Aviva MyRetirement Choice II Review

The complete Pros and Cons on Aviva MyRetirement Choice II

Aviva MyRetirement Choice II is a retirement plan and annuity policy that empowers you to retire whenever you want. Choose and plan for your retirement with plenty of income payout options to suit the retirement lifestyle of your dreams.

With the new MyRetirement Choice II comes an added payout option which allows you the choice to receive the additional disability payout in lump-sum rather than in monthly payouts. Introducing the Fast Forward Option.

The previous Aviva MyRetirement Choice 1 offered an additional 100% of Guaranteed Monthly Income (GMI) upon the disability to do 3 of 6 ADLs. The new Aviva MyRetirement Choice 2 betters that with an additional 50% of GMI upon the disability to do 2 of 6 ADLs.

Aviva MyRetirement Choice II product details

Aviva MyRetirement Choice II is featured for Guaranteed Payout benefits in our 3 Best High Income Retirement Plans in Singapore (2020 Edition)

Aviva MyRetirement Choice II is featured for High Retirement Income benefits in our 5 Best Insurance Plans for Retirement Income (2020 Edition)

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

Read aboutThe Aviva MyRetirement series of retirement products

  • Life policy – Annuity
  • Premium Term from 5, 10, 15, 20 or 25 years
  • Flexible payout period anywhere from 5 to 35 years
  • Various payout options
    • Guaranteed Monthly Income (GMI) + Potential Monthly Cash Bonus (MCB)
    • You can choose to receive a lump-sum bonus upon reaching retirement age
    • You can choose to convert lump sum bonus into an additional monthly income
    • Re-invest monthly retirement income at a non-guaranteed rate of 3% p.a. (?)
  •  Care Income Benefit, receive an;
    • Additional 50% of the GMI upon the disability to perform any
      2 out of 6 ADL
    • Additional 100% of the GMI upon the disability to perform any
      3 out of 6 ADL
  • Fast Forward Option
    • You can choose to receive the Care Income Benefit in a lump-sum
  • Wide range of Premium waiver riders to waive premium for insurable events
    • EasyTerm
    • Cancer Premium Waiver II
      • Future premiums will be waived upon diagnosis of Major Cancer of insured
    • Critical Illness Premium Waiver II
      • Future premiums will be waived upon diagnosis of any of the covered critical illnesses of insured
    • EasyPayer Premium Waiver
      • All future premiums will be waived in the event of Death, Terminal Illness, or Total and Permanent Disability of the policyholder
    • Payer Critical Illness Premium Waiver II
      • Future premiums will be waived if the policyholder is diagnosed with any of the covered critical illnesses
  • EasyTerm is a rider that pays out a lump-sum of up to 5 times of annual premium in the event of Death, Terminal Illness, or Total Permanent Disability
  • Additional of 50% or 100% of Guaranteed Monthly Income (GMI) if you cannot do at least 2 of 6 or 3 of 6 ADL accordingly)
  • Enjoy hassle-free application with no medical check-ups
  • 100% capital guaranteed at the time of retirement
  • Guaranteed returns of up to 2.63% p.a. (Excluding Non-Guaranteed returns) (?)
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Aviva My Retirement Choice II is a common search alternative for Aviva MyRetirement Choice II.

Read about:  Why your retirement planning starts now

Read aboutEffects of compounding returns on your investments

Features of Aviva MyRetirement Choice 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 II
  • Critical Illness Premium Waiver II
  • EasyPayer Premium Waiver
  • Payer Critical Illness 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 (2020 Edition) *NEW*

Aviva MyRetirement Choice II may be suitable if you are looking for

Aviva MyRetirement Choice II may potentially be a good fit if the following matters to you:

  • Regular cash payout upon your desired retirement age
  • Lump-sum payout upon maturity
  • Saving regularly over a period of time
  • Insurance options without medical underwriting
  • Do not need access to the funds until retirement
  • To potentially generate higher financial returns compared to bank accounts

Aviva MyRetirement Choice II may not be suitable if you are looking for

Aviva MyRetirement Choice 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
  • 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.

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

Further considerations on Aviva MyRetirement Choice II

  • How is Aviva or Aviva MyRetirement Choice II investment returns based on historical performance?
  • How does Aviva MyRetirement Choice II compare with retirement plans and annuity policies from other insurance companies?
  • Can Aviva MyRetirement Choice II fulfill my financial, insurance, health and protection needs?
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The above information may not fully highlight all the product details and features on Aviva MyRetirement Choice II. Talk to us or seek advice from a financial adviser before making any decision about Aviva MyRetirement Choice 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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Aviva MyRetirement Choice 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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