For Individuals

Retirement - MyRetirement Plus

MyRetirement Plus

Alternatively, speak to your personal financial adviser.  

Most people desire a relaxed, comfortable retirement lifestyle with a little bit extra to fulfill aspirational goals such as travel or hobbies.

Yet, to be able to afford this, they might end up having to continue working, expect an allowance from their children or get a loan.

Of individuals surveyed, 1 in 2 is worried that they won’t have enough money when they retire to provide an adequate standard of living2.

The question is, what are you going to do about this?

MyRetirement Plus

 

Introducing MyRetirement Plus

A plan that not only guarantees you a monthly retirement income at your desired retirement age, but also increases every year to help you meet the rising cost of living and supplement your CPF savings.

With MyRetirement Plus, you can have the retirement lifestyle you want.


Key Benefits

  • Get Monthly Guaranteed Retirement Income3 that increases @ 3.5%1 each year
  • Receive Guaranteed Retirement Income3 for 20 years
  • Enjoy 100% Capital guaranteed4 at your selected Retirement Age
  • Enjoy Non-guaranteed maturity bonuses at the end of the policy term
  • Choose a premium payment term from as short as 5 years, 10 years or regular payment up to five years before your selected Retirement Age.
  • Select your Retirement Age – 50, 55, 60, 65 or 70
  • Flexibility to choose the withdrawal options5 – you can choose to withdraw a lump sum , or a partial withdrawal at selected Retirement Age, or receive the Monthly Guaranteed Retirement Income3 for the next 20 years when you reach your selected Retirement Age.

How does MyRetirement Plus work?

Here’s an illustration.


 

  1. The Guaranteed Retirement Income Benefit will increase at a rate of 3.5% per annum, compounded at each Policy Anniversary, starting from the Policy Anniversary immediately following the date that this benefit first becomes payable.
  2. Source: Aviva’s Consumer Attitudes to Savings survey conducted in June 2015.
  3. The minimum chosen Monthly Guaranteed Retirement Income Benefit is S$350 and is subject to a minimum annual premium of at least S$450.
  4. 100% Capital guaranteed at the selected Retirement Age, provided that the required premium is paid before the end of the grace period for renewal premiums.
  5. You can choose to:
    1. receive the Monthly Guaranteed Retirement Income Benefit, less any indebtedness for 20 years starting one month from the selected Retirement Age and a Projected (Non-Guaranteed) Maturity payout at the end of the Retirement Income Period; or
    2. receive a lump sum payout (that consists of guaranteed and non-guaranteed components via a full surrender of the policy at the selected Retirement Age; or
    3. receive a partial lump sum payout via a partial surrender of the policy at the selected Retirement Age, and receive the remainder as Monthly Guaranteed Retirement Income Benefit, less indebtedness, over the Retirement Income Period plus a Projected (Non-Guaranteed) Maturity payout at the end of the Retirement Income Period.

The information above is for general circulation only and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. You may wish to seek advice from a financial adviser regarding the suitability of the product to meet your needs 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.

A Product Summary in relation to MyRetirement Plus 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.

Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable (if any) may be less than the total premiums paid.

The information on this website is not a contract of insurance. Full details of the terms and conditions including exclusions applicable to this product can be found in the policy contract.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (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).

Information is correct as at Jan 2016.

 

Protect your Future with Riders

MyRetirement Plus also offers a series of companion riders that will benefit you and your loved ones for many scenarios in your journey to retirement:

  • Accidental Fracture Cover3
    Payout of up to 100% of sum assured, in the event of a fracture or dislocation resulting from an accident during the period of the benefit term. You can also claim for physiotherapy treatment in the event of a fracture or dislocation resulting from an accident.
     
  • Cancer Premium Waiver3
    Upon diagnosis of major cancers4, future premiums will be waived so that you can focus on your treatment and recovery instead of worrying about financing your retirement plan.
     
  • EasyTerm3
    Lump sum cash payment in the event of Death, Terminal Illness or Total Permanent Disability of up to 5 times your basic plan’s total annual premium. Pay all or part of your mortgage, your children’s education, or leave behind a trust for your dependants.
     
  • EasyPayer Premium Waiver3
    Future premiums are waived in the event of Death, Terminal Illness or Total Permanent Disability. This means that if any of these were to happen to you and you’re the payer of your spouse’s policies, their retirement fund will continue.
     
  • Critical Illness Premium Waiver3
    Future premiums are waived upon diagnosis of any of the 35 covered Critical Illnesses so that you can better focus on recovery.
     
  • Payer Critical Illness Premium Waiver3
    If you are paying for your spouse’s MyRetirement Plus plan and you are diagnosed with any of the covered 35 Critical Illnesses, the future premiums of their plan are waived. This means that you can focus on your recovery and their savings will continue to grow without further financing.


 

  1. The Guaranteed Retirement Income Benefit will increase at a rate of 3.5% per annum, compounded at each Policy Anniversary, starting from the Policy Anniversary immediately following the date that this benefit first becomes payable.
  2. Source: Aviva’s Consumer Attitudes to Savings survey conducted in June 2015.
  3. For details, please refer to the Key Provisions in the Accidental Fracture Cover, Cancer Premium Waiver, EasyTerm, EasyPayer Premium Waiver, Critical Illness Premium Waiver or Payer Critical Illness Premium Waiver Product Summary. It contains details of Exclusions, Waiting Period, Survival Period and Benefit Limitation, where applicable.
  4. Definition of Major Cancers: A malignant tumour positively diagnosed with histological confirmation and characterised by the uncontrolled growth of malignant cells with invasion and destruction of normal tissue. The term malignant tumour includes leukemia, lymphoma and sarcoma. Please refer to the Product Summary for the exact terms and conditions.


 

The information on this page is only an overview of the riders (supplementary benefits) applicable for MyRetirement Plus and not a contract of insurance. The detailed terms and conditions of these riders are provided in the relevant policy contract. The information on this page 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. The Product Summaries in relation to the riders are available and may be obtained from Aviva Ltd and the participating distributors' offices. You should read the Product Summaries before deciding whether to purchase the riders (supplementary benefits). Buying life insurance products is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value, if any, may be less than the total premium paid. 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. Information is correct at time of publishing.
 

MyRetirement Plus

icn-pdf MyRetirement Plus brochure

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

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