MyRetirementChoice II

1. Capital is guaranteed at the end of the chosen Accumulation Period only, provided that 100% of the total premiums are paid before the end of the grace period. Accumulation Period is the period from the end of the premium payment term until the Policy Anniversary prior to the first payment of Monthly Total Income.

2. The Care Income Benefit is available at any time during the Income Payout Period. If the Life Assured meets the Partial Disability definition, we will pay a Care Income Benefit of up to 100% of the chosen GMI every month, depending on the severity of the Partial Disability, starting from the next Monthly Anniversary Date after a 90-day period from the date (inclusive) on which a Registered Medical Practitioner certifies the Partial Disability. 

This benefit will end immediately when the Life Assured no longer meets the Partial Disability Definition, upon the death of the Life Assured or when the Policy terminates, whichever is earliest. Please refer to the Product Summary for the full definition of Partial Disability and details.

3. If the Life Assured is first diagnosed with Partial Disability during the Income Payout Period and it is the first valid Care Income Benefit claim, you may apply to exercise the Fast Forward Option (FFO) to receive the Care Income Benefit in a lump sum. The payout will be made after a 90-day deferment period from the date (inclusive) on which a Registered Medical Practitioner certifies the Partial Disability. The lump-sum amount will be lower than the total Care Income Benefit and will be determined by us. Please refer to the Policy Illustration for the lump-sum amount you may receive when you exercise the FFO.

The FFO will be available only once and you must decide whether to exercise the FFO when submitting the claim for the Care Income Benefit. If the FFO is not exercised, it will not be available once the payment of Care Income Benefit has started.

The Care Income Benefit will not be available again if the FFO was exercised for Partial Disability where the Life Assured was unable to perform at least 3 Activities of Daily Living (ADL). The Care Income Benefit of remaining 50% of Guaranteed Monthly Income (GMI) will still be available for future eligible claims for Partial Disability where the Life Assured is unable to perform at least 3 ADL, if the FFO was exercised for Partial Disability where the Life Assured was unable to perform 2 ADL. Please refer to the Product Summary for details.

4. The minimum amount of GMI is either S$300 per month or is derived from the minimum annual premium of S$800 for the basic plan, whichever is higher.

5. Payout period for the retirement income can be from 5 years (at every 1-year interval) up to 35 years. The last age for receiving the Monthly Total Income (MTI) must be less than or equal to 99 ANB.

6. Monthly Cash Bonus (MCB) and GMI are part of the MTI benefit which the policyholder will receive during the Income Payout Period. MTI may also include the Additional Monthly Income (AMI) if the policyholder decides to convert their accrued Reversionary Bonus into AMI at the end of the Accumulation Period.

The policyholder will receive the MTI, less any amount owing to Aviva Ltd for the selected Income Payout Period. MTI payments will start one month following the end of the selected Accumulation Period. The MCB is not guaranteed.

7. The policyholder may choose the following:

i) withdraw the accrued Reversionary Bonus in one lump sum which will be payable at the Policy Anniversary immediately after the end of the Accumulation Period; or

ii) convert the accrued Reversionary Bonus into AMI at the Policy Anniversary immediately after the end of the Accumulation Period.

Please refer to the Product Summary for details.

8. For the reinvestment option, please refer to the Policy Illustration for the prevailing non-guaranteed rate. Aviva Ltd reserves the right to revise the non-guaranteed rate based on future experience.

9. For more details on the riders, please refer to their respective Product Summaries.