For Individuals

Protection and Healthcare - Whole Life

One thing we know for sure is that the future is uncertain. But Aviva can help take some of that uncertainty away with our whole life insurance coverage.

Our whole life insurance plans offer comprehensive insurance coverage, giving you the assurance you need at a price you can afford. Together we can determine your own unique needs and select a whole life insurance plan that’s just right for you.

MyLifeChoice
How to Apply

In life, there are many surprises. Some are happy and some, not. Whatever the surprises in life, you need a plan that will grow and change with you.

MyLifeChoice's Guaranteed Extra Protection1 option provides the choice to increase your insurance protection cover when you reach key milestones in life, such as marriage, starting a family or even upon graduation - without providing any evidence of health1.

MyLifeChoice's benefits:

  • Increase your coverage at key life events without providing evidence of health1
  • Enjoy coverage of up to 275% of the Sum Assured.
  • Guaranteed higher lump sum payout2 upon claim.
  • Supplements retirement fund through lump sum withdrawal3.
  • Optional Critical Illness and Total and Permanent Disability riders for coverage till age 99 and 70 next birthday, respectively.

High protection offers good value for money
MyLifeChoice's Minimum Protection Value (MPV)2 assures you for up to 275% of the Sum Assured in the case of death, Critical Illness6 or Total and Permanent Disability6, ensuring your hard-earned dollars are stretched further.

Short-term payment for long-term coverage
You can choose to pay over 15, 20 or 25 years or until the age of 80 years age next birthday.

Know your financial commitments upfront
MyLifeChoice guarantees a level premium4 throughout premium payment term, so you are well informed of your financial commitment from the start.

High protection, bonus payouts and easy access to savings
With MyLifeChoice, your monthly premiums will grow into savings over time. You will also have the access to these savings upon retirement3. What’s more, bonuses paid over time will contribute to your retirement nest egg.

Continuous cover, even if you lose your job
If this happens, simply contact us and we’ll put your premium payments on hold for a year5 and you will still be covered. 

 

Your first policy should offer the best value for money

  • View Case Study 1
    John is 30 and will be getting married soon. As his financial commitments will increase after marriage, he is looking for an affordable, first life policy to insure himself. He wants a plan that offers high protection, constant savings and bonus payouts, which will help him with retirement planning.

    John starts with MyLifeChoice. He chooses a Sum Assured (SA) of S$150,000 at a level premium4 of S$336.20 per month, payable over 20 years. During these 20 years, he is able to get 200% of the Sum Assured (S$300,000) through Minimum Protection Value (MPV)2. Not only does he receive high protection during the initial years, the accumulated bonuses also help him save for later years. Upon retirement, he has the option to withdraw the savings3.
    Here's how it works:

    individual-MyLifeChoice_case1a

    When John gets married and starts a family few years later, he uses the Guaranteed Extra Protection1 option to increase his coverage, without providing evidence of health.
    Here’s how it works:

    individual-MyLifeChoice_case1b

     

    Where:
    • SA: Sum Assured.
    • Maturity Benefit is equivalent to Sum Assured plus accumulated bonuses, less any indebtedness.
    • MPV: Minimum Protection Value (equivalent to 200% of Sum Assured for Life Assured with entry age 30 next birthday, applicable for first 20 policy years).
    • Premium stated above includes cover for death, Critical Illness benefit and Total and Permanent Disability benefit.
    • Projected accumulated bonus (which is not guaranteed) is for illustration purposes only. For details, please refer to the Product Summary.
    • If savings3 are withdrawn upon age 65, the Maturity Benefit will no longer apply.

     


    John was attracted to:
    • 200% of the Sum Assured during initial years, when he needs it most.
    • Higher Protection along with savings for his retirement.
    • Flexibility to increase coverage via the Guaranteed Extra Protection1 option without providing evidence of health.

High Protection with savings for your child

  • View Case Study 2
    Mr. and Mrs. Lim have just had their first child - Rachel. Being new parents, they want to start saving early for Rachel's future.

    Before Rachel's first birthday, they purchase MyLifeChoice with a Sum Assured (SA) of S$100,000 at a level premium4 of S$98.65 per month. This is to be paid over the next 20 years.

    During these 20 years, Rachel is able to get 275% of the Sum Assured (S$275,000) through Minimum Protection Value (MPV)2. Not only does she receive high protection in the initial years, the bonuses also add to her savings for later years.

    On Rachel's 21st birthday, Rachel's parents will gift this policy to her.
    Here's how it works:
    individual-MyLifeChoice_case2a

    Once Rachel is gifted this policy, she uses the Guaranteed Extra Protection1 option to increase protection cover upon graduation without providing evidence of health.
    Here’s how it works:
    individual-MyLifeChoice_case2b

     

    Where:
    • SA: Sum Assured.
    • Maturity Benefit is equivalent to Sum Assured plus accumulated bonuses, less any indebtedness.
    • MPV: Minimum Protection Value (Value (equivalent to 275% of Sum Assured for Life Assured with entry age 1 next birthday).
    • Premium stated above includes cover for death, Critical Illness benefit and Total and Permanent Disability benefit.
    • Projected accumulated bonus (which is not guaranteed) is for illustration purposes only. For details, please refer to the Product Summary.
    • If savings3 are withdrawn upon age 65, the Maturity Benefit will no longer apply.

     


    Mr. and Mrs. Lim were attracted to:
    • 275% of the Sum Assured during initial years
    • Short-term payment for long-term coverage
    • Protection and savings in one plan, which can be given as a gift to Rachel when she turns 21.


1You will be able to purchase new term protection coverage for death or Terminal Illness benefit with extra premium payable, without providing evidence of health. The Policyholder may opt for this option at each of the following key life events: (a) the Life Assured marries or divorce (i.e. change of marital status) (b) the Life Assured becomes a parent and has a new born child, or legally adopts a child (i.e. adding a new child member to the immediate family) (c) the Life Assured graduates from tertiary education. This option can be taken up to 50% of MyLifeChoice basic Sum Assured, or up to a maximum of S$250,000 per life, whichever is lower. This is irrespective of the number of MyLifeChoice Policies the Life Assured may have. This option is extended to standard life only.

2Applicable for a period of first 20 policy years or up to the Policy Anniversary when the Life Assured attains age 65 next birthday, whichever is earlier.

3The Life Assured is given the option to withdraw a lump sum at the Policy Anniversary when the Life Assured attains age 65 or at any Policy Anniversary thereafter before the policy matures. Policyholder may submit the request to withdraw once per policy. This option is only available after the premiums for the MyLifeChoice basic policy have been fully paid at the end of the premium payment term, provided no indebtedness upon the request for the Advance Cash Withdrawal. The lump sum amount is not guaranteed and the amount is determined at our discretion at the time when you request to exercise this option. If this option is exercised, the Maturity Benefit will no longer apply.

4Premium for optional riders that cover Critical Illnesses benefit is not guaranteed.

5This refers to Waiver of Interest Benefit, provided the policy has cash value to cover the total outstanding premiums. Please refer to Product Summary for details.

6Critical Illness and Total and Permanent Disability are optional riders.
 

The policy is underwritten by Aviva Ltd.

The information on this page is published for general information only and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. A product summary in relation to MyLifeChoice is available and may be obtained from Aviva Ltd and the participating distributors' offices. You should read the Product Summary before deciding whether to purchase the policy. You may wish to seek advice from a financial adviser before making a commitment to purchase the product. In the event that you choose not to seek advice from a financial adviser, you should consider whether the product in question is suitable for you. Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable, if any, may be less than the total premiums paid. Buying health insurance products that are not suitable for you may impact your ability to finance your future healthcare needs. Full details of the standard terms and conditions of this plan can be found in the relevant policy contract.
 

 

 

MyLifeChoice

icn-pdf MyLifeChoice Brochure
icn-pdf Application Form for MyLifeChoice

Please contact your preferred Financial Advisor, or an Aviva Advisor, for a copy of the relevant Product Summary/ies.

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