Aviva Life Insurance coverage Singapore — Credit score Playing cards Evaluation 2021

Purchasing round for all times insurance coverage insurance policies may be fairly tedious as a result of there are such a lot of insurance coverage firms on the market, every providing a seemingly complicated collection of plans.

This sequence is meant that will help you perceive at a look the primary life insurance coverage choices from Singapore’s main insurers so you will have a greater thought of which firm’s brokers to talk with.

This time, we’ll take a look at the life insurance coverage choices from Aviva Singapore.

Why contemplate life insurance coverage from Aviva Singapore?

Aviva is a British insurance coverage firm with its principal headquarters in London. It operates in a number of international locations everywhere in the world, together with Singapore, Indonesia, India and China.

But when we didn’t inform you this, you’d most likely know of Aviva as “that NS insurance coverage firm”. They’re the appointed insurer for MINDEF/MHA Group Insurance coverage in Singapore. So anybody who has served NS would have been lined by them at that time.

Aside from protecting NSFs and people working in MINDEF/MHA, Aviva Singapore is considered one of 7 MOH-approved firms offering Built-in Defend medical insurance focused at Singaporeans and PRs.

In brief, Aviva is a sufficiently well-known model for Singaporeans to really feel comfy buying life insurance coverage from.

Aviva has each time period and entire life insurance policy. Time period life insurance policy are for many who simply need life insurance coverage safety (ie. a payout in the event you die) for a selected time period with none wealth accumulation.

In the meantime, entire life insurance policy are meant to supply lifelong or virtually lifelong safety, whereas on the identical time serving to you accumulate money worth.

To study extra in regards to the variations between the 2, take a look at these MoneySmart articles:

• Life Insurance coverage in Singapore — The Fundamentals of Complete Life and Time period Insurance coverage
• Time period Life vs Complete Life Insurance coverage in Singapore — Which Is Higher for You?

Aviva MyProtector – Time period Plan II (time period insurance coverage)

Aviva’s signature time period insurance coverage plan known as MyProtector – Time period Plan II. With a low minimal sum assured of $100,000 for dying or terminal sickness, that is one choice in the event you’re on the lookout for an inexpensive and fundamental time period insurance coverage coverage.

One of the crucial vital issues to resolve when shopping for time period insurance coverage is how lengthy it is advisable be protected. MyProtector provides you a selection between protection for 5, 10 or 11 years, or till the age of 85.

If you need extra flexibility, there are a number of choices you may choose.

• Assured Renewal Possibility – Enables you to renew your plan each 5 or 10 years with out additional medical underwriting
• Assured Convertibility Possibility – You’ll be able to swap the coverage out for an endowment plan or entire life plan with out additional medical underwriting as long as you’re beneath 65
• Assured Issuance Possibility – Enhance your protection at sure milestone occasions reminiscent of commencement, marriage, divorce, the start of a kid or the acquisition of a house

To beef up your safety even additional, you may select between these riders:

• TPD Advance Cowl Plus II – Extends your protection to whole and everlasting incapacity.
• CI Advance Cowl Plus III – Covers you for superior stage crucial sicknesses.
• MultiPay Vital Sickness Cowl IV – Covers you for early, intermediate and extreme stage crucial sicknesses.
• Early Vital Sickness Premium Waiver II – Waives future premiums in case you are identified with an early stage crucial sickness.
• Vital Sickness Premium Waiver II – Waives future premiums in case you are identified with a crucial sickness.
• Payer Vital Sickness Premium Waiver II – Waives future premiums for a another person’s insurance coverage plan you’re paying for in the event you get identified with a crucial sickness.
• Payer Premium Waiver Profit – Waives future premiums for a another person’s insurance coverage plan you’re paying for in the event you move away, endure from whole and everlasting incapacity or terminal sickness.

Pattern premium: $26.15 a month for 30-year-old male non-smoker with sum assured of $500,000 for 20 years.

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Key Options

• The Month-to-month Premium proven is for illustration goal solely. It’s calculated based mostly on an annual premium for a 30-year-old, male, non-smoker with a coverage time period of 20 years and S$500,000 sum assured.

• Get a lump sum payout upon dying or prognosis of Terminal Sickness (TI) throughout the coverage time period

• Select from protection time period of 5 or 10 – X years as much as 85 Age Subsequent Birthday (ANB) at each 1 yr interval

• Renew your fundamental coverage each 5 or 10 years with out further medical underwriting

• Enhance your fundamental coverage protection upon reaching key milestones in life

• Convert your fundamental coverage to a brand new endowment or entire life coverage with out further medical underwriting

• An Interim Unintended Demise Profit is included beneath the Coverage

See all card particulars 

Aviva MyProtector – Lowering (mortgage insurance coverage)

Aviva MyProtector – Lowering is an insurance coverage plan that’s meant to cowl your liabilities like excellent sums on your private home mortgage in the event you die or get identified with a terminal sickness. The protection time period may be as brief as from 10 years, and so long as as much as age 99.

This plan known as “lowering” as a result of your sum assured decreases over time as you repay increasingly of your mortgage. When your money owed have been totally repaid, your sum assured reaches zero and the insurance coverage plan’s time period involves an finish.

You’ll be able to choose an rate of interest from 1% to 9% to match your mortgage to make sure that the protection decreases in tandem along with your whole funds.

Many insurers’ lowering time period insurance policy are meant just for mortgages, however Aviva’s can be utilized for different sorts of liabilities reminiscent of automobile loans or kids’s college charges.

The next riders could make your protection extra complete:

• Complete and Everlasting Incapacity Profit – Extends your protection to whole and everlasting incapacity
• Vital Sickness Accelerated Profit II – Covers you in case you are identified with a crucial sickness.
• Vital Sickness Premium Waiver II – Waives future premiums in the event you get identified with a crucial sickness.

Pattern premium: $34.12 a month for 30-year-old male non-smoker with sum assured of $500,000 for 20 years.

Extra Particulars

Key Options

• The Month-to-month Premium proven is for illustration goal solely. It’s calculated based mostly on an annual premium for a 30-year-old, male, non-smoker with a coverage time period of 20 years and S$500,000 sum assured.

• Pays a lump sum within the occasion of Demise or upon prognosis of a Terminal Sickness throughout the coverage time period

• Pays a lowering sum year-on-year over the time period of the coverage

• Rate of interest choices of 1%, 2%, 3%, 4%, 5%, 7%, 9% to fit your necessities – this implies protection reduces as your debt is diminished – no should be nervous about being over insured

• Versatile size of canopy: 10 years to time period as much as 99 Age Subsequent Birthday (ANB) at each one yr interval.

• Add these riders for extra advantages: Complete and Everlasting Incapacity Profit, Vital Sickness Accelerated Profit, Vital Sickness Premium Waiver

See all card particulars 

Aviva MyWholeLife Plan III (entire life insurance coverage)

Aviva’s principal entire life insurance coverage coverage known as MyWholeLife Plan III. This plan gives lifetime protection for dying or terminal sickness.

Though protection is lifelong, you wouldn’t have to pay premiums endlessly. You’ll be able to select a premium fee time period starting from 10 to 25 years.

Your premiums will likely be used that will help you construct money worth. It’s a collaborating plan, which implies that you’ve the prospect to earn bonuses, dividends or non-guaranteed advantages.

Upon maturity, you’ll obtain any money worth accrued as much as that time in addition to any bonuses which were earned. You may also select a multiplier of as much as X4 so as to enhance your base protection.

Don’t want a lot protection proper now? You’ll be able to enhance your protection at sure milestone occasions, like marriage or the start of a kid with out going via additional well being underwriting.

One attention-grabbing function of this plan is that it provides you the choice to obtain a month-to-month earnings as much as the age of 99, which is good in the event you’re seeking to complement your retirement earnings.

Lastly, in the event you lose your job for no less than 3 months, you may get pleasure from an curiosity waiver in your premiums.

The next riders can be found for this plan:

• TPD Advance Cowl II – Extends your protection to whole and everlasting incapacity.
• CI Advance Cowl IV – Covers you for superior stage crucial sicknesses.
• Early Vital Sickness Advance Cowl IV – Covers you for early stage crucial sicknesses.
• Vital Sickness Premium Waiver II – Waives future premiums in case you are identified with a crucial sickness.
• Payer Vital Sickness Premium Waiver II – Waives future premiums for a another person’s insurance coverage plan you’re paying for in the event you get identified with a crucial sickness.
• Payer Premium Waiver Profit – Waives future premiums for a another person’s insurance coverage plan you’re paying for in the event you move away, endure from whole and everlasting incapacity or terminal sickness.

Pattern premium: $179.80 a month for 30-year-old male non-smoker with $100,000 sum assured, X2 multiplier and premium fee time period of 20 years.

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Key Options

• Affords you protection for dying, and terminal sicknesses for a sum assured of your selection (you identify the amount of money your loved ones and dependants could must maintain their existence going after you will have handed on)

• You’ll have the choice to pay premiums for 10, 15, 20, or 25 years, and revel in the advantages and protection of the plan till dying

• Accumulates money worth and non-guaranteed bonuses relying on the efficiency of the fund you premiums have been invested in

• Possibility so that you can add further protection by 100%, 200%, 300%, or 400% (different insurance coverage firms could provide an identical idea within the type of a 1X, 2X, 3X, or 4X multiplier) as much as age 65, 70 or 75

• Possibility so that you can add the “Earnings Payout Possibility” which gives you a month-to-month earnings payout after you flip 65 (age subsequent birthday) or on the finish of your premium fee interval (with minimal earnings necessities)

• Possibility so that you can add the “Assured Additional Safety (GEP) Possibility” to extend your protection once you attain key life milestones reminiscent of marriage, divorce, new little one, commencement, and buy of latest property

• AVIVA MyWholeLife Plan III additionally waives your curiosity within the occasion you will have been retrenched for no less than 3 consecutive months and haven’t been paying your premiums (however your coverage will need to have accrued adequate money worth to cowl your unpaid premiums)

• 3 lifetime riders to spice up your protection: Complete and Everlasting Incapacity Advance Cowl III, Vital Sickness Advance Cowl IV, and Early Vital Sickness Advance Cowl IV

• 3 premium waiver riders (solely legitimate for the years you’re paying premiums): Vital Sickness Premium Waiver II, Payer Vital Sickness Premium Waiver II, and Payer Premium Waiver Profit

See all card particulars 

Which Aviva life insurance coverage coverage is finest?

Aviva’s time period and entire life insurance coverage insurance policies provide complete protection and a excessive stage of flexibility at comparatively reasonably priced costs. The three plans highlighted above have little-to-no overlap when it comes to protection, so selecting one is absolutely about assessing your wants.

When you’re on the lookout for essentially the most fundamental life insurance coverage coverage to cowl your dependents with a lump sum payout ought to something occur to you, then Aviva MyProtector – Time period Plan II is the proper one.

Whereas different time period insurance coverage insurance policies begin from $500,000 sum assured, Aviva’s begins from $100,000. So in the event you don’t want that a lot protection, you may go for a decrease sum assured, which implies cheaper premiums.

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Key Options

• The Month-to-month Premium proven is for illustration goal solely. It’s calculated based mostly on an annual premium for a 30-year-old, male, non-smoker with a coverage time period of 20 years and S$500,000 sum assured.

• Get a lump sum payout upon dying or prognosis of Terminal Sickness (TI) throughout the coverage time period

• Select from protection time period of 5 or 10 – X years as much as 85 Age Subsequent Birthday (ANB) at each 1 yr interval

• Renew your fundamental coverage each 5 or 10 years with out further medical underwriting

• Enhance your fundamental coverage protection upon reaching key milestones in life

• Convert your fundamental coverage to a brand new endowment or entire life coverage with out further medical underwriting

• An Interim Unintended Demise Profit is included beneath the Coverage

See all card particulars 

When you’re involved extra about protecting your mortgage or different liabilities — quite than offering your family members with a payout — then the Aviva MyProtector Lowering plan is healthier. With a lowering sum assured, you don’t find yourself overpaying for cover you don’t want.

Extra Particulars

Key Options

• The Month-to-month Premium proven is for illustration goal solely. It’s calculated based mostly on an annual premium for a 30-year-old, male, non-smoker with a coverage time period of 20 years and S$500,000 sum assured.

• Pays a lump sum within the occasion of Demise or upon prognosis of a Terminal Sickness throughout the coverage time period

• Pays a lowering sum year-on-year over the time period of the coverage

• Rate of interest choices of 1%, 2%, 3%, 4%, 5%, 7%, 9% to fit your necessities – this implies protection reduces as your debt is diminished – no should be nervous about being over insured

• Versatile size of canopy: 10 years to time period as much as 99 Age Subsequent Birthday (ANB) at each one yr interval.

• Add these riders for extra advantages: Complete and Everlasting Incapacity Profit, Vital Sickness Accelerated Profit, Vital Sickness Premium Waiver

See all card particulars 

As a result of excessive premiums and low protection, we often don’t suggest entire life insurance coverage to only about anyone, until you have an interest within the money worth element.

Nonetheless, in case you are available in the market for such a plan, Aviva’s MyWholeLife Plan III is a noteworthy choice. In contrast to different
“entire life” plans that cowl solely as much as age 99, Aviva covers your entire life.

Along with a rider to cowl you for whole and everlasting incapacity, it might probably adapt itself to a variety of life conditions due to the choices to extend protection at sure milestones and obtain a retirement earnings.

Apply NowApply immediately on MoneySmartMore Particulars

Key Options

• Affords you protection for dying, and terminal sicknesses for a sum assured of your selection (you identify the amount of money your loved ones and dependants could must maintain their existence going after you will have handed on)

• You’ll have the choice to pay premiums for 10, 15, 20, or 25 years, and revel in the advantages and protection of the plan till dying

• Accumulates money worth and non-guaranteed bonuses relying on the efficiency of the fund you premiums have been invested in

• Possibility so that you can add further protection by 100%, 200%, 300%, or 400% (different insurance coverage firms could provide an identical idea within the type of a 1X, 2X, 3X, or 4X multiplier) as much as age 65, 70 or 75

• Possibility so that you can add the “Earnings Payout Possibility” which gives you a month-to-month earnings payout after you flip 65 (age subsequent birthday) or on the finish of your premium fee interval (with minimal earnings necessities)

• Possibility so that you can add the “Assured Additional Safety (GEP) Possibility” to extend your protection once you attain key life milestones reminiscent of marriage, divorce, new little one, commencement, and buy of latest property

• AVIVA MyWholeLife Plan III additionally waives your curiosity within the occasion you will have been retrenched for no less than 3 consecutive months and haven’t been paying your premiums (however your coverage will need to have accrued adequate money worth to cowl your unpaid premiums)

• 3 lifetime riders to spice up your protection: Complete and Everlasting Incapacity Advance Cowl III, Vital Sickness Advance Cowl IV, and Early Vital Sickness Advance Cowl IV

• 3 premium waiver riders (solely legitimate for the years you’re paying premiums): Vital Sickness Premium Waiver II, Payer Vital Sickness Premium Waiver II, and Payer Premium Waiver Profit

See all card particulars 

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