Aviva MyWealthPlan is an endowment plan which offers flexibility in its savings term as well as its plan maturity term. The plan is recommended mainly by Aviva agents and financial advisers. Also, it is often positioned as a general savings plan that allows one to save for a myriad of needs.
In a traditional endowment plan, you are required to save for a certain number of years before the plan matures with a lump sum. For Aviva MyWealthPlan, you can choose to save for a shorter number of years than the plan maturity term. There are two savings term options at 5 and 10 years while the plan maturity ranges from 10 to 25 years.
There is no medical checkup needed to apply for the plan, and this is a guaranteed issuance plan. There are also a few supplementary riders that can be added to the main policy such as cancer premium waiver rider and easyterm rider to enhance your coverage.
The image is taken from aviva.com.sg
Pros of Aviva MyWealthPlan
- There is flexibility in choosing your desired savings term and plan maturity
- Your capital is guaranteed if you hold the plan until it matures
- Attractive returns are offered, and the policy is a guaranteed issuance plan
Cons of Aviva MyWealthPlan
- There is a limited number of savings term with only two options available (5 years and 10 years)
- Your flexibility to access your savings without penalty before the plan maturity is low
- Your overall returns may be lower than other comparable plans in the market
To know which combination of savings and plan term for Aviva MyWealthPlan provides the most competitive rate of returns
To find out how Aviva MyWealthPlan compares to similar plans in the market
To understand how you can mitigate the cons of Aviva MyWealthPlan
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Besides Aviva MyWealthPlan, you may want to explore another class of endowment plan that provides lifetime monthly income here.