[In-Depth Comparison] Best Single Premium Lifetime Income Plan in Singapore 2021

Aviva MyLifeIncome II & NTUC Income Wealth Solitaire comparison
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Last Updated on by Tree of Wealth

When it comes to retirement, Lifetime Income plans are something that you should consider as they pay you a steady stream of income for life. They also come with either a single premium option or regular premium option.

In this article, we are going to look at 2 of the most competitive Single Premium Lifetime Income Plans in the market- plans namely by Aviva and NTUC Income. Some people compare Single Premium Lifetime Income Plans to buying a property and reaping the benefits of regular income. Feel free to check out our analysis of the Best Regular Premium Lifetime Income plans as well, you may find some suitable considerations.

The risks, market & maintenance degree that they operate in and tangibility are definitely vastly different, yet they are compared as they try to give a similar outcome by providing lifetime income with a single premium.

Aviva MyLifeIncome II Features At a Glance

  • Guaranteed Life Income (Annually)
  • Up to 6.35% of Sum Assured yearly
  • Yearly Income = Guaranteed Cash Benefit (0.95% of Sum Assured) plus Cash Bonus (5.40% of Sum Assured)
  • 100% Principal Guaranteed
  • Protection Cover upon Death and Terminal Illness
  • Guaranteed Issuance Option: No medical questionnaire/ check-ups needed
  • Flexible Premium Modes
    • Choose to supplement premiums by cash or Supplementary Retirement Scheme (SRS)
    • Choose Single Premium or go regular premium modes of 3, 5, 10, 15, 20 or 25 years
  • Accumulation Period Options: Choose from 0 to 20 years Accumulation Period
  • Booster Bonus of 0.5% of Sum assured will be paid out yearly from the policy anniversary following the date where Life Assured turns 60 (Age Next Birthday) or end of 20th policy year after Accumulation Period ends, whichever is later.
  • Choice of When to Receive Yearly Income: Flexibility to choose the Premium term and Accumulation Period that is most suitable for you. The payout will start after the end of the Premium Payment Term and Accumulation Period.

Riders

  • Easy Payer Premium Waiver (GIO)
  • EasyTerm (GIO)
  • Cancer Premium Waiver (GIO)
  • Critical Illness Premium Waiver
  • Payer Critical Illness Premium Waiver

Read our Full Review for The Aviva MyLifeIncome II 

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NTUC Income Wealth Solitaire Features At A Glance

  • 6th Year Monthly Cash Payout For Life: In over a year, the cash payouts can accumulate up to 4.2% of your net single premium. This monthly cash payout consists of 0.13% guaranteed of the net single premium and 0.22% for non-guaranteed of the net single premium, basing on the 4.75% per annum. Over 12 months, this thus forms the guaranteed cash payout of 1.56% of net single premium and up to 2.64% of non-guaranteed cash bonus of the net single premium, based on the par fund’s returns of 4.75% projection. In total, the cash payouts add up to 4.2% consisting of guaranteed and non-guaranteed yields.
    • “Net Single Premium” means the premium that is portrayed on the policy illustration/ schedule or the revised amount if a part of it has been withdrawn previously, if any.
  • Protection Coverage: Be covered against Total and Permanent Disability (TPD) and Death before the age of 70. Receive additional payout of up to 105% of your net single premium for accidental death or accidental TPD before age 70.
  • Guaranteed Issuance Option (GIO): Acceptance is guaranteed regardless of your health condition. No medical questionnaires nor health check-up required.
  • Choose To Spend or Re-Invest: Re-investment rate of up to 3.25% refers to accumulating them with insurer (non-guaranteed rate).
  • Additional Special Cash Benefits: On the 21st and 31st year of your policy, on top of your usual monthly cash payouts, there is an additional guaranteed cash benefit equivalent to 1.56% of your net single premium.
  • Centennial Maturity Benefit: Upon attaining the age of 100, you will receive a payout of 105% of the net single premium amount as well as a non-guaranteed terminal bonus. If there are any accumulated cash bonuses, they will also be paid. Having mentioned “Terminal Bonus’, this means that the policy will end and this is a final cash payout for the policy.
  • Solitaire Club: Access exclusive treats from this exclusive rewards programme with a range of privileges. Find out more at – www.income.com.sg/solitaire/privileges

Read Our Full Review for NTUC Income Wealth Solitaire

Infinite Harvest (II) Features At A Glance

  • Monthly Cash Payout For Life Starting From 5th Year
  • Choose To Spend or Re-Invest
  • Protection Coverage:Be covered against Death on 101% of the single premium paid, a non-guaranteed terminal dividend as well as accumulated monthly cash payouts re-invested with Insurer, with the prevailing interest accrued.
  • Guaranteed Issuance Option (GIO)
  • Lifetime Income For Future Generations

Read Our Full Review for Infinite Harvest (II)

Interested to learn more?

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Returns Comparison

Insurer

Aviva MyLifeIncome II

Aviva singapore

NTUC Wealth Solitaire

China Taiping Infinite Harvest (II)

Premium

$113,344.15 112,500 $150,000 (minimum)
Payout from Year 5 Year 5

Year 5

Guaranteed Yearly Payout

$722 $1,755

$3,510 (20th & 30th) Yr

$2,370

Annual Amount Guaranteed

Guaranteed Cash Benefit (0.95% of Sum Assured) plus Cash Bonus (non-guaranteed 5.40% of Sum Assured) based on the par fund’s returns of 4.75% projection. Guaranteed Cash Benefit of 1.56% of net single premium and up to 2.64% of non-guaranteed cash bonus of the net single premium, total of up to 4.2%, based on the par fund’s returns of 4.75% projection.

Guaranteed cash payout of 1.58% of your single premium and up to 2.62% of non-guaranteed cash bonus. total of up to 4.2%, based on the par fund’s returns of 4.75% projection.

@ 3.25% p.a. (guaranteed + non-guaranteed)

$2,926 $2,907 $3,987
@ 4.75% p.a. (guaranteed + non-guaranteed) $4,826 $4,808

$6,418

Principal Guaranteed

Year 5 Year 100 Year 19-20 (monthly cash benefit is accumulated not paid out)

4.75% Accumulated @ 25th

$261,533 $256,757 $ 181,524

4.75% Accumulated @ 35th

$373,669 $380,369 $ 331,361
4.75% Accumulated @ 45th $523,486 $556,216

$ 542,721

Surrender @ 35th Year 4.75% (Monthly Cash Paid Out) $127,806 $141,975

$219,300

Surrender @ 45th Year 4.75% (Monthly Cash Paid Out) $133,223 $170,438

$283,200

Interested to learn more?

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Get Advice For Your Legacy Endowment

The Aviva MyLifeIncome is the shortest breakeven legacy endowment plan that quickly reaches on the 5th year. NTUC Income’s Wealth Solitaire is an endowment plan that gives 105% of your net single premium in a few tranches, namely on the 21st and 31st year as well as age 100. We hope this in-depth review helps you in understanding the pros and cons of the plan, as well as aiding in meeting your endowment savings objectives. All endowment legacy plans have their own advantages and disadvantages and it is recommended that you choose one that is within your objectives and liquidity needs to ensure you get the best possible value.

Fill in the form below and our friendly licensed FA advisor will get in touch with you based on your needs.
No obligations, no hidden fees. All advice are of no charges.

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