For retirement/annuity plans, Aviva offers 4 different plans for you to choose from – Aviva MyRetirementChoice II, Aviva MyRetirement, Aviva MyIncomePlus, and Aviva MyLifeIncome II.
Aviva MyRetirementChoice II
The Aviva MyRetirementChoice II is a retirement plan that allows you to start receiving your retirement income at any age you want.
With a premium payment period of 5, 10, 15, 20, or 25 years, you get to choose your preferred payout periods anytime between 5 to 35 years.
This plan ensures you a 100% capital guarantee at your selected retirement age with the potential for its Monthly Cash Bonus (MCB).
You will also receive a lump-sum bonus (non-guaranteed portion) at the end of your premium payment period. You may choose to receive this bonus, convert it into additional monthly income (AMI), or reinvest in the plan at the non-guaranteed rate.
In terms of coverage, you will receive the Care Income Benefit once your payout begins. The Care Income Benefit provides you with coverage in the scenario of loss of independence with up to 100% of your chosen guaranteed monthly income.
If it’s your first time receiving the Care Income Benefit, you may exercise the Fast Forward Option where you’ll receive a lump sum amount instead of monthly income.
The Aviva MyRetirementChoice II also provides the option for you to purchase from 5 riders – EasyTerm, Cancer Premium Waiver II, Critical Illness Premium Waiver II, EasyPayer Premium Waiver, and Payer Critical Illness Premium Waiver II.
Lastly, this plan offers guaranteed acceptance with no medical underwriting needed.
Features:
- Choose any retirement age you want
- Choose from up to 5 premium payment terms
- Choose between 5 to 35 years for your preferred payout period
- Potential to receive additional monthly bonuses
- Lump-sum, monthly, or reinvesting your bonus upon the end of your premium payment period
- Covered for up to 100% of your chosen guaranteed monthly income in the case of loss of independence
- Option of 5 rider add-ons
- Guaranteed acceptance of the plan
Read our full review here: Aviva MyRetirement Choice III
Aviva MyLifeIncome II
The Aviva MyLifeIncome II is a retirement plan that pays you guaranteed 0.95% lifetime payouts every year, with a 100% capital guarantee at the end. On top of your guaranteed monthly payouts, there is a non-guaranteed cash bonus up to 5.4% of your sum assured.
You will start receiving these payouts after the Accumulation Period (minimum 0 years, maximum 20 years) ends or may even be as early as the 6th policy year.
Your payouts will include a non-guaranteed Booster Bonus of up to 0.5%, and you may choose to reinvest your payouts to accumulate at the non-guaranteed rate.
There are 7 premium payment periods – Single Term, 3, 5, 10, 15, 20, 25 years, and you can choose to pay in cash or using your SRS.
In terms of coverage, you are covered against death and terminal illness under the Guaranteed Issuance Option, for up to 101% of your total premiums paid and any bonuses accrued.
There are also 3 optional riders for you to add-on – Cancer Premium Waiver II, EasyTerm, EasyPayer Premium Waiver.
Features:
- Choose from 7 premium payment periods
- You can make premium payments with cash or Supplementary Retirement Scheme (SRS)
- Choose your accumulation period from 0 to 20 years
- 0.95% guaranteed monthly retirement income with the option to reinvest at the non-guaranteed rate
- 100% capital guaranteed at the end of your payout period
- Non-guaranteed cash bonus and Booster Bonus
- Protection cover in the case of Terminal Illness or even death
- Option to add-on riders
- Experience hassle-free acceptance with no medical check-ups required
Read our review on the Aviva MyLifeIncome II here.
Aviva MyRetirement: Obsolete
The Aviva MyRetirement is a retirement plan that provides you with 100% capital guaranteed for up to 10 years from your selected retirement age.
Not only that, you have the potential to receive guaranteed returns of up to 2.38% per annum.
You have 6 options for your retirement age – 50, 55, 60, 65, 70, or 75 years old with a premium payment period of 8 or 10 years, or regular premium payments until 5 years before your selected retirement age.
You may choose to withdraw your guaranteed monthly income as a lump sum, stick to monthly payouts, withdraw it at a later date to accumulate more wealth at the non-guaranteed rate, or a combination of the above.
The Aviva MyRetirement offers 2 forms of non-guaranteed bonuses, the Reversionary and Terminal Bonus.
In terms of coverage, you are covered through the guaranteed issuance offer with the option to purchase 3 rider add-ons – EasyTerm, Cancer Premium Waiver II, EasyPayer Premium Waiver.
Features:
Guaranteed capital returns through monthly income for up to 10 yearsChoose from 6 options for your selected retirement ageChoose from 3 premium payment periodsGuaranteed returns up to 2.38% every yearYou can take out the Reversionary Bonus as you wantCovered against death and terminal illnessNon-guaranteed terminal bonus on insurance claimsNo medical underwriting needed
Aviva MyIncomePlus: Obsolete
The Aviva MyIncomePlus is a single premium retirement plan that allows you to get a stable and 100% capital guaranteed income every month.
With an investment of S$23,825, after an accumulation for 5 or 10 years, it lets you receive your guaranteed monthly income for 10 or 15 years, partial or full lump sum withdrawal, or reinvest it at the non-guaranteed rate.
You can either choose to pay the premiums in cash or through your Supplementary Retirement Scheme (SRS).
The Projected Bonuses (received upon maturity) includes the non-guaranteed Terminal Bonus and Reversionary Bonus accumulated throughout the policy term.
With Projected Bonuses, you can also choose to receive part or an entire lump sum payment.
Upon maturity, there are guaranteed returns of up to 1.81% per annum.
In terms of coverage, you are covered against death or terminal illness for up to 101% of your single premium and any bonuses you’ve accrued. Like most savings plans, there’s guaranteed issuance with no medical underwriting needed.
Features:
Single premium retirement plan with a minimum investment of S$23, 825Choose from 5 or 10 years of accumulationGet your guaranteed income monthly for up to 10 or 15 yearsOption to receive your capital guaranteed at partial or full lump sum, or reinvestment for accumulated gainsGuaranteed returns up to 1.81% every year after the policy maturesYou can apply hassle-free without the need for medical check-upsNo medical underwriting needed
Conclusion
The mentioned products are summaries of each plan, and there are terms and conditions applied for each of their features.
Although some of the plans look highly attractive, not every plan is suited for you, and not every plan is as attractive as it seems.
Thus, it is always advisable for you to conduct your thorough research before deciding to purchase any financial plans for yourself.
To aid with your research, we compiled and compared the best retirement annuity plans in Singapore in our guide.
If you’re still unsure of what you should be getting for yourself, always engage a trusted financial advisor. This makes sure that your different needs and wants are taken into consideration and plans are recommended based on your unique scenario.