Aviva MyProtector Term Plan II Review
The Aviva MyProtector-Term Plan II is a non-participating level term life insurance that allows you to tailor your coverage to your needs. It offers Interim Cover against Accidental Death, additional coverage through Total & Permanent Disability (TPD), and Critical Illness (CI) riders, as well as Premium Waivers.
Criteria
- Minimum sum assured of $100k
Product Features
Policy Terms
The Aviva MyProtector-Term Plan II is available as a Single, Joint, and Third-Party Policy. The single policy is available for self-purchase, joint policy for co-insurance of 2 parties, and third party policy if you are purchasing for another individual.
In the Joint Policy:
- Payouts will be reimbursed for the first Life Assured that encounters death or terminal illness.
- Should one of them die, the policy rights, options, title and interest will go to the surviving Life Assured.
- Both parties are entitled to raise policy transaction requests.
You may choose from the following coverage periods:
- 5 years or 10 years (with Guaranteed Renewable Option)
- 11-85 Age Next Birthday (ANB), at a yearly interval
- 99 ANB, at a yearly interval (for Single and Third-Party Policy only)
Premium Payment Terms and Options
Premiums may be paid monthly, quarterly, half-yearly, or annually.
Aviva is offering a 20% perpetual discount when you choose to be insured for a Minimum Sum Assured of 500k or more. This discount is applicable to the basic MyProtector-Term Plan ll and the following eligible riders:
- TPD Advance Cover Plus II
- CI Advance Cover Plus III
- Early Critical Illness Cover II
The Critical Illness Premium Waiver II, Payer Critical Illness Premium Waiver II, and Payer Premium Waiver Benefit is computed with consideration of the discounted premium charges.
The following table breaks down the premium amount by premium frequency and term for a non-smoking, 35-years old male that opts for a $1m coverage with a policy term up to 99 ANB. A 20% perpetual premium discount has been applied to the following products.
| Policy Term | Sum Assured | Annual Premium | |
| My Protector-Term Plan II | Up to 99 ANB | S$1,000,000 | S$3,706.001 |
| Rider:
TPD Advance Cover Plus II |
S$1,000,000 | S$306.801 | |
| Rider:
CI Advance Cover Plus III |
S$500,000 | S$2,294.952 |
1 The premiums are guaranteed and leveled.
2 The premium is not guaranteed, but is leveled. Premium is subject to adjustments according to future experience.
Should he pass away at 88 ANB, he would have paid a total of $340,618.50 and his loved ones would get a Death Benefit payout of $1,000,000.
Protection
Death Benefit
A lump sum of Death Benefit payout would be reimbursed in the event death occurs.
Interim Accidental Death Benefit
If you are below 60 ANB, you may apply for interim coverage which protects against accidental death while you wait for your policy to be inforce.
The interim coverage provided will be $500k or the proposed sum assured for death benefit, whichever is lower.
Terminal Illness (TI) Benefit
A lump sum of TI Benefit payout would be reimbursed in the event the Life Assured is diagnosed with terminal illness. The TI benefit will work as an advance payment of the death benefit.
Total & Permanent Disability (TPD) Advance Cover II
The TPD benefit will be reimbursed when the Life Assured suffers a disability that is total and permanent. It will be given as an advancement of the Death Benefit. Premiums payable are level and guaranteed.
To claim under TPD Advance Cover II, the Life Assured must be certified totally and irreversibly disabled in the following areas by a registered medical practitioner:
- Blind in both eyes
- Blind in one eye and severance or inability to use 1 limb above the ankle or wrist
- Severance or inability to use both hands above or at the wrist
- Severance or inability to use both feet above or at the ankles
- Severance or inability to use one hand above or at the wrist and one foot above or at the ankle.
Aviva may pay part of the Death Benefit (DB) as reimbursement for Critical Illness (CI) Rider claims. Should that make the CI rider sum assured higher than the DB, the TPD benefit sum assured will be decreased to the revised sum assured of the DB.
TPD premiums payable are subjected to the premium rates as at the date the TPD benefit commenced.
Additional Features & Benefits
Guaranteed Renewable Option (GRO)
If your coverage plan is 5 years or 10 years, the GRO enables you to automatically renew your plan without further medical underwriting, subject to the following terms:
- You are 75 ANB or younger at time of policy renewal (for joint life policy, the older Life Assured’s age will be considered).
- Your Sum Assured has been the same or lesser on the date your basic policy expires.
- You have never admitted or submitted any policy claims prior to exercising the GRO.
Your renewed policy’s life assured amount will be at most equivalent to the sum assured before the date of renewal and over the same policy period. It will also be subjected to premium payments which will be calculated based on your age at policy renewal date and the existing premium rates.
Guaranteed Issuance Option (GIO)
The GIO enables you to upgrade your basic policy coverage without additional medical underwriting in the following cases:
- Change in marital status
- Addition of a new child in the immediate family
- Purchase of property
- You or your child enrols into tertiary institution
- Entrance into full-time employment within a year from tertiary graduation
The GIO option is subject to the following terms:
- The above cases must occur before the policy anniversary immediately following 50 ANB (for joint life policy, the older Life Assured’s age will be considered).
- The GIO can only be exercised up to 2 times across all the eligible Aviva policies that you own.
- Your basic policy’s sum assured can be only increased by a maximum of half of your initial MyProtector-Term Plan ll Sum Assured or $500k per insured party, whichever is lower.
- The increase of sum assured is subject to extra premium payments.
Guaranteed Convertibility Option (GCO)
Your basic plan can be flexibly converted partially or fully into a new whole life insurance or a savings policy without additional medical underwriting.
For you to successfully exercise the GCO, the following criteria must be met:
- You must be 65 ANB or lower. For joint life policy, the older age of the 2 policyholders would be taken.
- For partial conversion:
- The sum assured will be less than or equivalent to the sum assured converted and in accordance with the limit set by the new policy.
- Your current policy will continue to be inforce, with a reduced sum assured amount that is in accordance with the policy limit.
- The death benefit payout of the new policy cannot be greater than the death benefit of the sum assured.
- For full conversion:
- The sum assured will be less than or equivalent to the new policy’s sum assured and in accordance with the limit set by the new policy.
- The death benefit payout of the new policy cannot be greater than the death benefit of the old policy.
- You have never admitted or submitted any policy claims prior to exercising the GCO.
Add-on Riders
You may add riders to your basic policy for additional coverage. The riders available for add-on to your MyProtector Term Plan II policy include:
Total & Permanent Disability (TPD) riders that dispense a lump-sum payout upon diagnosis
- TPD Advance Cover Plus II7
- CI Advance Cover Plus III7
Critical Illness riders that insure varying stages of critical illness or early critical illness
- MultiPay Critical Illness Cover IV
- Early Critical Illness Cover II
Premium Waiver riders that eliminate premium payables
- Critical Illness Premium Waiver II
- Payer Critical Illness Premium Waiver II
- Payer Premium Waiver Benefit
You may apply the GRO to the following riders as long as they have been added to your basic policy at the time of purchase:
- TPD Advance Cover Plus II
- CI Advance Cover Plus III
- Early Critical Illness Cover II
My Take on the MyProtector-Term Plan ll
With term life policies being the most affordable type of life insurance and similar in coverage across insurers (i.e. Death, TI, and TPD), the determining factor when choosing a term plan is its affordability.
Aviva’s MyProtector-Term Plan ll is one of the more affordable plans in the market.
| Aviva MyProtector-Term Plan II | PRUActive Term | China Taiping i-Protect | Tokio Marine Term Assure (II) | Manulife ManuProtect Term (II) | NTUC TermLife Solitaire | AIA Secure Flexi Term^ | |
| Annual Premium (SGD$) | 535 | 685 | 498 | 545 | 637 | 733 | 536 |
| Total Premium (SGD$) | 21,400 | 27,400 | 19,920 | 21,800 | 25,480 | 29,320 | 21,440 |
The above premiums are generated based on a non-smoking, 30-year-old male who opts to be insured for $500K. The policy and premium term for all premiums are 40 years, except for AIA Secure Flexi Term, which is for a premium and policy term of 35 years.
If you are looking to purchase an affordable term policy with the intention to convert it to a permanent policy (e.g. a whole life plan), Aviva’s MyProtector-Term Plan II is the plan for you.
Besides flexibility, MyProtector-Term Plan lI offers added features such as convertible and renewable options. However, these options can only be exercised under various terms.
When comparing the available renewable term plans available in the market, we can see that My Protector Term Plan II is the most value for money option.
| Aviva My Protector Term Plan II* | Tokio Marine Term Assure (II)* | Manulife ManuProtect Term (II) | NTUC TermLife Solitaire | |
| Annual Premium (SGD$) | 535 | 545 | 637 | 733 |
| Total Premium (SGD$) | 21,400 | 21,800 | 25,480 | 29,320 |
^Premiums generated based on a 30-year-old male, non-smoker, $500K sum assured with a 40-year term
*Has both renewable and convertible option
While affordability is one of the key considerations when it comes to choosing a term plan, there might be other factors to consider when selecting the right plan for you and your loved ones.
For example, if you have a child and are looking for affordable coverage for them, Tokio Marine’s Term Assure (II) might be a better fit with its KidAssure GIO Rider option.
Ultimately, we all have different needs and priorities for insurance. That which is suitable for others might not be suitable for you.
Still need help in selecting the most suited term policy for you? Speak to one of our trusted financial advisors. They’ll provide you an unbiased comparison of the plans available and give you balanced advice to help you make the best choice for your needs.
References
https://www.comparefirst.sg/wap/prodSummaryPdf/196900499K/PS-MyProtectorTermPlan2_Mar21.pdf
source https://singaporefinancialplanners.com/blog/aviva-myprotector-term-plan-ii-review/
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