Singlife Choice Saver Review
The complete Pros and Cons on Singlife Choice Saver
Singlife Choice Saver (previously known as Aviva MyChoiceSaver) helps you reach your financial goals with great flexibility. A wide range of premium and policy terms to choose from and capital is guaranteed upon maturity.
Singlife Choice Saver product details
- Life policy – Endowment and Saving policy
- Flexible Premium Payment & Policy Terms
- Pay 5 or 10 years for a policy term of 10 to 25 years or up till age 99
- Pay 12 years for a policy term of 12 to 25 years or up till age 99
- Pay 15 years for a policy term of 15 to 25 years or up till age 99
- Pay 18 years for a policy term of 18 to 25 years or up till age 99
- Pay 20 years for a policy term of 25 years or up till age 99
- Option to Change Life Assured
- You may pass on this policy to your loved ones to carry on receiving the benefit of this policy
- 100% Capital Guarantee
- You are guaranteed to get back at least all the premiums/funds you have put in upon policy maturity
- Insurance Coverage
- You will be covered the higher of 105% of the total premiums paid or the guaranteed cash surrender value and any non-guaranteed bonuses against Death and Terminal Illness in Death Benefit
- You will be covered an additional 100% of the sum assured in addition to the Death Benefit against Accidental Injury
- Retrenchment Benefit
- In the event that you become retrenched and remain jobless for 3 consecutive months, interest will be waived off unpaid premiums for 12 months
- Hassle-free Application
- No medical check-up required
- Optional Riders
- EasyTerm – Lump sum cash payout of to 5X the basic plan annual premium in the event of Death, Terminal Illness or Total and Permanent Disability of the policyholder
- Cancer Premium Waiver II – Future premiums are waived should the policyholder be diagnosed with major cancer
- Critical Illness Premium Waiver II – Future premiums are waived should the life assured be diagnosed with any of the covered severe-stage critical illnesses
Read About: Endowment and Saving policy: How does it work?
Read About: Endowment and Saving policy: Is it the best option?
Features of Singlife Choice Saver at a glance
Cash and Cash Withdrawal Benefits
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: Yes, if accidental (additional coverage)
Total Permanent Disability: No
Terminal Illness: No
Critical Illness: No
Early Critical Illness: No
Optional Add-on Riders
EasyTerm
Cancer Premium Waiver II
Critical Illness Premium Wavier II
Additional Features and Benefits
Yes.
For further information and details, refer to Singlife website. Alternatively, fill up the form below and let us advise accordingly.
Read About: Effects of compounding returns
Singlife Choice Saver may be suitable if you are looking for
Singlife Choice Saver may potentially be a good fit if the following matters to you:
- A hassle-free application without medical underwriting
- Short to long term endowment and savings plan
- To saving regularly over a period of time
- To potentially generate higher financial returns compared to bank accounts
- Savings plan with insurance coverage against Death and Terminal Illness
- Additional coverage against Accidental Death
Singlife Choice Saver may not be suitable if you are looking for
Singlife Choice Saver may potentially be a bad fit if the following matters to you:
- Liquidity or flexibility of withdrawal in your Insurance policy.
- High insurance coverage for Death or Terminal Illness
- Insurance coverage for Early Critical Illness, Critical Illness or Total and Permanent Disability
- Lifetime regular cash payout
- A one-time premium commitment with no further cash commitment
- Potentially higher financial returns compared to a pure investment product.
- Insurance policy with a high surrender value in the early years of the policy.
Further considerations on Singlife Choice Saver
- How are Singlife or Singlife Choice Saver investment returns based on historical performance?
- How does Singlife Choice Saver compare with Endowment policies from other insurance companies?
- Can Singlife Choice Saver fulfill my financial, insurance, health, and protection needs?
The above information may not fully highlight all the product details and features of Singlife Choice Saver. Talk to us or seek advice from a financial adviser before making any decision about Singlife Choice Saver.
Always ensure your long-term financial goals and objectives are aligned with the financial product you are considering taking up.
Read About: 3 things to consider before taking up a new financial product
Is Singlife Choice Saver suitable for me?
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