Aviva MyLifeSavingsPlan Review

NOTE: Aviva MyLifeSavingsPlan has been phased out and is no longer available. The latest updated and upgraded version is Singlife Choice Saver.

Aviva MyLifeSavingsPlan is an endowment savings policy allowing you to enjoy a lifetime of high potential returns without a lifetime of premiums to pay. You can choose to withdraw the funds from your policy after it had acquired cash value to spend as you wish.

You may choose to appoint your loved one to carry on your policy should you pass on before the policy maturity of age 99. You can also surrender the policy and use the lump-sum payout to fund your wishes and needs.

Aviva MyLifeSavingsPlan product details

• Life policy – Endowment and Saving policy
• Premium Payment Term
  • Choose to pay premiums for 5, 10, 15, 20 or 25 years
• Insurance Coverage
  • Receive coverage against Death: Receive 101% of total guaranteed cash value or 105% of all premiums paid, whichever is higher and non-guaranteed bonuses if available
• Capital Guarantee
  • All premiums paid is guaranteed from the 15th policy year onwards
• Joint Lives Assured
  • You can appoint your loved one to continue your policy in the event you pass on before age 99
• Life Stage Benefit
  • From the 5th policy year onwards you can receive up to 2 times of 3% of the Sum Assured upon reaching a specified Life Stage Event
  • This benefit will be paid out upon policy maturity if not claimed during the policy term
• Optional Add-ons
  • Joint Life Premium Waiver
    • Future premiums are waived should you or the joint-life assured pass away, or is diagnosed with Total and Permanent Disability or Terminal Illness
  • EasyPayer Premium Waiver
    • Future premiums are waived should you pass away, or is diagnosed with Total and Permanent Disability or Terminal Illness
  • Cancer Premium Waiver II
    • Future premiums are waived should you be diagnosed with Major Cancer
  • Critical Illness Premium Waiver II
    • Future premiums are waived should the life assured be diagnosed with a critical illness
  • Payer Critical Illness Premium Waiver II
    • Future premiums are waived should the policyholder be diagnosed with a critical illness

Read About: Endowment and Saving policy: How does it work?

Read About: Endowment and Saving policy: Is it the best option?

Features of Aviva MyLifeSavingsPlan at a glance

Cash value: Yes

Cash withdrawal benefits: No

Health and Insurance Coverage

Death: Yes
Total Permanent Disability: No
Terminal Illness: Yes
Critical Illness: No
Early Critical Illness: No

Health and Insurance Coverage Multiplier

Death: No
Total Permanent Disability: No
Terminal Illness: No
Critical Illness: No
Early Critical Illness: No

Optional Add-on Riders

Joint Life Premium Waiver
EasyPayer Premium Waiver
Cancer Premium Waiver II
Critical Illness Premium Waiver II
Payer Critical Illness Premium Waiver II

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: Effects of compounding returns on your savings

Read About: 3 things to consider before taking up a new financial product

Product Illustration for Aviva MyLifeSavingsPlan; John

John, 30 years old, picks up Aviva MyLifeSavingsPlan as a means to receive better returns on his savings as compared to a bank. He chooses to save S$12,090 yearly for the next 10 years.

Once John’s Aviva MyLifeSavingsPlan policy acquires cash value, he can choose to withdraw them at any time to fund his lifestyle needs. Any withdrawals made will also reduce the long-term value of his policy.

At age 65, John chooses to surrender his policy where he is projected to receive a total payout of S$408,467 to fund the retirement of his dreams.

Of the total payout, S$204,321 is guaranteed, and S$200,102 is non-guaranteed.

Product Illustration for Aviva MyLifeSavingsPlan; Dan

Dan, 30 years old, picks up Aviva MyLifeSavingsPlan to leave a legacy to his family. He chooses to pay S$12,097 yearly for the next 25 years.

Once Dan’s Aviva MyLifeSavingsPlan policy acquires cash value, he can choose to withdraw them at any time to fund his lifestyle needs. Any withdrawals made will also reduce the long-term value of his policy.

Dan appoints his daughter Jane as the Joint Life Assured. At age 85, Dan passes away and Jane carries on the policy till its maturity date.

On the 99th year of the policy, the policy reaches its maturity and Jane receives a total projected payout of S$3,156,116 as the maturity benefit to spend as she wishes.

Of the total projected payout, $819,252 is guaranteed, and S$2,336,864 is non-guaranteed, as well as the unclaimed Life Stage Benefit.

Aviva MyLifeSavingsPlan may be suitable if you are looking for

Aviva MyLifeSavingsPlan may potentially be a good fit if the following matters to you:

• A lifetime savings policy that allows you the freedom of surrendering it to fund your retirement or leave a legacy for your family
• To save regularly over a period of time for a set goal
• To potentially generate higher financial returns compared to bank accounts
• Liquidity or flexibility of withdrawal in your Insurance policy

Aviva MyLifeSavingsPlan may not be suitable if you are looking for

Aviva MyLifeSavingsPlan may potentially be a bad fit if the following matters to you:

• High insurance coverage for Death
• Insurance coverage for Early Critical Illness, Critical Illness, Total and Permanent Disability, and Terminal Illness
• Insurance policy with a high surrender value in the early years of the policy
• Short term endowment savings plan

Read about: How much life insurance coverage do you need in Singapore? *NEW*

Further considerations on Aviva MyLifeSavingsPlan

• How is Aviva or Aviva MyLifeSavingsPlan investment returns based on historical performance?
• How does Aviva MyLifeSavingsPlan compare with Endowment policy from other insurance companies?
• Can Aviva MyLifeSavingsPlan fulfill my financial, insurance, health, and protection needs?

The above information may not fully highlight all the product details and features on Aviva MyLifeSavingsPlan. Talk to us or seek advice from a financial adviser before making any decision about Aviva MyLifeSavingsPlan.

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 Endowment Savings Plans for Lifetime wealth Accumulation (2020 Edition)

Read about: 5 ways to stop inflation from eroding your savings

Is Aviva MyLifeSavingsPlan suitable for me?

Contact InterestGuru using the form below. Our panel of licensed financial advisers will advise accordingly, based on your financial profile and protection needs.

All financial reviews and proposals provided are 100% free of charge. There will be no obligation to take up any proposed financial products or services in any way.

*For a limited time, get attractive incentives when you take up any products that is proposed by our team of financial planners.

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Before you go...

Aviva MyLifeSavingsPlan may be a good fit towards your current financial goals. However, there could be way more plans out there with features and/ or benefits that could be more relevant to you at a lower cost.

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