The 2015 Aviva 20% discount off term insurance is for the full policy term and NOT only the first-year premium. It is valid for insurance application submitted before 1/4/2015 to 31/1/2016 (both dates inclusive) and turn in force by 29/6/2016. The minimum death sum assured to qualify for this promotion is S$1,000,000.
It is good to know that Aviva was offering 10% perpetual discount in 1st quarter of 2015 and increased to 20% perpetual from April 2015 onwards. The announcement also comes after the news that Aviva will end the existing Bancassurance partnership with DBS by 31 Dec 2015 and the launch of CompareFIRST.sg where consumers can compare the premiums and features of insurance products offered by various insurers in Singapore online (read our review on CompareFirst here)
Please find the Terms and condition of Aviva 20% discount below
- This Promotion is for the purchase of Aviva’s MyProtector-Level Plus Policy (“Policy”) and its attaching riders.
- Minimum basic sum assured of $1 million per Policy (in the contract currency) is required for the Policy to be eligible for the discount.
- Where basic sum assured is subsequently reduced to below $1 million (in the contract currency), discount will be removed.
- For customers who are purchasing a 5-year or 10-year renewable term, this Promotion shall be a one-off discount over their intended term (5 year or 10 year). Upon the renewal of their policy, this Promotion will no longer be valid. Premiums payable for renewal will be based on the prevailing premium rates at the time of renewal.
- Discount is given on a per Policy basis, subject to underwriting.
- Discount is applicable to the end of the premium payment term and will apply on new business as well as all subsequent renewal premiums.
- The Promotion is valid for applications signed from 1 April 2015 to 31 October 2015 (both dates inclusive). The policy must be issued by 31 December 2015.