Aviva MyRetirementChoice III Review

The complete Pros and Cons on Aviva MyRetirementChoice III

Aviva MyRetirementChoice III 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.

The previous Aviva MyRetirementChoice 2 offered an additional 50% of GMI if you are unable to perform at least 2 of 6 ADLs and 100% upon disability to do 3 of 6 ADLs. The new and improved MyRetirementChoice 3 pays out an additional 100% of your GMI upon failing to perform at least 2 of 6 ADLs.

Reviewed by InterestGuru on 02/07/2021

Aviva MyRetirementChoice III product details

Aviva MyRetirementChoice III is featured for Guaranteed Payout benefits in our 3 Best High Income Retirement Plans in Singapore (2021 Edition)

Aviva MyRetirementChoice III is featured for High Retirement Income benefits in our 5 Best Insurance Plans for Retirement Income (2021 Edition)

Aviva MyRetirementChoice III Rating on InterestGuru.sg: 4.3 out of 5 stars (4.3 / 5)
Aviva MyRetirementChoice III 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 the lump sum bonus into an additional monthly income
    • Re-invest monthly retirement income at the prevailing non-guaranteed rates
  •  Care Income Benefit, receive every month; UPGRADED
    • An additional 50% 100% of the GMI upon the disability to perform any
      2 out of 6 ADL
    • An 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
      • Payout of up to 5x the yearly premium in the event of Death, Terminal Illness, or Total and Permanent Disability
    • 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
  • Enjoy hassle-free application with no medical check-ups
  • 100% capital guaranteed at the time of retirement

Aviva My Retirement Choice II is a common search alternative for Aviva MyRetirementChoice III.

Read about:  Why your retirement planning starts now

Read aboutEffects of compounding returns on your investments

Features of Aviva MyRetirementChoice III at a glance

Aviva MyRetirementChoice 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: No
  • Early Critical Illness: No

Health and Insurance Coverage Multiplier

  • Death: No
  • Total Permanent Disability: No
  • Terminal Illness: No
  • Critical Illness: No
  • Early Critical Illness: No

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 (2021 Edition) *NEW*

Policy Illustration for Aviva MyRetirementChoice III, Paul

Policy Illustration for Aviva MyRetirement Choice II, Paul

Paul, age 40, purchases Aviva MyRetirementChoice III as his retirement plan. He chooses to pay a yearly premium of S$18,579.50 for the next 10 years with a retirement age of 66.

At age 67, with a total of S$185,795 paid in premiums, Paul is entitled to a non-guaranteed lump sum bonus which he decides to convert into additional monthly income. Paul starts receiving a total projected monthly income of S$2,952.83 for the next 20 years.

By age 87, Paul has received a total projected income of S$708,680 from Aviva MyRetirement Choice II and the policy comes to an end.

Of the total projected income, S$240,000 is guaranteed, and S$468,680 is non-guaranteed.

Policy Illustration for Aviva MyRetirementChoice III, Tim

Policy Illustration for Aviva MyRetirement Choice II, Tim

Tim, age 40, purchases Aviva MyRetirementChoice III as his retirement plan. He chooses to pay a yearly premium of S$8,302.05 for the next 25 years with a retirement age of 66.

At age 67, with a total of S$207,552 paid in premiums, Tim is entitled to a non-guaranteed lump sum bonus which he decides to convert into additional monthly income. Tim starts receiving a total projected monthly income of S$2,268.08 for the next 20 years.

By age 87, Tim has received a total projected income of S$544,340 from Aviva MyRetirement Choice II and the policy comes to an end.

Of the total projected income, S$240,000 is guaranteed, and S$304,360 is non-guaranteed.

Key Difference between Tim and Paul’s Aviva MyRetirement Choice II Journey

Aviva MyRetirementChoice II Comparison Table

Both Paul and Tim started retirement planning at the same age and also chose the same age to start retirement. However, we can see that Paul is clearly the winner here in almost all aspects.

Paul paid lesser in premiums but received a significantly higher projected monthly income than Tim.

This is because Paul paid his premiums in a shorter period of time than Tim did. This allows for his funds to accumulate for a longer time thereby achieving a better yield.

You should always strive to pay for premiums in the shortest amount of time wherever possible however your lifestyle may allow, to achieve the best results out of your retirement annuity plans.

Aviva MyRetirementChoice III may be suitable if you are looking for

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

  • Regular cash payout upon your desired retirement age
  • High non-guaranteed bonuses in a retirement annuity policy
  • 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 MyRetirementChoice III may not be suitable if you are looking for

Aviva MyRetirementChoice III 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
  • Lump-sum payout upon maturity
  • 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 MyRetirementChoice III

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

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

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 (2021 Edition) *Updated*

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

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