Aviva Savings, Retirement, and Investment Plans

Aviva offers a range of 12 different savings, retirement, and investment plans. In this article, we collate and summarise each product from each category.

Aviva Savings Plan

Aviva offers 6 different savings plans for you to choose from – Aviva MyEduPlan, Aviva MyLifeSavingsPlan, Aviva MyWealthPlan, Aviva MySavingsPlan, Aviva MyRegularPay, and Aviva MyEasySaver.

 

 

Aviva MyEduPlan

The Aviva MyEduPlan is a savings plan that lets you have secured and structured savings for your child’s education.

There is a 100% capital guaranteed cash benefits that will be distributed for four years during your child’s education. There are also guaranteed returns of up to 1.46% per annum.

You can select a payout age of 19 or 21 Age Next Birthday (ANB).

The first payout is 40% of the selected Sum Assured, and Payout 2 to 4 is 20% each. It also guarantees 2 extra cash benefits that you can receive 2 years before the Payout Age. The payout will be 5% each of the selected Sum Assured.

The Aviva MyEduPlan has a premium payment period of 10 years, where you can choose from monthly, quarterly, half-yearly, or yearly payments.

To apply for the Aviva MyEduPlan savings plan, you do not require any medical check-up, and it is hassle-free. This plan also waives all premiums in the case of terminal illness, total and permanent disability, or death.

There are also 3 riders you can choose to add-on – EasyPayer Premium Waiver, Cancer Premium Waiver II, and EasyTerm.

Features:

• 10-year premium payment period
• 100% capital guaranteed cash benefits
• Receive payouts throughout your child’s university years
• Receive 2 extra payouts of 5% of sum assured before the Payout Age
• Coverage against terminal illness, total and permanent disability, and death
• Choice of 3 riders to add on

 

Source: https://www.aviva.com.sg/en/savings/my-edu-plan/

 

 

Aviva MyLifeSavingsPlan

The Aviva MyLifeSavingsPlan is a long-term savings plan that remains in force until you are 99 years old. You can make premium payments for 5, 10, 15, 20, or 25 years and start receiving payouts after you finish your premium payments.

No matter the financial situation, the plan provides 100% capital guarantee as early as the 15th policy year.

You can also get a Maturity Benefit after the policy term matures. It includes the Guaranteed Maturity Value, Terminal Bonus, and the accrued Reversionary Bonus.

There is also a Life Stage Benefit from your 5th policy year, where you can get 3% of the existing sum Assured for up to 2 specified Life Stage Events.

The Aviva MyLifeSavingsPlan allows for you to opt for the joint Lives Assured, letting you cover your spouse or child under the same plan, and enables you to change the Life Assured after the 1st policy year.

In terms of coverage, it ensures a lump sum payment of up to 105% of the Total Premiums Paid or 101% of the Guaranteed Cash Surrender Value with any non-guaranteed bonuses accumulated, in the case of death, with a guaranteed policy issuance.

The MyLifeSavingsPlan also provides you with the option to add on from 5 riders – Joint Life Premium Waiver, EasyPayer Premium Waiver, Cancer Premium Waiver II, Critical Illness Premium Waiver II, and Payer Critical Illness Premium Waiver II.

Features:

• Receive payouts until you are 99 years old
• Choice of 5 premium payment terms
• 100% capital guaranteed
• Maturity benefit upon plan maturity
• Option for the Life Stage Benefit to fund up to 2 life stages
• Option to include 1 other life assured under the same plan
• Coverage against death
• Choose from 5 available riders

 

Source: https://www.aviva.com.sg/en/savings/my-life-savings-plan/

 

 

Aviva MyWealthPlan

The Aviva MyWealthPlan is a savings plan that ensures guaranteed returns of up to 2.35% every year. It also provides 100% capital guaranteed upon policy maturity.

There are 2 choices of premium payment periods, and each one has their own policy term. If you choose to make premium payments for only 5 years, your policy term will be from 10 to 25 years.

If you choose to select the premium payment period of 10 years, your policy term will be from 13 to 25 years.

In the case of terminal illness or death of the policyholder, you are covered for up to 105% of the total instalment premium paid on the basic plan with any non-guaranteed bonuses accumulated. The Aviva MyWealthPlan provides guaranteed issuance with no medical underwriting needed.

There are also 3 optional riders that you can opt for – Cancer Premium Waiver II, EasyTerm, and EasyPayer Premium Waiver.

Features:

• Choice of 2 premium payment periods – 5 or 10 years
• Choose from 10 to 25 years, or 13 to 25 years of your policy term respectively
• Guaranteed returns of up to 2.35% per annum
• Coverage against death and terminal illness
• You can apply for the Aviva MyWealthPlan with no medical check-ups required
• Choice of 3 option riders to add on

 

Source: https://www.aviva.com.sg/en/savings/my-wealth-plan/

 

 

Aviva MySavingsPlan

The Aviva MySavingsPlan is a savings plan that lets you get affordable and secure savings. It starts with only SGD 1.56 per day. You can choose the premium payment period as well as the policy term from 10 to 25 years, depending on your goals.

Similar to the other plans mentioned above, this plan ensures 100% capital guaranteed after the policy term ends.

Your capital guaranteed will be made in a lump sum payment, in addition to any potential bonuses.

In the case of terminal illness or death of the policyholder, you are covered for up to 105% of the total instalment premium paid with any non-guaranteed bonuses accumulated.

There is also an additional accidental death benefit where you will receive your sum assured on the basic plan, with any death benefits accrued.

In terms of rider add-ons, The Aviva MySavingsPlan offers you a choice of 3 riders – EasyTerm, Cancer Premium Waiver II, and EasyPayer Premium Waiver.

The Aviva MySavingsPlan also ensures a simple application without the need for medical check-ups.

Features:

• Choose your premium payment period and save as low as SGD 1.56 daily
• Choose a policy term from 10 to 15 years
• 100% lump sum capital guaranteed upon maturity
• Coverage against death and terminal illness
• Additional accidental death benefit
• No medical underwriting needed
• Option of 3 rider add-ons

 

Source: https://www.aviva.com.sg/en/savings/my-savings-plan/

 

 

Aviva MyRegularPay

The Aviva MyRegularPay is a savings plan that provides you with liquidity if you need it. This liquidity is through annual payments of 5% of your selected sum assured at the end of the 2nd policy year.

This savings plan offers 100% capital guaranteed upon policy maturity. If you don’t take the annual payouts, you’ll be receiving a larger lump sum payout due to potential bonuses and the accumulation of your savings.

There is a premium payment term of 10 years, with a policy term of 15 or 28 years.

In terms of coverage, you are covered for up to 101% of the total premiums paid with any non-guaranteed bonuses accumulated in the case of death or terminal illness. There is no medical underwriting needed.

The Aviva MyRegularPay offers 3 optional riders for you to choose from – Cancer Premium Waiver II, EasyTerm, and EasyPayer Premium Waiver.

Features:

• Premium payment period of 10 years
• Policy term of 15 or 28 years
• 100% capital guaranteed
• Option to receive 5% payouts yearly until maturity
• Covered against death and terminal illness
• Choice of 3 riders to add-on
• No medical check-ups needed

 

Source: https://www.aviva.com.sg/en/savings/my-regular-pay/

 

 

Aviva MyEasySaver

Similar to the Aviva MyRegular Pay, the Aviva MyEasySaver is a savings plan that offers you liquidity if you need it. You get to enjoy annual guaranteed cash benefits of 5% of your sum assured of your basic plan from the end of your 2nd policy year.

You will receive potential returns of up to 2.88% every year upon policy maturity. It also ensures lump-sum payment along with any Projected Bonuses after the policy term matures.

With a premium payment period and policy term of 12, 15, 18, or 25 years, you decide if you’d like to receive the cash payouts, reinvest them at the non-guaranteed rate, or withdraw the reinvested payouts with interest.

With Aviva MyEasySaver, you can carry out your savings from just as little as SGD 3.61 every day.

Enjoy the plan without an uncomplicated and straightforward application without the need for medical check-ups. You are covered against death and terminal illness for up to 101% of your total premiums paid on the basic plan, together with any accrued bonuses.

There are also 3 optional riders you can opt for – Cancer Premium Waiver II, EasyPayer Premium Waiver, and EasyTerm.

Features:

• Premium payment period and policy term of 12, 15, 18, or 25 years
• Start as low as SGD 3.61 daily
• Option to receive 5% of guaranteed payouts yearly until maturity
• Potential returns of up to 2.88%
• Option to reinvest at the non-guaranteed rate or withdraw reinvestments with interest
• Coverage against death and terminal illness
• Choice of 3 rider add-ons
• No medical underwriting needed

 

Source: https://www.aviva.com.sg/en/savings/my-easy-saver/

 

Aviva Retirement Plans

For retirement plans, Aviva offers 4 different plans for you to choose from – Aviva MyRetirementChoice II, Aviva MyRetirement, Aviva MyIncomePlus, and Aviva MyLifeIncome II.

 

 

Aviva MyRetirementChoice II

The Aviva MyRetirementChoice II is a retirement plan that allows you to start receiving your retirement income at any age you want.

With a premium payment period of 5, 10, 15, 20, or 25 years, you get to choose your preferred payout periods anytime between 5 to 35 years.

This plan ensures you a 100% capital guarantee at your selected retirement age with potential for its Monthly Cash Bonus (MCB).

You will also receive a lump sum bonus (non-guaranteed portion) at the end of your premium payment period. You may choose to receive this bonus, convert it into additional monthly income (AMI), or to reinvest in the plan at the non-guaranteed rate.

In terms of coverage, you will receive the Care Income Benefit once your payout begins. The Care Income Benefit provides you with coverage in the scenario of loss of independence with up to 100% of your chosen guaranteed monthly income.

If it’s your first time receiving the Care Income Benefit, you may exercise the Fast Forward Option where you’ll receive a lump sum amount instead of monthly income.

The Aviva MyRetirementChoice II also provides the option for you to purchase from 5 riders – EasyTerm, Cancer Premium Waiver II, Critical Illness Premium Waiver II, EasyPayer Premium Waiver, and Payer Critical Illness Premium Waiver II.

Lastly, this plan offers a guaranteed acceptance with no medical underwriting needed.

Features:

• Choose any retirement age you want
• Choose from up to 5 premium payment terms
• Choose between 5 to 35 years for your preferred payout period
• Potential to receive additional monthly bonuses
• Lump sum, monthly, or reinvesting your bonus upon the end of your premium payment period
• Covered for up to 100% of your chosen guaranteed monthly income in the case of loss of independence
• Option of 5 rider add-ons
• Guaranteed acceptance of the plan

 

Source: https://www.aviva.com.sg/en/retirement/my-retirement-choice-ii/

 

 

Aviva MyRetirement

The Aviva MyRetirement is a retirement plan that provides you with 100% capital guaranteed for up to 10 years from your selected retirement age.

Not only that, you have the potential to receive guaranteed returns of up to 2.38% per annum.

You have 6 options for your retirement age – 50, 55, 60, 65, 70, or 75 years old with a premium payment period of 8 or 10 years, or regular premium payments until 5 years before your selected retirement age.

You may choose to withdraw your guaranteed monthly income as a lump sum, stick to monthly payouts, withdraw it at a later date to accumulate more wealth at the non-guaranteed rate, or a combination of the above.

The Aviva MyRetirement offers 2 forms of non-guaranteed bonuses, the Reversionary and Terminal Bonus.

In terms of coverage, you are covered through the guaranteed issuance offer with the option to purchase 3 rider add-ons – EasyTerm, Cancer Premium Waiver II, EasyPayer Premium Waiver.

Features:

• Guaranteed capital returns through monthly income for up to 10 years
• Choose from 6 options for your selected retirement age
• Choose from 3 premium payment periods
• Guaranteed returns up to 2.38% every year
• You can take out the Reversionary Bonus as you want
• Covered against death and terminal illness
• Non-guaranteed terminal bonus on insurance claims
• No medical underwriting needed

 

Source: https://www.aviva.com.sg/en/retirement/my-retirement/

 

 

Aviva MyIncomePlus

The Aviva MyIncomePlus is a single premium retirement plan that allows you to get a stable and 100% capital guaranteed income every month.

With an investment of SGD 23,825, after an accumulation for 5 or 10 years, it lets you receive your guaranteed monthly income for 10 or 15 years, partial or full lump sum withdrawal, or reinvest it at the non-guaranteed rate.

You can either choose to pay the premiums in cash or through your Supplementary Retirement Scheme (SRS).

The Projected Bonuses (received upon maturity) includes the non-guaranteed Terminal Bonus and Reversionary Bonus accumulated throughout the policy term.

With Projected Bonuses, you can also choose to receive part or an entire lump sum payment.

Upon maturity, there are guaranteed returns of up to 1.81% per annum.

In terms of coverage, you are covered against death or terminal illness for up to 101% of your single premium and any bonuses you’ve accrued. Like most savings plans, there’s guaranteed issuance with no medical underwriting needed.

Features:

• Single premium retirement plan with a minimum investment of SGD 23, 825
• Choose from 5 or 10 years of accumulation
• Get your guaranteed income monthly for up to 10 or 15 years
• Option to receive your capital guaranteed at partial or full lump sum, or reinvestment for accumulated gains
• Guaranteed returns up to 1.81% every year after the policy matures
• You can apply hassle-free without the need for medical check-ups
• No medical underwriting needed

 

Source: https://www.aviva.com.sg/en/retirement/my-income-plus/

 

 

Aviva MyLifeIncome II

The Aviva MyLifeIncome II is a retirement plan that pays you guaranteed 0.95% lifetime payouts every year, with a 100% capital guarantee at the end. On top of your guaranteed monthly payouts, there is a non-guaranteed cash bonus up to 5.4% of your sum assured.

You will start receiving these payouts after the Accumulation Period (minimum 0 years, maximum 20 years) ends or may even be as early as the 6th policy year.

Your payouts will include a non-guaranteed Booster Bonus of up to 0.5%, and you may choose to reinvest your payouts to accumulate at the non-guaranteed rate.

There are 7 premium payment periods – Single Term, 3, 5, 10, 15, 20, 25 years, and you can choose to pay in cash or using your SRS.

In terms of coverage, you are covered against death and terminal illness under the Guaranteed Issuance Option, for up to 101% of your total premiums paid and any bonuses accrued.

There are also 3 optional riders for you to add-on – Cancer Premium Waiver II, EasyTerm, EasyPayer Premium Waiver.

Features:

• Choose from 7 premium payment periods
• You can make premium payments with cash or Supplementary Retirement Scheme (SRS)
• Choose your accumulation period from 0 to 20 years
• 0.95% guaranteed monthly retirement income with the option to reinvest at the non-guaranteed rate
• 100% capital guaranteed at the end of your payout period
• Non-guaranteed cash bonus and Booster Bonus
• Protection cover in the case of Terminal Illness or even death
• Option to add-on riders
• Experience hassle-free acceptance with no medical check-ups required

 

Source: https://www.aviva.com.sg/en/savings/my-life-income-ii/

 

Aviva Investment Plans

Aviva does not entirely have an investment plan per se, but provides consumers with an investment platform for you to choose your own set of funds to invest in. This aims to remove much of the fees you will incur through a traditional investment plan if you’re savvy enough to pick your investments.

The 2 investment platforms provided by Aviva are the DollarDEX and Aviva Navigator.

 

 

DollarDEX

Aviva’s DollarDex is a do-it-yourself investment platform for more savvy investors. As compared to other investment platforms or investment plans, there are absolutely no fees involved.

The way they make money is through splitting the management fee for the funds you’ve invested in – which is unavoidable anyway since you need to pay fund managers no matter what platform or plan you use.

The DollarDex boasts over 900 funds for you to choose from and has 5 types of portfolios that you can opt for based on your risk appetite. The portfolios are Conservative, Moderate, Balanced, Growth, and Aggressive portfolios.

You can start investing from SGD 1,000 or opt for a regular savings plan (RSP) with as low as SGD 100 a month. The RSP uses your bank account to invest in your selected funds every month through dollar-cost averaging.

Apart from cash investments, you can also use your CPF account to make these investments. However, before you can start investing through DollarDex, you will need to pass an assessment first. This is to ensure that you know what you’ll be doing without a financial advisor’s help.

Features:

• DIY investment platform with no financial advisor needed
• No fees involved
• Over 900 funds to choose from
• Choose from a Conservating, Moderate, Balanced, Growth, and Aggressive portfolio
• Ability to pay via cash or CPF monies
• Invest a SGD 1000 lump sum or through monthly investments from SGD 100 only
• Assessment needed before usage

 

Source: https://www.aviva.com.sg/en/investment/dollardex/

 

 

Aviva Navigator

The Aviva Navigator is an investment platform where you can effectively select, invest, and manage your unit trust portfolio. As compared to the DollarDex, Aviva’s Navigator is meant for those who are less savvy in picking your investments.

Through investment advice from a financial advisor, you get to decide on your portfolio’s risk tolerance, time horizon, and financial goals. Your financial advisor will then help you make these fund investments through Aviva’s Navigator.

The Aviva Navigator boasts over 1,000 unit trusts from a range of partners, the ability for you to view your complete portfolio at a glance through MyAviva, and make any changes to your portfolio any time.

There are 2 types of accounts you can choose from – Wrap Account or Non-Wrap Account. The Wrap account provides you with free unlimited switching of your unit trusts with an upfront fee and ongoing advisor charge.

The Non-Wrap account does not have any ongoing advisor charge, but any transactions you perform through Navigator will have fees imposed.

The Aviva Navigator allows you to either put a lump sum or regular investments through cash, SRS, CPF OA, or CPF SA. For lump sum investments, there is a minimum initial investment of SGD 1,000. The regular investment has a minimum of SGD 200 monthly, quarterly, half-yearly, or yearly.

Below are the fees that you might incur:

 

Fees
Source of Funds	Account Type	Upfront Fee	Switch Fee	Ongoing Advisor Charge
Cash / SRS	Wrap	0-5%	Free	Up to 1.8% per annum
	Non-wrap	0-5%	0-5%	Free
CPF – OA/SA	Wrap	Free	Free	Up to 0.25% per annum
	Non-wrap	Free	Free	Free

 

There are also platform fees as high as 0.2% per annum, decreasing depending on your source of funds and the amount invested. If you’re looking to make withdrawals, there is a minimum of SGD 1,000.

Features:

• Select, invest, and manage your funds with or without the advice of a financial advisor
• Choose from over 1,000 funds
• Lump sum, monthly, quarterly, half-yearly, or yearly investments
• Invest with cash, SRS, CPF OA, or CPF SA
• Depending on your account type and amount invested, there could potentially be 0% fees
• Flexibility to make fund switches when you want it

 

Source: https://www.aviva.com.sg/en/investment/navigator/

 

Conclusion

The mentioned products are summaries of each plan, and there are terms and conditions applied for each of their features. As you can tell, Aviva offers a wide range of savings and retirement plans, and 2 powers investment platforms for you to choose from.

Unlike many other investment plans available in the market, Aviva’s DollarDEX and Navigator are great platforms for you to invest in unit trusts. They provide a wide range of funds to choose from and have relatively lower fees. However, do make sure that you understand what you’re doing or you will risk losing your capital.

Although some of the plans look highly attractive, not every plan is suited for you, and not every plan is as attractive as it seems. Thus, it is always advisable for you to conduct your thorough research before deciding to purchase any financial plans for yourself.

If you’re still unsure of what you should be getting for yourself, always engage a trusted financial advisor. This makes sure that your different needs and wants are taken into consideration and plans are recommended based on your unique scenario.

source https://singaporefinancialplanners.com/blog/aviva-savings-investment-retirement-plan/