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
  • Premium Term from Single premium, 35, 10, 15, 20 or 25 years
  • 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
  • Premiums can be paid cash or Supplementary Retirement Scheme (SRS) funds
  • High payouts of up 6.35% of Sum Assured every year
    Yearly Income = Guaranteed Cash Benefit 0.95% of Sum Assured) plus Non-guaranteed Cash Bonus (5.4% of Sum Assured)
  • Built-in Death and Terminal Illness coverage
  • 100% Capital Guaranteed
    At the end of the accumulation period or earlier, depending on your chosen premium payment term
  • Guaranteed yearly income for life
  • Wide range of Premium waiver riders to waive premium 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 Income and Booster Bonus (at a non-guaranteed 3% per annum?)
  • Enjoy hassle-free application with no medical check-ups

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

Cash and Cash Withdrawal Benefits

  • Cash value: Yes
  • Cash withdrawal benefits: No

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*

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
  • 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 products features, benefits and payout will differ more than you think across insurance companies.

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Is Aviva MyLifeIncome II suitable for me?

Contact InterestGuru using the form below. Our panel of Independent financial planners will advise accordingly, based on your financial profile and protection needs.

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Step 1: Getting to know you…

Let's start with your personal profile. Please note that your current age and gender will affect the insurance premium payable for your retirement plan.

Name:

Gender:

Birthdate:

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Please select your desired retirement income and the payout age for your retirement plan from the selections below:

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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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