AIA Retirement Saver III Main Product Features
AIA’s Retirement Saver is a basic retirement plan and it does the requirements of a retirement plan and has some enhancement that AIA launched on the 5th of May 2020, here are the key features of AIA’s Retirement Saver III:
- Select retirement age of 55, 60, 65 and 70.
- Premium term of single lump sum, 5, 10, 15, 20 years or choice to pay up to selected retirement age of 50, 55, 60, 65 or 70 years old
- Choice to pay up to selected retirement age – 55, 60, 65 and 70
- Income Payout Period of 15 or 20 years
- No medical check-up required, guaranteed issued
- Cash and SRS available
- Capital guaranteed upon retirement (meaning you have to complete your premiums with no halfway withdrawal changes)
- Critical illness waiver of premium supplementary benefits
AIA Retirement Saver III Benefits at a Glance
Surrender Cash Value: Yes
Death payout: Yes, at 101%. While most retirement plans in the market are at 105%
Disability Protection: None
Terminal Illness: None
Early Stage Critical Illness: Yes, Early Stage Critical Illness Waiver of Premium rider is available
This is Suitable For:
- Wealth growth and accumulation for Retirement
- Steady stream of income during retirement age
- Complement CPF Life Payouts
This is Not Suitable For:
- Critical Illness Protection
- Death, TPD and Terminal Illness Protection (only has a 101% of total premiums payout)
- Short Term wealth growth
AIA Retirement Saver III Conclusion
The AIA Retirement Saver III is a plain vanilla retirement plan. It has much to catch up on as compared to other retirement plans in the market, in terms of the returns especially. It has expanded to a wide range of premium terms now as well as the new 20-year Income Payout Period (as compared the 15-year payout period only, that makes retirement hard to plan, no flexibility), no disability protection at all and only 101% death coverage with no Total Permanent Disability and Terminal Illness.
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