MyLifeSavingsPlan

¹The policy term is up to 99 ANB of the original Life Assured. For policies issued on joint Lives Assured basis, the policy term is up to 99 ANB of the older of the two original Lives Assured.

²Depending on the chosen premium payment term, the Guaranteed Cash Surrender Value is equivalent to the Total Premiums Paid as at the end of:

a) 15th policy year for policy with premium payment terms of 5, 10 or 15 years;
b) 20th policy year for policy with premium payment term of 20 years; or
c) 25th policy year for policy with premium payment term of 25 years;
subject to terms and conditions of the policy.

³Maturity Benefit is payable if the Life Assured is alive on the Policy Maturity Date and the policy is in force. It consists of the Guaranteed Maturity Value, the accumulated Reversionary Bonus (if any) and the Terminal Bonus as declared by Aviva Ltd (if any), less any amount owing to Aviva Ltd. For policy issued on joint Lives Assured basis, the Maturity Benefit will be payable if one of the two Lives Assured is alive on the Policy Maturity Date.

⁴The policy will acquire a cash value from the start of the third policy year onwards as long as the premiums are paid up to date. The total cash value of the policy consists of guaranteed and non-guaranteed cash value. The non-guaranteed cash value will depend on the performance of Aviva Ltd’s Participating Fund. Please refer to the Product Summary for more details.

⁵While the policy is in force, the Death Benefit is payable in the event of death of the Life Assured. The lump sum payout for Death Benefit comprises of:

a) the higher of 105% of Total Premiums Paid for the basic plan (excluding advance premiums and premiums for riders attached to the policy (if any)) or 101% of the Guaranteed Cash Surrender Value;
b) the accumulated Reversionary Bonus (if any); and
c) the Terminal Bonus as declared by Aviva Ltd (if any);
less any amount owing to Aviva Ltd.

For policy issued on joint Lives Assured basis, the Death Benefit will be payable when the last of the two Lives Assured dies.

⁶The Life Stage Benefit payable per Life Stage Event is 3% of the prevailing Sum Assured and is limited to one Life Stage Event per policy year. The policyholder can make a maximum of two Life Stage Benefit claims per policy and this benefit ceases once it has been claimed twice. The Life Stage Events are:

a) any change of marital status of the Life Assured, such as the Life Assured marries or divorces;
b) the Life Assured becomes a parent by having a newborn child, or legally adopts a child;
c) the Life Assured or Life Assured's child enrols into tertiary education; or
d) the Life Assured purchases a property.

At policy maturity, if the policyholder has not maximised the number of claims he/she can make on the Life Stage Benefit, Aviva Ltd will pay the policyholder 3% of the prevailing Sum Assured for each unclaimed Life Stage Benefit in one lump sum, on top of the Maturity Benefit and thereafter this benefit ceases. Please refer to the Product Summary for more details.

⁷The Sum Assured is used to determine the Reversionary Bonus and it is not the Death Benefit payable.

⁸Partial withdrawal is allowed after the policy has acquired a cash value. Any partial withdrawal will reduce the long-term value of the policy and the Sum Assured of the policy. Policy will terminate upon full withdrawal of the cash value of the policy.

⁹Joint Lives Assured policy is allowed:

a) based on husband and wife basis for Lives Assured of 17 ANB and above; or
b) based on parent and child basis for parent Life Assured of 17 ANB and above and child Life Assured of 18 ANB and below.
Please refer to the Product Summary for more details.

¹⁰The policyholder can request for a change of Life Assured after the first policy year. The new Life Assured can be the policyholder himself, his spouse or his child (who is 18 ANB and below). Any request to change the Life Assured is subject to acceptance by Aviva Ltd. Please refer to the Product Summary for more details on the terms and conditions for change of Life Assured.