INNOVATIVE NEW AVIVA LIFE INSURANCE PRODUCT DELIVERS FLEXIBILITY AND CERTAINTY OF COVERAGE
Aviva, the world's sixth largest insurance group, has launched its latest life insurance product, MyLifeChoice. The product – a whole of life participating insurance plan – responds to a study conducted by Aviva Singapore into Singaporeans' protection requirements.
"We're serious about understanding the needs of our customers. Studies have shown that Singaporeans are underinsured. We want to listen to their financial concerns, and give them the confidence and reassurance to plan for their future. MyLifeChoice is a product that makes things simple for our customers and offers rewarding returns on their premiums," said Mr. Simon Newman, CEO, Aviva Singapore.
Translating insights into customer rewards
The Aviva sponsored study, which examines the specific preferences of life insurance policyholders found that Singaporeans were strongly focused on financial security. 89 per cent of respondents revealed that certainty of coverage for life, regardless of future health conditions was important to them. In addition, 92 percent of those surveyed wanted guaranteed returns, while 91 percent wanted the ability to withdraw money when the need arose.
Perhaps unsurprisingly, Singaporean consumers worry about premium payments when it comes to taking out life insurance cover. 71 per cent of respondents expressed concerns about their ability to keep up with their premium payments, while 64% find "premium holidays", which allow them to put off premium payments for a period of time, appealing.
These insights have helped Aviva to create its latest whole of life participating insurance plan, which offers consumers the benefits of insurance coverage and savings, as well as the flexibility to make adjustments at key life milestones.
"Insurance need not be scary. We want to assure Singaporeans that protection can be guaranteed and there can be flexibility to make adjustments, especially when your needs change at different life stages", says Mr. Andre Hermans, Director of Product and Marketing, Aviva Singapore. "MyLifeChoice has been designed to do just that -- remaining flexible, while providing certainty around insurance coverage."
MyLifeChoice allows Singaporeans to enjoy high protection during the earlier policy years when they have dependants. In the first 20 policy years or until age 65 (whichever is earlier), the product offers additional protection, giving a total claim payout of up to 275% of the sum assured. Policyholders also have the option of increasing their coverage without any evidence of health or medical examinations during key life milestones – marriage, welcoming a baby into the family, or graduation from tertiary education.
In the later policy years, the product focuses on savings. The cash value comprises of a guaranteed component as well as projected annual bonuses. Customers have the option to make a lump sum withdrawal from age 65, while still retaining the protection element of the plan.
In addition, policyholders can put MyLifeChoice premium payments on hold for up to a year and still continue being covered, in the event of job loss.
"Flexibility and certainty of coverage lies at the core of MyLifeChoice. It's a unique product that lets consumers add or subtract coverage according to their needs – so they'll only ever pay for what they need. They can even choose their preferred payment duration," concluded Mr Hermans.