Do you know: As recently reported by TODAYonline, Singapore is ranked 3rd in the world for average life expectancy, behind Japan and Switzerland. The average life expectancy in Singapore was 83.1 years and do so in full health, according to the World Health Organisation (WHO).
With that in mind, when does your retirement starts and what type of lifestyle are you expecting?
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The Aviva MyRetirement Series
Aviva has just refreshed their range of retirement products with the inclusion of Aviva MyRetirement Choice. This brings the total available retirement policies available from Aviva to 3.
Each MyRetirement policy focus on meeting different financial goals and objectives during your desired retirement age.
What are the products in the Aviva MyRetirement series?
As of Sept 2023, these are the available retirement plans and annuity policies from Aviva:
- Aviva MyRetirement – High cash value at maturity
- Aviva MyRetirement Plus – Monthly payout that caters for increase in inflation
- Aviva MyRetirement Choice – Flexible plan with high guaranteed yield upon maturity *New*
Read About: 3 best Retirement plans and annuity policies in Singapore (updated 2023)
Who are the intended consumers for Aviva MyRetirement?
Unlike products from other insurers, the shortest premium tenor for Aviva MyRetirement starts at 5 years and can go up to 25 years.This makes the policy affordable for the mass, as a lump sum of funds is not required.
Almost anyone will find the premium affordable, as it can be as low as S$100 monthly. Do note that you should still prioritise on health and insurance coverage on your first life insurance policy.
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Why so many version of Aviva MyRetirement?
Each of the Aviva MyRetirement seeks to address specific retirement concerns that may be faced by the policyholder.
We go through how each of them works:
Aviva MyRetirement
Aviva MyRetirement rating on InterestGuru.sg:
Being the earliest launch retirement policy in the MyRetirement series, Aviva MyRetirement is intended to provide a guaranteed monthly income for 10 years upon selected retirement age.
Premium payment period (years): 8, 10 or regular premium (up to 5 years before the start of selected retirement payout age)
Retirement payout starts (from age): 50, 55, 60, 65, 70 or 75
Retirement payout period: 10 years
Upon maturity, Aviva MyRetirement is Capital guaranteed such that the money paid for the policy will be returned to you as monthly Guaranteed Retirement Income. Returns are guaranteed to as high as 2.38% p.a. depending on policy terms.
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Aviva MyRetirement Plus
Aviva MyRetirement Plus rating on InterestGuru.sg:
To address the concerns of inflation eating into lifestyle and living standards, Aviva MyRetirement Plus scale up with increasing payout. The Guaranteed Retirement Income is set to increase annually at a compounded rate of 3.5% p.a.
Aviva MyRetirement Plus takes increasing life expectancy and inflation into consideration, with a longer payout period and increased payout amount.
Premium payment period (years): 5, 10 or regular premium (up to 5 years before the start of selected retirement payout age)
Retirement payout starts (from age): 50, 55, 60, 65, 70
Retirement payout period: 20 years
Similarly, the policy is 100% Capital guaranteed at your select retirement age.
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Aviva MyRetirement Choice
Aviva MyRetirement Choice rating on InterestGuru.sg:
*Voted by us for Best overall retirement plan and annuity policy (Jan 2023)
The latest addition to the MyRetirement series, Aviva MyRetirement Choice offers flexibility in both payment and payout period. The policyholders can even start receiving Guaranteed Retirement Income immediately at the end of premium payment. MyRetirement Choice allows the policyholders to choose their own retirement start age, allowing for greater flexibility.
Aviva MyRetirement Choice Details
Premium payment period (years): 5, 10, 15, 20 or 25
Retirement payout starts (from age): as short as 0 or 5 years, or desired age.
Retirement payout period: 5 to 35 years, selected by policyholder
An additional feature in Aviva MyRetirement Choice is the 2x payout of Guaranteed Retirement Income if you are unable to perform 3 out of 6 ADLs.
Just as above, MyRetirement Choice is Capital guaranteed with Guaranteed returns of up to 2.63% p.a depending on policy terms.
Riders in Aviva MyRetirement series
All policies in the Aviva MyRetirement allows the add-on of an Easy Term rider. This rider pays out a lump sum of up to 5 times of annual premium in the event of Death, Terminal Illness or Total permanent disability.
Other typical riders for Payer, Cancer and Critical Illness waivers are also available.
*No health underwriting is required for the all of the above-stated policies.
Read About: 3 best Retirement plans and annuity policies in Singapore (updated Jan 2023)
Which Retirement plan or Annuity policy is most suitable for me?
As the saying goes, “One man meat is another man poison“. The most suitable retirement plan for you may not be the best-rated plan. Your specific retirement needs can only be best addressed by comparing the Retirement plans and Annuity policies from insurance companies.
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Speak to an licensed financial adviser that is able to offer from various insurance companies. Alternatively, let InterestGuru.sg licensed financial adviser work out the benefits and financial returns you expect to receive for your retirement years.
Head over to our comparison page to compare features and benefits of Retirement Plans across all insurance company
Drop us a message should you require additional information and we will get back to you on your questions as soon as possible.
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