[In-Depth Policy Review] Aviva MyLifeIncome

Aviva MyLifeIncome product details

Aviva MyLifeIncome offers a lifetime of yearly payouts with 100% capital guaranteed feature. Enjoy further wealth accumulation with a 0.25% p.a compounded increase on your guaranteed surrender value.

Aviva MyLifeIncome Rating on InterestGuru.sg: [usr=3.75]
Aviva MyLifeIncome Popularity on InterestGuru.sg: [usr=4.5]

Life policy – Endowment Savings/ Retirement Annuity

• Guaranteed yearly income for life as long as the policy is in force
• High payouts of 6.2% of Sum Assured every year
  • Guaranteed Cash Benefit (2.2% of Sum Assured)  + Cash Bonus (4% of Sum Assured)
• 100% Capital Guaranteed at the end of the accumulation period or earlier
• Protection Cover for Death and Terminal Illness
• Hassle-free application with no medical check-ups needed

Flexible and attractive policy options – 

• Premium payment term options:
  • Single Premium or premium payment term of 3, 5, 10, 15, 20 or 25 years
• Accumulation period options (Based on premium payment term):
  • Single premium payment: 4 to 40 years
  • 3 years premium payment: 2 to 40 years
  • 5, 10, 15, 20, 25 years premium payment: 0 to 40 years

Note: Aviva MyLifeIncome is 100% Capital Guaranteed upon reaching the end of your selected accumulation period, which can be immediately after the end of the 5th year premium payment.

Related article: 3 Best Retirement Annuity Plans in Singapore for High Income Payout (2018 Edition) *Updated*

Features of Aviva MyLifeIncome at a glance

Cash and Cash Withdrawal Benefits

• Cash value: Yes
• Cash withdrawal benefits: Yes

Health and Insurance Coverage

• Death: Yes
• Total Permanent Disability: Yes, with optional EasyTerm
• 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

• Cancer Premium Waiver – All future premiums waived in the event that the policy owner is diagnosed with Major Cancers.

• EasyTerm – Additional lump sum cash payment of up to 5x basic plan’s annual premium in the event of policy owner’s Death, TI or TPD.

• EasyPayer Premium Waiver – All future premiums waived in the event of policy owner’s Death, TI or TPD.

Additional Features and Benefits

• Guaranteed Surrender value is equivalent to total premium paid at the end of the accumulation period, or the end of (if you select a longer accumulation period):
  • 8th policy year for single premium payment
  • 13th policy year for 3 years premium payment
  • 15th policy year for 5, 10 or 15 years premium payment
  • 25th policy year for 20 or 25 years premium payment

Above on Guaranteed Surrender value is based on whichever is earlier.

• Guaranteed Surrender value will increase by 0.25% p.a (compounded), starting from the 5th policy year after the end of your desired accumulation period.

For further information and details, refer to Aviva website. Alternatively, fill up the form below and let us advise accordingly.

Related article: How can I accumulate a million dollar (Realistically)

Related article: The Complete Guide to Retirement Planning in Singapore (2018 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:

• Lifetime guaranteed regular cash payout
• Saving regularly over a period of time or via a single lump sum
• A one-time premium commitment with no further cash commitment
• Insurance options without medical underwriting
• No immediate needs to the funds placed into the policy
• To potentially generate higher financial returns compared to bank accounts

Related article: Effects of compounding returns on your investments

Related article: Why should you choose a shorter premium term on your insurance policies

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
• Insurance coverage for Early Critical Illness, Critical Illness or Total Permanent Disability
• Lump sum payout upon maturity
• Potentially higher financial returns compared to a pure investment product.

Related article:  When do you start your retirement planning?

Related article: How much insurance coverage do you need in Singapore *NEW*

Further considerations on Aviva MyLifeIncome

• How is Aviva or Aviva MyLifeIncome investment returns based on historical performance?
• How does Aviva MyLifeIncome compare with Endowment/ Annuities policy from other insurance companies?
• Can Aviva MyLifeIncome fulfil 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 products you are considering to take up.

Related article: 3 things to consider before taking up a new financial product

Related article: 8 Commonly made financial mistakes by Singaporeans

Where can I compare the payout and benefits of retirement annuity plans?

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?

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.

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