REVIEW – Is Aviva MyRetirement Choice the Right Choice?

Aviva MyRetirement
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The Aviva MyRetirement Choice is a retirement plan that pays out with many income options to suit your lifestyle after you have build while working hard after all these years.

Aviva MyRetirement Choice Product Features and Benefits at a Glance

  • Choose the age you want to retire at, receive your payout at any age.
  • Guaranteed returns are up to 2.63% annually, best in high guaranteed income.
  • Choose the payout period for your retirement income – from 5 to 35 years
  • Choose the premium term – 5, 10, 15, 20 or 25 years
  • Have a choice to receive a sum of bonus yield at your retirement age, OR
  • An option to convert that lump sum to receive additional monthly payout.
  • Choose to accumulate the payout with Aviva (up to 3% non-guaranteed) or spend the monthly cash payouts
  • No medical underwriting, Guaranteed Acceptance plan regardless of your health status.
  • 100% Capital Guaranteed (after premium term at accumulation period)
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Source: https://www.aviva.com.sg/en/retirement/my-retirement-choice/

What We Like About The Plan

  • The best flexibility to choose the age you want to retire at, receive your payout at any age.
  • Guaranteed returns are up to 2.63% annually, best in high guaranteed income.
  • The best flexibility to choose the payout period for your retirement income – from 5 to 35 years
  • Choose to accumulate the payout with Aviva (up to 3% non-guaranteed) or spend the monthly cash payouts
  • No medical underwriting, Guaranteed Acceptance plan regardless of your health status.
  • Death and Terminal Illness coverage
  • Total Permanent Disabled benefit:
    • Future premiums are all waived during premium paying period.
    • Additional of 1 Monthly Income if you cannot perform 3 out of 6 Activities of Daily Living during monthly pay-out period.
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Source: https://www.aviva.com.sg/en/retirement/my-retirement-choice/

Is Aviva’s MyRetirementChoice Suitable For Me?

If you would like a retirement plan that not only offers you high flexibility but also a guaranteed income, Aviva’s MyRetirement Choice offers you a retirement plan that understands your needs and will work to offer you the best retirement experience.

This retirement plan offers a guaranteed return of up to 2.63% per year and was chosen to be one of the most flexible in the market as it offers you a lot of choices.

For example, you get to choose the limited premium term that starts from five years and goes up to 25 years in five year intervals. You also get to choose the choice of payout term starting from 5 to 35 years. A death and terminal illness is also included in the coverage.

Its disability benefits offers a waiver of all future premiums if the policyholder becomes permanent or partially blind. The disabled person also gets 2 times monthly guaranteed income if they are unable to carry out 3 of the 6 daily activities.

 

It would however be less suitable if:

This may not be the best option if you are looking for a good disability payout retirement plan. This is because it has the stringiest disability claim as compared to the other retirement plans from NTUC Income and Manulife.

It does not also allow you to pay a single premium, which means that it does not have an SRS option.

 

Aviva MyRetirement Choice Conclusion

Are you considering retirement planning? Let us do the homework and help you compare across the different retirement plans in the market to save you time. Drop us an inquiry below and our professional experienced licensed FA advisor will get in touch with you shortly upon your request.

No obligations. No hidden fees and costs. Just professional advice for Aviva MyRetirement plan.

 

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