Aviva MyLifeIncome – 100% Capital guaranteed plan with yearly income.
MyLifeIncome savings plan provides a lifetime of yearly payouts with 100% capital guaranteed features. Have assurance of a lifelong stream of income with the option of withdrawing your capital.
With Aviva MyLifeIncome, you choose how long to save and when to start receiving a guaranteed yearly income. Have assurance that your principal is 100% capital guaranteed at the end of accumulation period or earlier.
You work hard so you can pursue the things you love, give your family a better life and build a brighter tomorrow for them. There’s nothing like the sense of control and stability that comes with being on top of all your expenses and having some savings for emergencies.
- Premium term (You pay an insurance premium for): 3, 5, 10, 15, 20 or 25 years, or a Single lump sum
- Policy term (You receive a retirement income for): For a lifetime
- Retirement income payout age: Choose your when your income start paying out
- Retirement income payout mode: Yearly
| Aviva MyLifeIncome (Product details at a glance) | ||
| Cash value and Withdrawal benefit(s) | Yes | No |
|---|---|---|
| 100% Principle guaranteed at maturity | ||
| Partial withdrawal/ cash benefits | ||
| General savings feature(s) | Yes | No |
| Short premium/ savings terms (less than 5 years) | ||
| Long-term/ lifetime wealth accumulation | ||
| Health and Insurance Coverage(s) | Yes | No |
| Bundled with death/ TI/ TPD and/or CI coverage | X | |
| Guaranteed issurance irregardless of health | ||
| Optional insurance rider(s) | Yes | No |
| Insurance riders to enhance coverage | ||
| Additional product feature(s) | Yes | No |
| Flexible premium terms | ||
| Payout starts in 4 years after a single lump-sum premium | ||
| Receive lifetime income payout | ||
| Option to reinvest your yearly retirement income | ||
| Option to pass on the policy for wealth accumulation | ||
| Principal guaranteed once the income starts paying out | ||
| No medical underwriting required | ||
Supplementary details: Aviva MyLifeIncome product brochure
Additional product feature(s) on Aviva MyLifeIncome
Detailed features and unique selling points of Aviva MyLifeIncome:
Flexible premium terms
- Choose your policy payment terms from a single lump sum all the way up to 25 years.
Payout starts in 4 years after a single lump-sum premium
- The policy can start paying out a lifetime of income 4 years after a single lump sum of insurance premium is paid for the policy.
Receive lifetime income payout
- The policy pays out a yearly income of up to 6.2% p.a of the sum assured for a lifetime until the policy is surrendered and you will at least get all the premium paid for the base plan.
Option to reinvest your yearly retirement income
- Enjoy the option of reinvesting your monthly retirement income with Aviva at a non-guaranteed rate of up to 3% p.a.
Option to pass on the policy for wealth accumulation
- Let your loved one continue your wealth accumulation and gain a head start in life.
Principal guaranteed once the income starts paying out
- You can surrender the policy any time once you are receiving an income and get at least all the premium you paid for the base plan.
No medical underwriting required
- You can purchase this plan irregardless of your health condition with no medical checkup required.
Additional riders for Aviva MyLifeIncome
The following riders can be added on to your Aviva MyLifeIncome at an additional cost for greater assurance to your retirement goals:
Cancer Premium Waiver – All future premiums waived in the event the policy owner is diagnosed with major cancers.
EasyTerm – Additional lump-sum cash payment of up to 5x basic plan’s annual premium in the event of the policy owner Death, Terminal Illness or Total and Permanent Disability.
EasyPayer Premium Waiver – All future premiums waived in the event of the policy owner Death, Terminal Illness or Total and Permanent Disability, so your loved ones’ savings fund will continue to grow.
Who should take up an Aviva MyLifeIncome
Aviva MyLifeIncome is a retirement income plan. This category of insurance plans are suitable or unsuitable depending on the following factors:
Aviva MyLifeIncome is suitable for
- Mid to long term wealth enhancement
- Providing a retirement income for a lifetime
- Mid to long term savings commitment period (Up to 4 years before first retirement income payout)
- Retirement product with yearly guaranteed cash benefits in your retirement years
- Hassle-free application without medical underwriting (If no riders are added)
- Do not need access or partial withdrawal on your savings until your retirement age
Aviva MyLifeIncome is not suitable for
- High insurance protection and coverage
- Providing additional guaranteed income payout in the event of disability
- Investment product with potentially higher returns and risk
- High surrender value in the early years of the policy
- Securing a monthly retirement income (Payout is yearly)
Sample policy illustration for Aviva MyLifeIncome
Coming soon.
Learn more about Aviva MyLifeIncome
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