Aviva Endowment Insurance Plans: Which One Can Meet Your Savings Goals?

Aviva Endowment Insurance Plans: Which One Can Meet Your Savings Goals?

Aviva's MySavings, MyWealth, MyEdu and MyRetirementChoice plans provide relatively low-risk savings options for people looking for either general, education or retirement savings plans. Speak to one of our advisors at PolicyPal to find out more.

Aviva offers a variety of endowment plans, ranging from general savings plans to retirement and education savings plans. Below, we provide in-depth reviews for 5 of their policies that we believe provide solid returns and valuable benefits.

Table of Contents

AvivaMySavings Plan

For the cautious saver, Aviva's MySavingsPlan can provide stable and guaranteed returns. Its policy terms of 10-25 years makes it suitable for people who are looking to stay committed to saving money for a long time. On the other hand, people who are looking for short-term savings or supplementary income may fare better with other plans.

Summary of Aviva MySavingsPlan
100% Capital Guaranteed
Pay as low as S$1.56 per day for a S$15,000 sum assured
Death, terminal illness and accidental death coverage
Participating Fund 5-Year Average Rate of Return: 3.28%^
Credit Rating: A-
^ After deducting investment expenses

Aviva MySavings Plan: What You Need to Know

If you are looking for a simple, low-risk and long-term savings plan, Aviva's MySavingsPlan can be a good option to consider. Aviva's MySavingsPlan is a simple, participating endowment plan created for general savings purposes. It will provide a guaranteed sum and a non-guaranteed bonus at the end of your policy. It is a regular pay plan, which means you will pay premiums throughout your policy term. The policy terms are quite long term— 10 years and 25 years, so you should be prepared to lock your money away for a while if you choose this plan.

MySavingsPlan is a 100% capital guarantee plan, so you will receive at least 100% of the premiums you paid at the end of the policy. This is a very important feature to look out for, since endowment plans that don't provide this feature may end up paying out less than the amount you put in. You will get a lump sum payout and be eligible to receive any bonuses on top at the end of the policy term. The life insurance portion of the plan covers death, accidental death and terminal illness. If you get diagnosed with a terminal illness, you will receive a lump sum that will be considered as an advancement of the death benefit. There will be a payout of 105% of the total installment premiums paid or the guaranteed cash surrender value (whichever higher) in addition to any bonuses if you die during the policy term. A medical check-up is not required for this plan.

While this plan may be good for people looking to save for the long term, it may be less beneficial to people who are looking for specific savings plans, such as retirement and education savings. It doesn't provide any annual cash benefits, so this plan also won't be a good choice for people looking for supplemental income.

Policy Exclusions

There are some exclusions in regards to Aviva's death and terminal illness benefits that you should be aware of before buying the policy. Aviva will not pay out a terminal illness benefit if you were diagnosed with HIV. Furthermore, Aviva will not pay out any claims if the life assured commits suicide within 1 year of the policy issue date, the day a supplementary benefit is added or date of the last reinstatement date of the policy. We summarised the accidental death benefit exclusions in the table below.

Accidental Death Benefit Exclusions
  • Self-inflicted injury/death
  • Injuries leading to death caused by mental or functional disorder, illness or disease (barring infection)
  • Being poisoned
  • Injury sustained while on duty in navy, army, air force, military, civil defence, firemen, police or law enforcement
  • Injury sustained during armed military conflict
  • Injury sustained as a result of aerial activities like skydiving or parachuting
  • Injuries sustained as a result of air travel (not crewmember or fare-paying passenger)
  • Injuries sustained as a result of illegal activity
  • Injuries sustained under the influence of alcohol or drugs
  • Injuries sustained as a result of racing (other than foot) and underwater activity

Aviva MyWealth Plan

For savers looking for guaranteed returns and flexible premium payments, Aviva's MyWealth plan can be a good option to consider. It is a limited-pay endowment plan that offers both guaranteed returns up to 2.35% and offers a 100% capital guarantee. It will be most beneficial for long-term savers, as policy terms range between 10 and 25 years. However, this plan may be less beneficial for people looking to save for specific milestones like retirement or education savings as it doesn't offer supplemental income or cash payouts.

Summary of Aviva MyWealth Plan
Guaranteed returns of up to 2.35% upon policy maturity^
100% Capital Guaranteed at policy maturity
Pay your premium month, quarterly, bi-annually or annually
Cash value accumulation starts at 2nd year of policy
Participating Fund 5-Year Average Rate of Return: 3.28%^^
Credit Rating: A-
^ S$100,000k sum assured, 5-year premium term for 25-year plan, ^^ After deducting investment expenses

Aviva MyWealth Plan: What You Need to Know

Aviva's MyWealth Plan is a limited-pay endowment plan that can be used for general savings. It can appeal to long-term, risk-averse savers who are looking for flexible payment options and prefer a guarantee that they will get back at least 100% of their premiums. It is a participating endowment plan, which means you will get a guaranteed lump sum and a non-guaranteed bonus at the end of the policy term.

MyWealthPlan's premium payment and policy terms are structured in two ways. The first way is a 5-year premium payment commitment for policy terms of 10 to 25 years. The second structure is a 10-year premium payment commitment for policy terms ranging between 13 and 25 years. The life insurance component covers you for death and terminal illness. Should you pass away, Aviva will pay 105% of the total premiums paid or the guaranteed surrender value (whichever is higher), along with any bonuses. The terminal illness benefit will be paid as a lump sum as an advancement of the death benefit.

This plan doesn't offer annual cash payments and it may not be suitable for people looking for retirement or education savings plans. It also doesn't offer a legacy component where you can transfer the policy to your children. For consumers looking for plans with these benefits, we recommend enquiring about retirement, education or legacy endowment plans. If you are interested in this plan and want to learn whether it will be a fit for your needs, please reach out to one of our financial advisors at PolicyPal.

Exclusions

Aviva's MyWealth plan has the standard exclusions for its death and terminal illness benefits. Namely, it won't cover death caused my suicide within one year of the start of the policy. It also won't cover terminal illness claims due to HIV.

Aviva MyEdu Plan

Aviva's MyEdu Plan is an endowment plan that could be beneficial for parents looking to save money for their child's education. It provides a 100% capital sum guarantee (meaning you'll get at least 100% of the premiums you paid upon policy maturity) and 6 guaranteed cash benefits that you can take out for your child's education. Since this is an education savings plan, it will be less suitable for people looking for retirement, legacy, or general savings endowment plans.

Summary of Aviva MyEdu Plan
100% Capital Guaranteed
Offers 4 guaranteed cash benefits after chosen payout age; 2 guaranteed cash benefits 2 years prior
Pay premiums monthly, quarterly, bi-annually or annually
Participating Fund 5-Year Average Rate of Return: 3.28%^
Credit Rating: A-
^ After deducting investment expenses

Aviva MyEdu Plan: What You Need to Know

If you are a parent looking to save for your child's education, then Aviva's MyEdu Plan may be a suitable option to consider. It is a participating policy so at the end of the policy term, you will get a guaranteed lump sum payout in addition to any non-guaranteed bonuses. You will pay premiums for 10 years, which will be calculated based on your chosen sum assured. The policy will begin making payouts when your child turns either 18 or 20 (19 or 21 age next birthday).

MyEdu offers 6 payouts that can be beneficial for your child's education needs. It will provide 2 payments of 5% of your sum assured 2 years before your chosen payout age, which can be used towards meeting education-related expenses or celebrating milestones. The other 4 payouts will occur annually from the payout age onwards. The first payout will be 40% of the sum assured and the other 3 will be 20% of your sum assured. Your child will be covered for death, but there is no further information readily available online regarding the life insurance component of the plan.

While this plan may be good for people looking for a relatively risk-free education savings plan, it may be less suitable for people looking for retirement plans or general savings plans. It also won't be suitable for people seeking a flexible plan, since your premium and policy terms are limited.

Aviva MyRetirementChoice Plan

Savers looking to top-up their retirement income may find Aviva's MyRetirementChoice plan to be a suitable savings option. This limited-pay participating endowment plan is flexible in its policy and payment structure and offers monthly cash payouts after your chosen retirement age, making it a suitable option for consumers looking for flexible retirement savings plans. On the other hand, since this plan is specifically for retirement savings, it will be less suitable for consumers looking for endowment plans for general savings needs.

Summary of Aviva MyRetirementChoice Plan
100% Capital Guaranteed
Choose to pay monthly, quarterly, bi-annually or annually
Decide your retirement age
Covers death and terminal illness and offers premium waiver if you become disabled
Participating Fund 5-Year Average Rate of Return: 3.28%^
Credit Rating: A-
^ After deducting investment expenses

Aviva MyRetirementChoice Plan: What You Need to Know

If you are looking to supplement your retirement income, you can use Aviva's MyRetirementChoice to receive additional monthly payments on top of your CPF and other sources of income. This plan provides a 100% capital guarantee, which means you don't have to worry about getting a payout that totals less than the premiums you paid. It is also a participating plan, which means you will get a lump sum or monthly payouts that are made up of a guaranteed portion and a non-guaranteed bonus portion. It also provides 2 times the guaranteed monthly income if you were to become disabled and unable to do 3 of the 6 activities of daily living (washing, dressing, feeding, using the restroom, mobility or transferring).

This plan excels in its flexibility and may be a good fit for people who are looking to retire at an unconventional age (like early or very late retirees). Unlike most retirement savings plans which provide a few retirement ages to choose from, you are able to decide your retirement age. You can choose to receive your monthly income for a period of 5 to 35 years and you also have a choice of premium payment terms. In addition to the flexibility offered with the payout and policy terms, you will also be able to choose how you want to receive your payout. For instance, you can receive a lump sum bonus at your retirement age, or you can convert it into additional monthly income that will be paid out over a certain number of years. Lastly, this plan's life insurance component covers death and terminal illness. The death benefit is the higher of 105% of total premiums paid minus the total gross monthly income paid out or the guaranteed cash surrender value. It will also include any accrued bonuses or reinvested monthly total income.

Since this plan requires a lot of planning on your end, it may not be the best choice if you are looking for a simple retirement savings plan. Furthermore, since this is a retirement plan, it will not necessarily benefit people looking for a general or education savings plan.

Policy Exclusions

Aviva's MyRetirementChoice has the standard endowment policy exclusions. You will not receive a payout if you commit suicide within 1 year of the policy start date, supplementary benefit start date or the last reinstatement date. You also cannot claim the terminal illness benefit if you get diagnosed with HIV. Lastly, you will not be eligible to waive your premiums if you become total and permanently disabled due to attempted suicide, self-incflicted injuries, pre-existing conditions or injuries sustained during travel (other than as a member of the crew or passenger).

Aviva MyLifeSavings Plan

Aviva's MyLifeSavings plan is a whole life endowment plan that lets you pass on your savings to future generations or your spouse. As a participating policy it will payout guaranteed and non-guaranteed bonuses and you are eligible to receive an annual cash payout. While this plan may work for people who are looking to multiply their wealth or leave a legacy, it may be less beneficial for parents looking for a medium-term education plan or someone looking for a term savings plan.

Summary of Aviva MyLifeSavings Plan
100% Capital Guaranteed
Covers death and terminal illness
3% sum assured annual cash payout on certain milestones
Participating Fund 5-Year Average Rate of Return: 3.28%^
Credit Rating: A-
^ After deducting investment expenses

Aviva MyLifeSavingsPlan: What You Need to Know

Aviva's MyLifeSavings Plan is a whole life participating policy that is designed to build your wealth or leave a legacy for your loved ones. As a participating policy, it will payout both a guaranteed sum and non-guaranteed bonus. You can pay your premiums over 5, 10, 15, 20 or 25 years and you will be covered up to age 99 (age next birthday). If you survive to the end of the policy term, you will receive a maturity benefit.

MyLifeSavings provides an 3% cash payout from the 5th policy year upon reaching milestones like a house purchase or marriage. You can also partially withdraw your savings as soon as your policy acquires cash value (after 3rd policy year). This plan will benefit people who hold on to the policy over the long term, as it provides a 100% capital guaranteed only after holding the policy for at least 15 years. You also have the option to change your life assured after the first policy year or insure multiple people under one plan. The life insurance component covers death at 105% of the total premiums paid or cash value (whichever higher).

While this plan may be a good option for people who are committed to growing their wealth or leaving a legacy, it may be less suitable to people who are looking for a short-term savings plan. This policy is structured in such a way that you will receive a better payout the longer you hold the plan, and even though it allows for partial withdrawals, it explicitly mentions that you may lose out on value over the long run.

Policy Exclusions

You will not receive a payout if you commit suicide within 1 year of the policy start date, supplementary benefit start date or the last reinstatement date.

Optional Riders

Aviva's MySavings, MyWealth, MyEdu and MyLifeSavings plans offer at least 3 add-ons as per their website: the Cancer Premium Waiver, EasyTerm, and the EasyPayer Premium Waiver. MyRetirementChoice also offers two critical illness waiver add-ons. If you would like to learn more about the add-ons offered or if there are other add-ons available, please speak to one of our advisors at PolicyPal.

Add-onFeatures
Cancer Premium WaiverWaive all future premiums if you get diagnosed with one of the major cancers^
The EasyTermProvides a lump sum of up to 5 times the basic plan's annual premium if you were to die, get a terminal illness or become totally disabled
EasyPayer Premium WaiverWaive all future premiums if you were to die, get a terminal illness or become totally disabled. Though the premiums are waived, the policy remains in effect until policy maturity.
Critical Illness Premium WaiverWaives all premiums if you are diagnosed with any of the covered critical illnesses.
Payer Critical Illness Premium WaiverWaives any future premiums if the policyholder is diagnosed with a critical illness. Used if the policyholder and insured are different people.
Joint Life Premium WaiverWaives premiums in the event of death, terminal illness or total and permanent disability of either of the two lives assured.
^ Major cancer is defined as a malignant tumor and includes leukemia, lymphoma and sarcoma.

Claims & Contact Information

Endowment plans will mature and pay out on their own. However in the event you need to make a death or terminal illness claim, you can reach out to Aviva or Policypal (depending on who you bought the policy from). They will direct you on making a claim, the documents you need to submit and other important information.

Contact Information
Customer Service+65 6827 7988
Contact E-mail[email protected]
Claims PageMake a Claim
PolicyPal Customer Service+65 3163 9184
PolicyPal Claims (if policy was bought from PolicyPal)[email protected]

Aviva Endowment Insurance Plan Summaries

Aviva offers a variety of endowment plans that could be suitable for a variety of people. However, while one plan may be a fit for some people, it may be less suitable for others. We strongly advise you to talk to your advisors at PolicyPal to see if these plans fit your financial goals. If you'd like to see how these plans compare to other endowment plans on the market, you can read our guide to the best endowment policies in Singapore.

FeaturesMySavings PlanMyWealthMyEduMyRetirementChoiceMyLifeSavings
Life CoverageDeath, Terminal Illness, Accidental DeathDeath, Terminal IllnessDeathDeath, TPDDeath
Policy Term10, 25 years10-25 years19 ANB; 21 ANB5, 10, 15, 20, 25Age 99 ANB
Premium Term10, 25 years5, 10 years10 years3-35 years5, 10, 15, 20, 25
Annual Cash BenefitsNoNoYes (6 total)Yes (upon retirement)Yes
Capital Guaranteed
100%
Payout
Guaranteed & Non-Guaranteed Bonuses
Medical Checkup Required
None
Anastassia Evlanova

Anastassia is a Senior Research Analyst at ValueChampion Singapore, focusing on insurance. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.

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