Aviva offers 6 different savings plans for you to choose from – Aviva MyEduPlan, Aviva MyLifeSavingsPlan, Aviva MyWealthPlan, Aviva MySavingsPlan, Aviva MyRegularPay, and Aviva MyEasySaver.
Aviva MyEasySaver
The Aviva MyEasySaver is a savings plan that offers you liquidity if you need it. You get to enjoy annual guaranteed cash benefits of 5% of your sum assured of your basic plan from the end of your 2nd policy year.
You will receive potential returns of up to 2.88% every year upon policy maturity. It also ensures lump-sum payment along with any Projected Bonuses after the policy term matures.
With a premium payment period and policy term of 12, 15, 18, or 25 years, you decide if you’d like to receive the cash payouts, reinvest them at the non-guaranteed rate, or withdraw the reinvested payouts with interest.
With Aviva MyEasySaver, you can carry out your savings from just as little as S$3.61 every day.
Enjoy the plan without an uncomplicated and straightforward application without the need for medical check-ups. You are covered against death and terminal illness for up to 101% of your total premiums paid on the basic plan, together with any accrued bonuses.
There are also 3 optional riders you can opt for – Cancer Premium Waiver II, EasyPayer Premium Waiver, and EasyTerm.
Features:
- Premium payment period and policy term of 12, 15, 18, or 25 years
- Start as low as S$3.61 daily
- Option to receive 5% of guaranteed payouts yearly until maturity
- Potential returns of up to 2.88%
- Option to reinvest at the non-guaranteed rate or withdraw reinvestments with interest
- Coverage against death and terminal illness
- Choice of 3 rider add-ons
- No medical underwriting needed
Read our review here: Aviva MyEasySaver II Review
Aviva MyEduPlan: Obsolete
The Aviva MyEduPlan is a savings plan that lets you have secured and structured savings for your child’s education.
There is a 100% capital guaranteed cash benefits that will be distributed for four years during your child’s education. There are also guaranteed returns of up to 1.46% per annum.
You can select a payout age of 19 or 21 Age Next Birthday (ANB).
The first payout is 40% of the selected Sum Assured, and Payout 2 to 4 is 20% each. It also guarantees 2 extra cash benefits that you can receive 2 years before the Payout Age. The payout will be 5% each of the selected Sum Assured.
The Aviva MyEduPlan has a premium payment period of 10 years, where you can choose from monthly, quarterly, half-yearly, or yearly payments.
To apply for the Aviva MyEduPlan savings plan, you do not require any medical check-up, and it is hassle-free. This plan also waives all premiums in the case of terminal illness, total and permanent disability, or death.
There are also 3 riders you can choose to add-on – EasyPayer Premium Waiver, Cancer Premium Waiver II, and EasyTerm.
Features:
10-year premium payment period100% capital guaranteed cash benefitsReceive payouts throughout your child’s university yearsReceive 2 extra payouts of 5% of sum assured before the Payout AgeCoverage against terminal illness, total and permanent disability, and deathChoice of 3 riders to add on
Aviva MyLifeSavingsPlan: Obsolete
The Aviva MyLifeSavingsPlan is a long-term savings plan that remains in force until you are 99 years old. You can make premium payments for 5, 10, 15, 20, or 25 years and start receiving payouts after you finish your premium payments.
No matter the financial situation, the plan provides 100% capital guarantee as early as the 15th policy year.
You can also get a Maturity Benefit after the policy term matures. It includes the Guaranteed Maturity Value, Terminal Bonus, and the accrued Reversionary Bonus.
There is also a Life Stage Benefit from your 5th policy year, where you can get 3% of the existing sum Assured for up to 2 specified Life Stage Events.
The Aviva MyLifeSavingsPlan allows for you to opt for the joint Lives Assured, letting you cover your spouse or child under the same plan, and enables you to change the Life Assured after the 1st policy year.
In terms of coverage, it ensures a lump sum payment of up to 105% of the Total Premiums Paid or 101% of the Guaranteed Cash Surrender Value with any non-guaranteed bonuses accumulated, in the case of death, with a guaranteed policy issuance.
The MyLifeSavingsPlan also provides you with the option to add on from 5 riders – Joint Life Premium Waiver, EasyPayer Premium Waiver, Cancer Premium Waiver II, Critical Illness Premium Waiver II, and Payer Critical Illness Premium Waiver II.
Features:
Receive payouts until you are 99 years oldChoice of 5 premium payment terms100% capital guaranteedMaturity benefit upon plan maturityOption for the Life Stage Benefit to fund up to 2 life stagesOption to include 1 other life assured under the same planCoverage against deathChoose from 5 available riders
Aviva MyWealthPlan: Obsolete
The Aviva MyWealthPlan is a savings plan that ensures guaranteed returns of up to 2.35% every year. It also provides 100% capital guaranteed upon policy maturity.
There are 2 choices of premium payment periods, and each one has their own policy term. If you choose to make premium payments for only 5 years, your policy term will be from 10 to 25 years.
If you choose to select the premium payment period of 10 years, your policy term will be from 13 to 25 years.
In the case of terminal illness or death of the policyholder, you are covered for up to 105% of the total instalment premium paid on the basic plan with any non-guaranteed bonuses accumulated. The Aviva MyWealthPlan provides guaranteed issuance with no medical underwriting needed.
There are also 3 optional riders that you can opt for – Cancer Premium Waiver II, EasyTerm, and EasyPayer Premium Waiver.
Features:
Choice of 2 premium payment periods – 5 or 10 yearsChoose from 10 to 25 years, or 13 to 25 years of your policy term respectivelyGuaranteed returns of up to 2.35% per annumCoverage against death and terminal illnessYou can apply for the Aviva MyWealthPlan with no medical check-ups requiredChoice of 3 option riders to add on
Aviva MySavingsPlan: Obsolete
The Aviva MySavingsPlan is a savings plan that lets you get affordable and secure savings. It starts with only S$1.56 per day. You can choose the premium payment period as well as the policy term from 10 to 25 years, depending on your goals.
Similar to the other plans mentioned above, this plan ensures 100% capital guaranteed after the policy term ends.
Your capital guaranteed will be made in a lump sum payment, in addition to any potential bonuses.
In the case of terminal illness or death of the policyholder, you are covered for up to 105% of the total instalment premium paid with any non-guaranteed bonuses accumulated.
There is also an additional accidental death benefit where you will receive your sum assured on the basic plan, with any death benefits accrued.
In terms of rider add-ons, The Aviva MySavingsPlan offers you a choice of 3 riders – EasyTerm, Cancer Premium Waiver II, and EasyPayer Premium Waiver.
The Aviva MySavingsPlan also ensures a simple application without the need for medical check-ups.
Features:
Choose your premium payment period and save as low as S$1.56 dailyChoose a policy term from 10 to 15 years100% lump sum capital guaranteed upon maturityCoverage against death and terminal illnessAdditional accidental death benefitNo medical underwriting neededOption of 3 rider add-ons
Aviva MyRegularPay: Obsolete
The Aviva MyRegularPay is a savings plan that provides you with liquidity if you need it. This liquidity is through annual payments of 5% of your selected sum assured at the end of the 2nd policy year.
This savings plan offers 100% capital guaranteed upon policy maturity. If you don’t take the annual payouts, you’ll be receiving a larger lump sum payout due to potential bonuses and the accumulation of your savings.
There is a premium payment term of 10 years, with a policy term of 15 or 28 years.
In terms of coverage, you are covered for up to 101% of the total premiums paid with any non-guaranteed bonuses accumulated in the case of death or terminal illness. There is no medical underwriting needed.
The Aviva MyRegularPay offers 3 optional riders for you to choose from – Cancer Premium Waiver II, EasyTerm, and EasyPayer Premium Waiver.
Features:
Premium payment period of 10 yearsPolicy term of 15 or 28 years100% capital guaranteedOption to receive 5% payouts yearly until maturityCovered against death and terminal illnessChoice of 3 riders to add-onNo medical check-ups needed
Conclusion
The mentioned products are summaries of each plan, and there are terms and conditions applied for each of their features. As you can tell, Aviva offers a wide range of savings plans for you to choose from.
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.
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.
