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.
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.
The AVIVA MyLifeChoice is a unique whole life insurance coverage plan which molds itself according to your changing needs. Following are some of the key benefits which this plan has to offer.
- MyLifeChoice has been designed to protect you, through the good and bad times. Which is why, this plan will continue to provide you coverage, even if you were to lose your job by putting your premium payments on hold, for a year (subject to conditions).
- This plan gives you coverage up to 275% of the sum assured value.
- Choose from a flexible payment period of 15, 20 or 25 years OR until the age of 80 years, counting from your next birthday.
- With level premium payments, this plan makes it easier for you to be well aware of your financial commitments and also budget your expenses.
- You can change your plan coverage at any point in life or at key life events, without having to provide any evidence of your health.
- Enhance the protection of your plan by attaching riders like the Optional Critical Illness or the Total & Permanent Disability rider which provide coverage up to the age of 99 years and 70 years respectively.
- Grow your monthly premiums into savings which you can access at the time of retirement.
The LifetimeFlexi is an investment linked insurance plan which combines the benefits of a savings plan along with insurance to provide cover and financial stability along the different stages of life. Following are the notable benefits of this unique insurance plan.
- This plan provides comprehensive cover for different stages of life, hence saving you the trouble of taking out different policies once every few years, with key life events.
- You have the option of choosing between 3 base covers. Each cover is a combination of different options like cover for critical illness, terminal illness, total & permanent disablement and death.
- Next, you can choose to take cover not only for yourself but also your spouse or your child.
- This plan is highly customizable in terms of allowing you to reduce your base cover value while strengthening your investment / saving.
- The LifetimeFlexi plan comes with the flexibility of letting you build your investment portfolio with as minimal as $100. Increase or decrease your premium amount any time, as per your need.
- Enjoy the flexibility of making investments as and when you choose, be it yearly, half-yearly, quarterly or monthly.
- Create a portfolio of your choice from a range of carefully selected investment-linked funds spanning across several asset classes, industry sectors and geographical regions.
- To ensure your peace of mind, AVIVA assures to keep your policy from lapsing for 5 years due to any market fluctuations. All you need to do is continue making your premium payments without taking any Premium Holiday.
- Adversity can strike any one, any time. AVIVA ensures that you stay protected in times of financial instability by covering you, despite a pause in premium payments.
- Loyalty can be very rewarding, as it does with AVIVA. Any customer who has held a LifetimeFlexi insurance plan for 10 years is entitled to earn extra unit allocations.
Compare AVIVA Life Insurance With Other Insurance Companies Offering Life Insurance in Singapore
- AIA Life Insurance
- AVIVA Life Insurance
- AXA Life Insurance
- Great Eastern Life Insurance
- Tokio Marine Life Insurance
- ETIQA Life Insurance
- NTUC Life Insurance
FAQs - AVIVA Life Insurance
- What are some of the riders available with the AVIVA Lifetime Flexi Life Insurance?
With the LifetimeFlexi plan, following are some of the many riders which you can attach to enhance the coverage of your plan – Flexi Term Assurance Benefit, Accidental Death & Dismemberment Benefit, Male Illness Cover II, Female Illness Cover II, Child Illness Cover, Critical Illness Accelerated Benefit, Critical Illness Premium Waiver and more.
- What is the premium payment period available with the MyLifeChoice plan?
With this plan, you have the freedom to make your premium payments over a span of 15, 20 or 25 years OR until the age of 80 years, from your next birthday.
- With the MyLifeChoice plan, will my premium amount change if I attach a rider?
The premium amount for optional riders which cover Critical Illness Benefit is not guaranteed and subject to change.
- Under the LifetimeFlexi plan, is there a charge involved if I change /switch my linked investment plan?
No, there is no charge applicable for changing or switching from one investment to another.
- Under the LifetimeFlexi Plan, is there an option to reduce my base cover to zero?
Yes, you can reduce your base cover to zero once you reach 55 years of age or you have made contributions towards policy premiums for a period of 12 years.
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