• AVIVA Life Insurance

    AVIVA Life Insurance

    Life is a journey full of surprises. However, all of us worry about the safety and well-being of our loved ones, if life were to take an unexpected turn. With AVIVA Life Insurance, you can rest assured that the safety and well-being of your loved ones is in the best hands, should the unexpected happen.

    About AVIVA

    Founded in the year 2000, AVIVA is a British multinational insurance company headquartered in London. Catering to a global customer base of about 34 million customers, AVIVA’s operations are spread across 16 countries, some of which are Hong Kong, Spain, Ireland, Canada and Italy, among others. AVIVA offers a host of well-rounded general insurance products (for categories like life, health, travel, vehicles, home, etc.), along with financial solutions for savings, investment and retirement.

    AVIVA Whole Life is the life insurance service offered by the company which comprises of two comprehensive life insurance plans. These plans are AVIVA MyLifeChoice and AVIVA LifetimeFlexi.

    Types of Plans by AVIVA Life Insurance

    AVIVA offers the following two insurance plans under the Life Insurance category. The key benefits of both these plans have been listed below.

    Insurance About Coverage Period
    MyProtector-Term Plan Flexible low-budget life insurance that increases coverage at major life milestones without health check-ups. Renewable up to age 99
    MyProtector-Decreasing Flexible low-budget life insurance that decreases coverage as your liabilities reduce with time. Renewable up to age 99
    MyProtector-MoneyBack Hyper-efficient insurance that returns your premium and your claim amount when you file a claim, and doubles your claim for accidental death. This insurance also returns your premium paid over term when your policy expires. Depending on limits of maximum age, gives coverage up to 30 years.
    MyFamilyCover Flexible insurance that gives your family guaranteed monthly income for minimum 10 years for their lifestyle. The coverage for this insurance can be modified depending on needs of your family. Up till age 75 for death and terminal illness plan (plan 3), up till age 70 for other plans.
    MyWholeLifePlan A combination of a saving plan and life insurance that gives you 3x or 4x coverage till you are 70, and gives you a full life cover for death or terminal illness. Lifetime
    MyLifeInvest Flexible insurance that allows you to save and earn return on your investment while also giving life insurance protection. You can withdraw money easily. Lifetime
    MyLifeChoice Flexible insurance that gives you up to 275% coverage for your sum and can be topped up at life milestones to make it more suitable for your needs. Can be extended till age 99
    MyWholeLifePlan II Very flexible insurance that gives you lifetime cover and savings for your investments. It also gives you 2-4 times cover till age 70. Lifetime

    Features and Benefits

    There are many features and benefits characteristic to each type of Aviva life insurance, but the key benefits are:

    • Due to the high flexibility and customisation possibility, you can choose a base plan that best appeals to you and then customise it to further fit your needs.
    • Optional add-ons and riders can give you even better and extended coverage according to your need. Most insurance plans offer add-ons like total & permanent disability riders, critical illness riders, premium waiver benefit riders, payer waiver riders, etc. Depending on what you need, you can use these riders to extend your cover, increase your coverage amount, waive off payments in case of illness or accident, and even get lump sum payouts.
    • Many insurance plans allow you to save and invest in your future as well as insure your life and health. This allows you to ensure that in case of death, disease, or accidents, you get the maximum output out of your investments.
    • As most insurance plans offer to pay a monthly income to the insurer, you can not only support your loved ones in case of unfortunate events, you can also use this income to supplement your retirement needs.
    • Insurance policies like MyLifeChoice and MyWholeLifePlan offer coverage amount up to 4 times the chosen amount. This gets you the maximum benefit out of your insurance plans at high protection.
    • Most insurance policies offer you extensions and milestone-based coverage increase without medical check-ups, so you can use your insurance without all the medical hassle.
    • Plans like MyLifeInvest give you access to your money at all times, so you can withdraw money from your plan as and when you need it.

    Aviva Life Insurance Coverage

    Policy Coverage
    MyProtector-Term Plan
    • Death
    • Diagnosis of terminal illness
    • Renewal possible till age 99
    • Term plan convertible to life plan, medical underwriting is not necessary
    • Total & permanent disability riders
    • Critical illness riders
    • Premium waiver benefit riders
    • Coverage is assured starting at S$100,000
    MyProtector-Decreasing
    • Death
    • Diagnosis of terminal illness
    • Based on liabilities and milestones, pays a decreasing amount
    • Total & permanent disability riders
    • Critical illness riders
    • Premium waiver benefit riders
    MyProtector-MoneyBack
    • Death
    • Terminal illness
    • Total and permanent disability
    • Covers 200% for accidental death
    • Premium returned when policy expires
    • Premium returned along with claims when claims are made
    MyFamilyCover
    • Death
    • Terminal illness
    • Total and permanent disability
    • Critical illness
    • Guaranteed payout over at least 10 years
    • ElderShield supplements like MyCare or MyCare Plus can be added at age 40 and after, medical underwriting is not necessary
    • Add-on: critical illness premium waiver
    • Add-on: payer critical illness premium waiver
    • Add-on: payer premium waiver benefit
    MyWholeLifePlan
    • Lifetime cover for death
    • Lifetime cover for terminal illness
    • 3-4 times coverage depending on sum assured till age 70
    • You can choose to pay for it over 10, 15, or 25 years
    • Can receive monthly income from age 65 to 99
    • Can add additional cover within 90 days of life milestones – coverage up to either 50% of original assured sum or S$250,000
    • You can hold payments for an year, interest is waived off
    • Add-on: critical illness
    • Add-on: total and permanent disability
    • Add-on: premium waiver riders
    MyLifeInvest
    • Lifetime cover for death
    • Lifetime cover for terminal illness
    • Total and Permanent Disability covered till age 70
    • Can reduce coverage to increase investment returns
    • Can withdraw from policy as and when you need till the policy has cash value
    • Can increase cover based on life milestones
    • After 10th policy year, get a premium of 5% extra every 5 years
    • Add-on: level term cover – additional protection for death and terminal illness
    • Add-on: critical illness riders
    • Add-on: riders with premium waivers
    MyLifeChoice
    • Death
    • Terminal illness
    • Minimum Protection Value (MPV) coverage: gives up to 275% payout of the assured sum for death and terminal illness
    • Can pay for it till 80 years of age
    • Can be used to supplement retirement income
    • Can place premiums on hold for an year in case of job loss, cover will be continued
    • Can get an add-on for if you are critically ill, you’ll get lump sum payout with coverage until age 99.
    • Can get an add-on for if you are disabled, you’ll get lump sum payout with coverage until age 70.
    MyWholeLifePlan II
    • Lifetime cover for death
    • Lifetime cover for terminal illness
    • 3-4 times coverage depending on sum assured till age 70
    • Choose to pay for it over 10, 15, or 25 years
    • Can receive monthly income from age 65 to 99
    • Can add additional cover within 90 days of life milestones – coverage up to either 100% of original assured sum or S$300,000
    • You can hold payments for an year, interest is waived off
    • Add-on: critical illness
    • Add-on: total and permanent disability
    • Add-on: premium waiver riders
    • Add-on: MultiPay Critical Illness Cover II

    Aviva Life Insurance Promotions

    On buying Aviva life insurance plans, there are many types of benefits you can enjoy. You can enjoy the following promotions:

    • When you buy a MyProtector-Term Plan policy, you can get 5% discount on all your premiums when your policy has at least S$1 million as sum assured. To get this discount, you forms should be filed on or before 31 March 2018 and your policy should be issued on or before 30 June 2018.
    • When you sign up for MyCare and MyCare Plus on or before 31 March 2018, you can get S$100 off your first premium if your premiums are higher than S$500 p.a.
    • When you buy a MyFamilyCover plan policy, you can get 20% discount on all your premiums when your premiums are higher than S$300 p.a. To get this discount, your forms should be filed on or before 31 March 2018 and your policy should be issued on or before 30 June 2018.

    Aside from discounts on premiums, you can also get rewards and gifts when you purchase your insurance plans. Aviva policies can get you dining benefits, hotel stays, shopping vouchers, etc. if you sign up on or before 30 June 2018 and your policy is issued on or before 30 September 2018. Look for following rewards when you purchase your policy plans:

    • When you purchase MyProtector-Term Plan with MultiPay Critical Illness Cover, or MyWholeLifePlan II with MultiPay Critical Illness Cover II, you can get gifts valued at S$100, S$200, S$300 or even up to the value of 6% of your premiums. The gift value you receive will depend on the price range of premiums you pay per year.
    • Minimum annual premiums of range S$1,800 to S$3,599 will get you gifts valued at S$100.
    • Minimum annual premiums of range S$3,600 to $5,399 will get you gifts valued at S$200.
    • Minimum annual premiums of range S$5,400 to S$7,199 will get you gifts valued at S$300.
    • Minimum annual premiums of range S$7,200 and above will get you gifts valued at 6% of your premium values.
    • Rewards and gifts valued at S$100 are:
      • Zalora shopping credits
      • Tangs online shopping credits
      • Digital gift codes for books, music, and apps
      • Grab vouchers
      • UNIQGIFT voucher
      • Comprehensive health screening package by Lifescan Medical Centre
      • 1 pamper programme at LPG Endermospa
      • The Royals Steakhouse dining gift certificate
    • Rewards and gifts valued at S$200 are:
      • Kintamani Indonesian Restaurant dining gift certificate
      • The Outcall Spa – home massage
      • Arteastiq Boutique Tea House – Family Art Jam
    • At S$350 reward value, you get a weekend staycation gift certificate for The Fullerton Hotel.
    • At S$500 reward value, you get a staycation gift certificate for W Singapore — Sentosa Cove.

    How to Apply for Aviva Life Insurance

    In order to apply for any type of Aviva life insurance plan, you can talk to a financial adviser representative you prefer, or you can set up an appointment with a relationship consultant at Aviva from their life insurance website. You can also call the Aviva customer service hotline at 6827-9933 for more information.

    How to Claim Aviva Life Insurance

    To claim any life insurance via Aviva, you can call the customer service hotline at 6827-9933. You can also file for a claim online by submitting claim statements and supporting documents via post or in person at Customer Service Centers.

    Frequently Asked Questions

    Q. At what points in my life can I modify the coverage given to me via my policy?

    A. Many Aviva life insurance policies allow you to modify your coverage based on major life milestones. Depending on the type of policy you have, you may be able to modify your policy following milestones such as:

    • Change in marital status – divorce or marriage
    • Change in parental status – having a newborn or adopting a child
    • Change in education status – graduation from tertiary education
    • Change on property ownership status – purchasing a property

    Q. If I need to modify my policy, what kind of health check-ups do I need undergo?

    A. Most Aviva policies allow you to modify and add on to your policies at major life milestones and age ranges without medical underwriting and without medical check-ups.

    Q. If I’m ill or I lose my job, do I lose my coverage?

    A. Policies like MyWholeLifePlan, MyLifeChoice, and MyWholeLifePlan II allow you to place premiums on hold for a year while waiving off interests so you can pass life hurdles without worrying about premiums. If you are ill or disabled, the company waives off future payments and premiums if you have chosen add-ons and riders that allow you to do so.

    Q. How does the monthly income plan for MyFamilyCover help my family?

    A. MyFamilyCover plan policy provides a guaranteed monthly income to your family for the minimum duration of 10 years. In case of death, terminal illness, total and permanent disability or critical illness, it give your family a monthly income for the remaining policy cover or at least 10 years, whichever is longer. The 4 plans included in this policy also allow you to customise your cover. 

    News About AVIVA Life Insurance

    • Aviva Announces Launch of Aviva Financial Advisers

      Aviva announces the launch of a FA (Financial Advisory) Firm with 280 advisors in Singapore. These are licensed advisors who are experts in full range of health insurance, life insurance, investment and general insurance products. Mr Nishit Majumdar, CEO, Aviva Singapore, believes that customers will benefits from this new firm. In Singapore, the Financial Advisory channel has seen a consistent growth over the last 10 years. Besides offering insurance products, Aviva’s financial advisory firm will also offer options from other trusted insurance providers.

      25th July 2016

    • New Financial Advisory Firm to be set up by Aviva Singapore

      Aviva Singapore is in the middle of setting up an FA (Financial Advisory) as a way of strengthening the British Insurer’s prime distribution channel amidst such a competitive industry. According to market sources, Aviva Singapore has applied for a license from the regulator in order to set up an FA firm that will be wholly owned by the insurer. Sources also indicate that Aviva has already received an in-principal approval.

      Presently, Aviva is relying extensively on independent financial advisors and moderately on a team of relationship consultants for selling its products. According to an industry source, the insurer is hiring agents and battling other insurance companies for representatives.

      4th July 2016

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