Aviva MyLifeIncome II Review

The complete Pros and Cons on Aviva MyLifeIncome II

Aviva MyLifeIncome II is a sustainable, supplementary income plan that gives you a lifetime of yearly payouts, with 100% principal guaranteed feature. You can start to receive a lifetime of yearly income, as short as 5 years after placing a single premium for all your life purposes.

Alternatively, choose to accumulate your yearly income for higher financial gains until you need the money for even bigger life goals and objectives.

Aviva MyLifeIncome II product details

Aviva MyLifeIncome II is featured for Cashback benefits in our 7 Best Regular Insurance Savings Plans in Singapore (2020 Edition)

Aviva MyLifeIncome II is featured for Flexibility of Withdrawing Capital benefits in our 5 Best Insurance Plans for Retirement Income (2020 Edition)

Aviva MyLifeIncome II Rating on InterestGuru.sg: 4.3 out of 5 stars (4.3 / 5)
Aviva MyLifeIncome II Popularity on InterestGuru.sg: 4.5 out of 5 stars (4.5 / 5)

  • Life policy – Annuity
  • Built-in Death and Terminal Illness coverage
  • Flexible Premium Term
    • Choose to pay a single lump-sum premium or over 3, 5, 10, 15, 20 or 25 years
    • Choose to pay premiums by cash or Supplementary Retirement Scheme (SRS)
  • Accumulation period options (Based on premium payment term) up to 80 years of age:
    • For Single Premium: 4 to 20 years
    • For 3 years premium payment term: 2 to 20 years
    • For 5, 10, 15, 20, 25 years premium payment term: 0 to 20 years
  • High payouts of up to 6.35% of Sum Assured every year
    • Guaranteed Lifetime Yearly Income = Guaranteed Cash Benefit 0.95% of Sum Assured) on top of any Non-guaranteed Cash Bonus (5.4% of Sum Assured)
  • 100% Capital Guaranteed
    • At the end of the accumulation period or earlier, depending on your chosen premium payment term
  • Wide range of Premium waiver riders to waive premiums for insurable events
    • Cancer Premium Waiver II
      • Future premiums waived in the
        event policyholder is diagnosed with
        Major Cancer
    • EasyTerm
      • Lump-sum cash payment of up to five
        times basic plan’s annual premium
        in the event of policyholder’s Death,
        Terminal Illness or Total and
        Permanent Disability.
    • EasyPayer Premium Waiver
      • Future premiums waived in the
        event of policyholder’s Death, Terminal
        Illness or Total and Permanent Disability
  • Booster Bonus
    • Receive additional non-guaranteed 0.5% of Sum Assured every year
  • You can choose to reinvest the yearly payouts and booster bonus at the prevailing non-guaranteed rates
  • Enjoy hassle-free application with no health questions asked

Aviva My Life Income II is a common search alternative for Aviva MyLifeIncome II

Read about3 Best Retirement Plans and Annuity Policies in Singapore (2020 Edition) *Updated*

Read aboutThe Aviva MyRetirement series of retirement products

Features of Aviva MyLifeIncome II at a glance

Aviva MyLifeIncome II Benefit Table

Cash and Cash Withdrawal Benefits

  • Cash value: Yes
  • Cash withdrawal benefits: Yes

Health and Insurance Coverage

  • Death: Yes
  • Total Permanent Disability: Yes
  • Terminal Illness: Yes
  • Critical Illness: N.A
  • Early Critical Illness: N.A

Health and Insurance Coverage Multiplier

  • Death: N.A
  • Total Permanent Disability: N.A
  • Terminal Illness: N.A
  • Critical Illness: N.A
  • Early Critical Illness: N.A

Optional Add-on Riders

  • EasyTerm
  • Cancer Premium Waiver
  • EasyPayer Premium Waiver

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 aboutHow can I accumulate a million dollar (Realistically)

Read about: The Complete Guide to Retirement Planning in Singapore (2020 Edition) *NEW*

Policy Illustration for Aviva MyLifeIncome II, Jack

Policy Illustration for Aviva MyLifeIncome II, Jack

Jack, 25 years old, purchases Aviva MyLifeIncome II for his retirement. He chooses to pay a single premium of S$201,383 with an accumulation period of 4 years.

From the 5th policy year onwards, Jack starts receiving a projected yearly income of S$8,699 consisting of guaranteed income on top of non-guaranteed bonuses. That sum increases to S$9,384 when Jack turns 60.

By age 65, Jack would have received a total of S$576,444 in projected yearly payouts. He decides to surrender his Aviva MyLifeIncome II policy to receive a projected lump-sum surrender payout of S$231,710 to spend as he wishes.

Policy Illustration for Aviva MyLifeIncome II, Kim

Policy Illustration for Aviva MyLifeIncome II, Kim

Kim, 25 years old, purchases Aviva MyLifeIncome II for his retirement. He chooses to pay a yearly premium of S$13,315.20 for the next 15 years with no accumulation period.

By age 40, with a total of S$199,728 in premiums paid,  Kim starts receiving a total projected yearly income of S$9,652 consisting of guaranteed income on top of non-guaranteed bonuses until age 60 where his yearly income increases to S$10,412.

By age 85, Kim would have received a total of S$453,340 in total projected yearly payouts. However, Kim passes away shortly after his 85th birthday. His loved ones are set to receive a projected lump-sum death benefit of S$326,354.

Aviva MyLifeIncome II may be suitable if you are looking for

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

  • Regular cash payout upon your desired retirement age
  • Saving regularly over a period of time or
  • Single lump-sum premium with no future financial commitments
  • Insurance options without medical underwriting
  • To potentially generate higher financial returns compared to bank accounts
  • Insurance policy with a high surrender value in the early years of the policy

Read about:  When should you start making plans for retirement?

Read aboutThe effects of compounding returns on your savings

Aviva MyLifeIncome II may not be suitable if you are looking for

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

  • Health and Protection coverage
  • High insurance coverage for Death or Terminal Illness
  • High insurance coverage for Early Critical Illness, Critical Illness or Total Permanent Disability
  • Potentially higher financial returns compared to a pure investment product.

Read about: Why should you choose a shorter premium term on your insurance policies

Further considerations on Aviva MyLifeIncome II

  • How is Aviva or Aviva MyLifeIncome II investment returns based on historical performance?
  • How does Aviva MyLifeIncome II compare with retirement plans and annuity policies from other insurance companies?
  • Can Aviva MyLifeIncome II fulfill my financial, insurance, health, and protection needs?

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

Always ensure your long-term financial goals and objectives are aligned with the financial product you are considering to take up.

Read about3 Best Retirement plans and Annuity Policies in Singapore (2020 Edition) *Updated*

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

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 product features, benefits, and payouts will differ more than you think across insurance companies.

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Before you go...
Aviva MyLifeIncome II 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.
Drop us a message and find out about customised options across multiple insurance companies. You deserve to get the best out of your hard-earned savings!

 

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