For Individuals

Retirement - MyIncomePlus

Myretirement

Alternatively, speak to your personal financial adviser.  

Have you ever felt that you’ve not accumulated as much savings as you need to? Perhaps you’ve left it to a little later than others to start a retirement plan. Or it could be that the rise in the cost of living as well as medical expenses is causing you to contemplate whether you’ll have sufficient savings in your bank balance to fund for your later years.

If any of the above scenarios are familiar, you’re in good company. According to our survey statistics:

  • 34% of people surveyed are not sure if they’re sufficiently covered for retirement#
  • 48% believe that they will have to work beyond retirement age in order to support themselves##
  • Over 60% of our respondents say that the top 2 expenses after retirement will be day to day living and medical expenses.#

Even if you’ve not had the opportunity to start early on a retirement income plan, it’s never too late to make the most of your savings and plan for a brighter tomorrow.

Choose to maximise your cash deposits or Supplementary Retirement Scheme (SRS) or lump sum bonuses and have a steady monthly income stream that starts at or before your retirement age.

Introducing MyIncomePlus – our single premium product that allows you to use your savings to create a Guaranteed Monthly Income1 stream over the selected Income Period, to supplement the plans you already have.

# Aviva’s 2011 Retirement Survey
## Aviva’s Consumer Attitude to Savings, Nov 2013

 

MyIncomePlus benefits at a glance:

  •  Single premium – one time premium from as little as S$23,8252
     
  • Offers a choice of
    1. Accumulation Period for the amount invested : 5 years or 10 years
    2. Income Period to receive Guaranteed Monthly Income1 for 10 years or 15 years
    3. Income solutions3 - you can even choose a partial or full lump sum payout with Projected Bonuses4
  • Guaranteed returns of up to 1.81%5 per annum at policy maturity
     
  • 100% Capital Guaranteed6 at the end of the Accumulation Period.
     
  • Guaranteed Issuance of the policy, no medical checks needed
     
  • Available via Cash or Supplementary Retirement Scheme (SRS)
     
  • Plan monthly income for your loved ones - spouse’s retirement or for your children while they’re studying
     
  • Death and Terminal Illness7 cover, should the worst happen
     

At the end of Accumulation Period, opt for:

           Guaranteed Monthly Income1 payout over the Income Period;
           or Full lump sum payout;
           or Partial lump sum payout, and receive the remaining as Guaranteed Monthly Income1 for the Income Period selected;
           or Re-invest the Guaranteed Monthly Income1 payout with Aviva at a non-guaranteed rate of 3% per annum
At the end of Income Period:
  • Receive Projected Bonuses at maturity. You can use the bonuses in the form of regular monthly income to extend your income stream

How does MyIncomePlus work?

  1. You will receive your Guaranteed Monthly Income over your selected Income Period. Payments of the Guaranteed Monthly Income will start one month following the end of your selected Accumulation Period, with the final Guaranteed Monthly Income paid at maturity. At the end of the Income Period, while the Policy is in force and upon survival of the Life Assured, You will also receive the Maturity Payout, which consists of the non-guaranteed Reversionary Bonus accrued over the policy term, together with the non-guaranteed Terminal Bonus.
  2. The single premium of S$23,825 is calculated based on 10 years accumulation period and 10 years payout period with a Guaranteed Monthly Income of S$250.
  3. You can choose from the following range of income solutions at the end of the Accumulation Period:
    1. Receive the Guaranteed Monthly Income over the Income Period or re-invest the Guaranteed Monthly Income with Aviva at a non-guaranteed rate of 3% p.a.; or
    2. Receive the full lump sum at the end of Accumulation Period; or
    3. Receive partial lump sum at the end of Accumulation Period and the remaining as Guaranteed Monthly Income over the Income Period.
  4. Projected Bonuses (Maturity Payout) consists of the non-guaranteed Reversionary Bonus accrued over the policy term, together with the Terminal Bonus. The Reversionary and Terminal Bonuses are non-guaranteed bonuses and depends upon the performance of Aviva’s Ltd Participating Fund. Reversionary Bonus is non-guaranteed, but once declared and vested, it forms part of the guaranteed benefit of the policy. Terminal Bonus is non-guaranteed and it may be credited upon an insurance claim, surrender of the Policy or upon policy maturity. The non-guaranteed benefits are projected based on 4.50% projected investment rate of return and actual benefits payable will depend on the future performance of the Life Participating Fund. For more details, please refer to the Product Summary.
  5. The guaranteed returns vary depending on the different combination of Accumulation Period and Income Period chosen. It also varies with the Guaranteed Monthly Income chosen. This is published for illustration purposes. Based on MyIncomePlus for male, 50 years, Age Next Birthday, accumulation period of 10 years, Income period of 15 years and Guaranteed Monthly Income of S$1,000. Fixed returns of up to 1.81% per annum is only upon policy maturity. Total Yield to maturity of up to 3.99% per annum is not guaranteed. The non-guaranteed benefits are projected based on estimated bonus rates and actual bonus payable will depend on the future performance of the Life Participating Fund. For more details, please refer to the Product Summary.
  6. The Policy will acquire a cash value from the commencement of the policy and return at least 100% of the single premium at the end of the Accumulation Period.
  7. In the event of death of the Life Assured, while the Policy is in force. Aviva will pay, the following,:
    1. During the Accumulation Period, the Death Benefit payable is the higher of (101% of the single premium or the guaranteed cash surrender value); and any accumulated Reversionary Bonus; and any Terminal Bonus, less any amount owing to Aviva Ltd in one lump sum.
    2. During the Income Period: The Death Benefit payable is: the higher of (101% of the single premium less any total Guaranteed Monthly Income paid out) or (the guaranteed cash surrender value), any accumulated Reversionary Bonus; and any Terminal Bonus, less any amount owing to Aviva Ltd in one lump sum. Aviva will pay the Terminal Illness Benefit in one lump sum, as an advancement of the Death Benefit upon diagnosis of terminal illness of the Life Assured within the policy term.
Important Notes
This policy is underwritten by Aviva Ltd.
 
This webpage is published for general information only and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. A Product Summary in relation to MyIncomePlus is available and may be obtained from Aviva Ltd and the participating distributors’ offices. You should read the Product Summary before deciding whether to purchase the policy. You may wish to seek advice from a financial adviser before making a commitment to purchase the product. In the event that you choose not to seek advice from a financial adviser, you should consider whether the product in question is suitable for you.
 
Buying a life insurance policy is a long-term commitment. Early termination of the policy usually involves high costs and the surrender value payable, if any, may be less than the total premiums paid. This webpage is not a contract of insurance. Full details of the standard terms and conditions of this plan can be found in the relevant policy contract.
 
Information is correct at time of publishing.
 
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the SDIC. Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Aviva Ltd or visit the Life Insurance Association or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

 

MyIncomePlus

icn-pdf MyIncomePlus Brochure

Please contact your preferred Financial Adviser for a copy of the relevant Product Summary/ies.

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