Singlife MyLifeIncome III: Lifetime of Income with Legacy Useage
Singlife MyLifeIncome III the 3rd version of the popular lifetime income plan that can provide principal guaranteed immediately after paying off the premium in 5 years.
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.
This article is for general information only it is not an advise nor does it take into account the specific investment objectives, financial situation or needs of any particular person. The article has not been reviewed by any of the providers mentioned. Read our General Disclaimer
Features of Singlife MyLifeIncome III
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
- from 0 – 20 years depending on premium payment term
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 1.20% of the sum assured and it is guaranteed.
Cash Bonus is 5.60%^ 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 0.35% or 0.20%^ of sum assured will be payable every policy year starting from the policy anniversary immediately following:
- the date on which the Life Assured attained age 60 at next birthday; or
- 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 4.25% per annum, which is the higher rate as illustrated in the Policy Illustration.
- Cancer Premium Waiver II (GIO)
- EasyTerm (GIO)
- EasyPayer Premium Waiver (GIO)
Suitability for Singlife MyLifeIncome III:
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 whole life 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