Singlife with Aviva offers a variety of endowment plans, ranging from general savings plans to retirement savings plans. Below, we provide in-depth reviews for 4 of their policies that we believe provide solid returns and valuable benefits. These features and benefits make the Singlife with Aviva endowment insurance plans one to look out for if you are searching for some of the best endowment plans in Singapore.
Table of Contents
Singlife with Aviva Singlife Choice Saver Plan
For the cautious saver, Singlife with Aviva's Singlife Choice Saver 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 Singlife with Aviva’s Singlife Choice Saver|
|100% Capital Guaranteed|
|Death, terminal illness and accidental death coverage|
|No medical check-up required for application|
Singlife with Aviva Singlife Choice Saver Plan: What You Need to Know
If you are looking for a simple, low-risk and long-term savings plan, Singlife with Aviva's Singlife Choice Saver can be a good option to consider. Singlife with Aviva's Singlife Choice Saver is a simple, participating endowment plan created to help policyholders achieve their major financial goals. 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. There is a flexible range of premium payment terms to choose from: 5, 10, 12, 15, 18, 20, or 25 years.
Singlife Choice Saver 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.
There are some exclusions in regards to Singlife with Aviva's death and terminal illness benefits that you should be aware of before buying the policy. Singlife with 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|
Singlife with Aviva Singlife Steadypay Saver Plan
Singlife with Aviva's Singlife Steadypay Saver Plan is an endowment plan that is useful for policyholders looking for a reliable way to save up for their big savings goals. It offers a guaranteed lump-sum payout of 160% of the sum assured less all the payouts given at the end of the policy term. Potential bonuses comprised of the accumulated reversionary and terminal bonuses are also rewarded as part of the maturity benefit. As this is a general savings plan, it might not be suitable for people looking for specific retirement, legacy, or education endowment plans.
|Summary of Singlife with Aviva’s Singlife Steadypay Saver|
|Maturity benefit including guaranteed lump-sum payout and potential bonuses|
|Choice of policy duration terms ranging from 12 to 25 years|
|Annual cash rewards comprising 5% of sum assured|
Singlife with Aviva Singlife Steadypay Saver Plan: What You Need to Know
If you are looking for a plan that helps you save up responsibly for bigger financial goals such as home loans while also managing a reliable emergency fund, Singlife with Aviva’s Singlife Steadypay Saver might 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 can choose a policy duration of either 12, 15, 18, or 25 years according to which option best suits your goals and budget. You will be paying premiums for this same duration.
Singlife Steadypay Saver offers annual cash rewards in the form of yearly cash payouts worth 5% of your sum assured. This payout rewards you for your commitment to setting aside money for your future needs, and can be used on things like holidays or new experiences. Otherwise, you can also choose to reinvest your yearly cash payout to multiply your benefits. The cash rewards are available from the end of the 2nd policy year onwards. The policy also offers coverage for death and terminal illness, with an additional payout for accidental death. There is no medical check-up required for the application process.
While this plan may be a great option for people looking for a general savings plans that offers exciting rewards and benefits, it might not be as suitable for those looking for a more specific endowment plan that helps you save towards things like retirement or educational expenses.
Singlife with Aviva Singlife Flexi Retirement Plan
Savers looking to top-up their retirement income may find Singlife with Aviva's Singlife Flexi Retirement 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 Singlife with Aviva Singlife Flexi Retirement Plan|
|100% Capital Guaranteed|
|Decide your retirement age|
|Covers death and terminal illness and offers premium waiver if you become disabled|
|Built-in disability coverage with the Care Income Benefit|
Singlife with Aviva Singlife Flexi Retirement Plan: What You Need to Know
If you are looking to supplement your retirement income, you can use Singlife with Aviva's Singlife Flexi Retirement 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.
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.
Singlife with Aviva Singlife Flexi Life Income Plan
Singlife with Aviva's Singlife Flexi Life Income plan is a whole life endowment plan that provides you with additional yearly income that can be used for big spending like your children’s education, holidays, or your retirement fund, While this plan may be a suitable option for those looking for a reliable flow of passive income, it may be less beneficial for parents looking for a medium-term education plan or someone looking for a term savings plan.
|Summary of Singlife with Aviva Singlife Flexi Life Income Plan|
|100% Capital Guaranteed|
|Covers death and terminal illness|
|Lifetime yearly payouts|
|Potential Cash Bonuses up to 5.6% of your Sum Assured|
Singlife with Aviva Singlife Flexi Life Income Plan: What You Need to Know
Singlife with Aviva's Singlife Flexi Life Income Plan is designed to provide you with a steady stream of yearly passive income for life that allows you to save up for big purchases such as your child’s education or your retirement fund. It guarantees 100% capital at the end of the policy term, and allows you to choose the premium payment term and Accumulation Period that best suits your needs. Premium payment term options include a single premium payment, or regular premium payment terms of either 3, 5, 10, 15, 20, or 25 years. The Accumulation Period, which refers to the time between the end of your premium payment term and the first yearly income payment, ranges between 0 to 20 years based on your premium payment term.
The yearly income payout is worth up to 5.6% of the policy’s sum assured, and is valid as long as the policy is active. It includes a guaranteed cash benefit that is 1.2% of the sum assured, as well as a potential bonus that can go up to 4.4% of the sum assured. If you would prefer not to spend your yearly income, you can choose to reinvest them to generate higher returns and withdraw them any time you want in the future. The Singlife Flexi Life Income policy also offers guaranteed financial protection against death and terminal illness. You are not required to undergo a medical check-up for the application process.
While this plan may be a good option for people who are looking for lifelong support through guaranteed annual passive income, it might not be as suitable for people looking for a more specific or short-term endowment plan.
|Cancer Premium Waiver II||Waive all future premiums if you get diagnosed with one of the major cancers^|
|EasyTerm||Provides 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 Waiver||Waive 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.|
|Premium Waiver Riders for Critical Illness||Waives all future premiums if you are diagnosed with any of the covered critical illnesses.|
|^ 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 Singlife with 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.
Singlife with Aviva Endowment Insurance Plan Summaries
Singlife with 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.
|Features||Singlife Choice Saver||Singlife Steadypay Saver||Singlife Flexi Retirement||Singlife Flexi Life Income|
|Life Coverage||Death, Terminal Illness, Accidental Death||Death, Terminal Illness, Accidental Death||Death, Terminal Illness||Death, Terminal Illness|
|Policy Term||10-25 years||12, 15, 18, 25 years||Lifetime||Lifetime|
|Premium Term||5, 10, 12, 15, 18, 20 or 25 years||12, 15, 18, 25 years||5, 10, 15, 20, 25 years||Single or 3, 5, 10, 15, 20, 25 years|
|Medical Checkup Required|