Last Updated on by Tree of Wealth
When it comes to savings plan, there are the flexible premiums and withdrawals type, as well as the rigid save for maturity only. Singlife with Aviva’s MyChoiceSaver belongs to the latter, with one word in mind for this plan: Discipline.
Be it the different kind of goals in life, for a child, it will be mainly for education (especially tertiary education), as well as when the child enters society, gets married or even their first home.
The Discipline aspect comes in the form of no cash benefit/ partial withdrawals from this plan, with the option of Secondary Life Insured: ability to transfer life assured, as well as the legacy aspect of having this plan until age 99.
Aviva boils is down to 3 simple steps:
- Decide on how much you’ll want as your savings goal
- Decide on when you want to reach your savings goal
- Decide on your preferred duration to pay for the premiums
Source: Aviva
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Features At a Glance for Singlife with Aviva’s MyChoiceSaver
Capital Guaranteed
With the current low interest rate market, having to guarantee on the capital that you put in is not what every insurer is offering. Upon maturity at the end of your policy term, you can be assured that the total premiums that you have put in all these years will be guaranteed. Riders charges are not applicable.
The maturity, as always, includes the guaranteed portion and non-guaranteed yield, at the end of the policy term.
Flexible Premium and Policy Term
This is what the plan is all about, to have a choice to suit your disciplined savings:
Premium Paying Term Available
5, 10, 12, 15, 18, 20 or 25 years
Policy Term Available
10 to 25 years or until age 99
Secondary Life Insured
Able to appoint a member of the family as a Secondary Life Insured to continue with the accumulation of the savings plan to grow and compound the yield interests.
Coverage on Death and Terminal Illness
A protection coverage in the event of death and terminal stage illness will be paid out.
Premium Interest Waiver
Main plan only waives of the interest for premiums to a maximum of 12 months upon involuntary unemployment and retrenchment.
Accidental Death
Additional payouts in the event of death by accidental events.
Riders Available
- Easy Term Rider
- Payer Waiver Rider
- CI Premium Waiver
Guaranteed Issuance Option
- No medical questionnaire/ check-ups needed
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Snapshot of your savings and returns
| Your monthly savings budget | Actual premium per month (S$) | Premium term (in years) | Policy term (in years) | Guaranteed maturity value (also known as the Sum Assured) (S$) | Based on 4.25% p.a. illustrated investment rate of return (IIRR) | Based on 3% p.a. IIRR | ||||
| Non-guaranteed bonuses (S$) | Total maturity benefit (S$) | Total Maturity Yield | Non-guaranteed bonuses (S$) | Total maturity benefit (S$) | Total Maturity Yield | |||||
| Around S$200 | 229.65 | 10 | 20 | 30,000 | 13,792 | 43,792 | 3.10% | 7,308 | 37,308 | 2.02% |
| 195.20 | 15 | 25 | 40,000 | 22,415 | 62,415 | 3.27% | 11,707 | 51,707 | 2.20% | |
| 200.20 | 10 | Up to 99 ANB* | 45,000 | 148,989 | 193,989 | 3.92% | 58,153 | 103,153 | 2.72% | |
| 199.15 | 20 | Up to 99 ANB* | 80,000 | 250,801 | 330,801 | 3.97% | 100,910 | 180,910 | 2.72% | |
| Around S$500 | 493.75 | 5 | 10 | 30,000 | 5,659 | 35,659 | 2.48% | 2,892 | 32,892 | 1.39% |
| 481.20 | 15 | 25 | 100,000 | 56,039 | 156,039 | 3.35% | 29,270 | 129,270 | 2.28% | |
| 503.75 | 10 | Up to 99 ANB* | 115,000 | 380,751 | 495,751 | 3.95% | 148,615 | 263,615 | 2.75% | |
| 496.25 | 20 | Up to 99 ANB* | 205,000 | 642,679 | 847,679 | 4.02% | 258,582 | 463,582 | 2.78% | |
^ Based on male, 40 years old, non-smoker
Source: Singlife with Aviva
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Premium Comparison for 10 & 15 Years Policy Term
| Sum Assured | $30,000.00 | $30,000.00 | $62,000.00 |
| Premium Term | 5 Years | 10 Years | 10 Years |
| Policy Term | 10 Years | 15 Years | 15 Years |
| Break Even Year | – | 14th Year | 14th Year |
| END OF POLICY YEAR / AGE |
Based on 4.25% | Based on 4.25% | Based on 4.25% |
| Surrender Value @ Year 10 | $35,659.00 | – | $27,696.00 |
| Surrender Value @ Year 15 | – | $38,613.00 | $79,801.00 |
| Surrender Value @ Year 20 | – | – | – |
| Annual Premium | $5,787.95 | $2,861.60 | $5,913.95 |
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Premium Comparison for Until Age 99 (ANB)
| Sum Assured | $30,000.00 | $30,000.00 | $58,910.15 |
| Premium Term | 5 Years | 10 Years | 10 Years |
| Policy Term | 99 ANB | 99 ANB | 99 ANB |
| Break Even Year | 20th Year | 25th Year | 25th Year |
| END OF POLICY YEAR / AGE |
Based on 4.25% | Based on 4.25% | Based on 4.25% |
| Surrender Value @ Year 10 | $8,197.00 | $7,617.00 | $16,250.00 |
| Surrender Value @ Year 15 | $10,432.00 | $9,687.00 | $20,665.00 |
| Surrender Value @ Year 20 | $14,421.00 | $13,275.00 | $28,320.00 |
| Annual Premium | $2,728.50 | $1,405.60 | $2,998.55 |
What We Don’t Like About Singlife with Aviva’s MyChoiceSaver:
- It is a plain endowment savings plan with no annual cash benefits nor flexibility of withdrawal.
- Cash is only received on full surrender or upon maturity
- Upon Retrenchment/Unemployed, only up to 12 months of interests are waived, not the best unemployed benefits out there
Singlife with Aviva MyChoiceSaver is Suitable if You:
- Flexible Premium Terms
- Low risk endowment instrument for fixed maturity payout
- Ease of application, no medical underwriting
- No fluctuation on premiums
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It would however be less suitable if you would like:
- High Payout that covers Death, TPD, Terminal Illness, Critical Illness of all stages including Early to intermediate to advance stage for a low premium.
- Multiple Payout for CI across all stages including Early to intermediate to advance stage for a low premium.
- High returns of more than 10%
- Immediate Break Even on Capital
Conclusion for Singlife with Aviva’s MyChoiceSaver Review
As we can tell, Singlife with Aviva’s MyChoiceSaver is focusing on one aspect when it comes to saving: Discipline. The lack of cash benefits annually with the only way of accessing the cash is to do a full surrender or upon the plan’s maturity. We hope this plan review of the Singlife with Aviva MyChoiceSaver helps you in understanding the pros and cons as well as helping you decide if it meets your savings objectives.
The many different functions and features of a savings plan largely depends on what your concerns and needs are. When it comes to the suitability of for you and your child, it is always advised to have a look around and compare across the different competitive insurers.
To find the most suitably plan based on your concerns and needs, simply fill in the form below and our friendly partnered licensed FA advisor will get in touch with you.
Based on your needs, a custom made solution will be adjusted only addressing your concern with no obligations nor hidden fees.
