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Aviva MyLifeIncome II: Lifetime of Income with Immediate Principal Guaranteed (5 years)

Aviva launches Aviva MyLifeIncome II the 2nd version of the popular lifetime income plan that can provide principal guaranteed on the 5th payment year while it continues to pay you a stream of yearly income as long as you keep it.

This plan provides coverage against death and terminal illness. It also provides capital guarantee from the end of the accumulation period or earlier depends on the premium payment term chosen.

Features

Choice of Premium Payment Term:

Single Premium (SP), 3, 5, 10, 15, 20 and 25 years

subject to Entry Age + Premium Payment Term ≤ 75 ANB

Accumulation Period:

  • subject to Entry Age + Premium Payment Term ≤ 75 ANB
  • subject to Entry Age + Premium Payment Term + Accumulation Period ≤ 80 ANB

Payout:

credit aviva.com.sg

Yearly Income & Capital Appreciation will be payable at the end of every policy year during the Income Payout Period for as long as the Life Assured is alive and while the policy is in force.

Yearly Income consists of:
Guaranteed Cash Benefit is 0.95% of the sum assured and it is guaranteed.
Cash Bonus is 5.40%^ of the sum assured. This is not guaranteed and will be determined by Aviva.
Yearly Potential Capital Appreciation in the form of
Booster Bonus of 0.50%^ of sum assured will be payable every policy year starting from the policy anniversary immediately following:
  1. the date on which the Life Assured attained age 60 at next birthday; or
  2. the end of the 20th policy year after the Accumulation Period ends, whichever is later.

^ Cash Bonus and Booster Bonus rates indicated above is based on an illustrated investment rate of return of 4.75% per annum, which is the higher rate as illustrated in the Policy Illustration.

Applicable Rider(s):

  1. Cancer Premium Waiver (GIO)
  2. EasyTerm (GIO)
  3. EasyPayer Premium Waiver (GIO)
  4. Critical Illness Premium Waiver
  5. Payer Critical Illness Premium Waiver

Customer Suitability:

This Product is Suitable for customers who are looking for:
  • A lower-risk investment vehicle to balance other high risk investments that they have
  • Savings/retirement rather than protection/investments needs
  • Some guarantees (i.e. Guaranteed Cash Benefit, capital guarantee from the end of the Accumulation Period onwards)
  • A stream of income payouts for whole of life
  • Some potential upside
  • Guaranteed premium rates
  • Guaranteed issuance policies without going through the hassle of medical underwriting

This Product is Not Suitable for customers who:

  • Are looking for relatively high insurance protection
  • Are looking for immediate liquidity
  • Have not understood the risk and returns associated with investing through a Par fund
  • Have not understood the concepts of guaranteed and non-guaranteed values / yields (as shown in the Policy Illustrations), and policy breakeven years for the participating plan
  • Are more concerned about protection and do not want cash values
  • Are looking to pay premiums over the policy term

Check out the 3 Best Lifetime Income Plan

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