income = Guaranteed Cash Benefit (2.2% of Sum Assured) plus Cash Bonus (4% of Sum Assured) - 100% Capital Guaranteed
At the end of the accumulation period or earlier, depending on your chosen premium payment term - Guaranteed yearly income for life
- Wide range of Premium waiver riders to waive premium for insurable events
- Cancer Premium Waiver
- EasyTerm
- EasyPayer Premium Waiver
- Enjoy hassle-free application with no medical check-ups
Aviva My Life Income is a common search alternative for Aviva MyLifeIncome
Read about: 3 Best Retirement Plans and Annuity Policies in Singapore (2023 Edition) *Updated*
Read about: The Aviva MyRetirement series of retirement products
Features of Aviva MyLifeIncome at a glance
Cash and Cash Withdrawal Benefits
- Cash value: Yes
- Cash withdrawal benefits: No
Health and Insurance Coverage
- Death: Yes
- Total Permanent Disability: Yes
- Terminal Illness: Yes
- Critical Illness: N.A
- Early Critical Illness: N.A
Health and Insurance Coverage Multiplier
- Death: N.A
- Total Permanent Disability: N.A
- Terminal Illness: N.A
- Critical Illness: N.A
- Early Critical Illness: N.A
Optional Add-on Riders
- EasyTerm
- Cancer Premium Waiver
- EasyPayer Premium Waiver
Additional Features and Benefits
Yes.
For further information and details, refer to Aviva website. Alternatively, fill up the form below and let us advise accordingly.
Read about: How can I accumulate a million dollar (Realistically)
Read about: The Complete Guide to Retirement Planning in Singapore (2023 Edition) *NEW*
Aviva MyLifeIncome may be suitable if you are looking for
Aviva MyLifeIncome may potentially be a good fit if the following matters to you:
- Regular cash payout upon your desired retirement age
- Saving regularly over a period of time
- Insurance options without medical underwriting
- To potentially generate higher financial returns compared to bank accounts
- Insurance policy with a high surrender value in the early years of the policy
Read about: When should you start making plans for retirement?
Read about: The effects of compounding returns on your savings
Aviva MyLifeIncome may not be suitable if you are looking for
Aviva MyLifeIncome may potentially be a bad fit if the following matters to you:
- Health and Protection coverage
- High insurance coverage for Death or Terminal Illness
- High insurance coverage for Early Critical Illness, Critical Illness or Total Permanent Disability
- Potentially higher financial returns compared to a pure investment product.
Read about: Why should you choose a shorter premium term on your insurance policies
Further considerations on Aviva MyLifeIncome
- How is Aviva or Aviva MyLifeIncome investment returns based on historical performance?
- How does Aviva MyLifeIncome compare with retirement plans and annuity policies from other insurance companies?
- Can Aviva MyLifeIncome fulfill my financial, insurance, health and protection needs?
The above information may not fully highlight all the product details and features on Aviva MyLifeIncome. Talk to us or seek advice from a financial adviser before making any decision about Aviva MyLifeIncome.
Always ensure your long-term financial goals and objectives are aligned with the financial product you are considering to take up.
Read about: 3 Best Retirement plans and Annuity Policies in Singapore (2023 Edition) *Updated*
Where can I compare the payout and benefits of retirement plans and annuity policies?
Your retirement plans are meant to supplement your lifestyle and expenses in your golden years. Ensure your retirement plans matches the financial goal and objective you wish to achieve when you decided to talk a step back in life.
It is too late to regret once you have made your financial commitment. Specific products features, benefits and payout will differ more than you think across insurance companies.
And even worse, to know you can compare retirement plans and annuity policies here, 100% free of charges on the InterestGuru.sg platform.
Is Aviva MyLifeIncome suitable for me?
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