Aviva is a London-based British multinational insurance company formed in 2000 by merger of Norwich Union and CGU with a palindrome name. Its history, however, dates back to the London-based Hand in Hand Fire and Life Insurance Society from 1969. Today, Aviva (LON: AV) is listed on the London Stock Exchange (LON: LSE) and is part of the FTSE 100 Index (INDEXFTSE: UKX).
Why choose Aviva?
Aviva Term Insurance Plans
What Is AVIVA MyProtector - Term Plan II?
AVIVA MyProtector - Term Plan II is a term life insurance plan which covers you for 2 basic benefits, namely death and terminal illness. You will be able to choose how many years you want this coverage for – great if you have a newborn or a child going through university etc. and is still financially dependent on you.
AVIVA MyProtector - Term Plan II Benefits
Base Sum Assured
When you apply for your plan, you will need to choose your base sum assured – basically the lump-sum payout cheque that you will want to receive from this plan.
The lump-sum payout will be issued to you or your family in the event you are diagnosed with terminal illness, terminal cancer (an optional rider), or when you pass on. Your plan will also terminate immediately upon payout.
You will get to choose how long you want this coverage for, namely for 5, 10, or 11 years up to age 85 (age next birthday) or up to 99 age next birthday
If you chose a shorter 5-year or 10-year plan, you will have the option to renew your plan.
You can increase your plan's sum assured at 5 different points in your life, namely marriage or divorce, property purchase, child unrolls into tertiary education, upon graduation or entering the workforce.
Convert Your Plan
You will have the option to convert your term insurance plan to an endowment or whole life plan
AVIVA MyProtector - Term Plan II Exclusions
Most often, accidental death will be considered eligible for claims. However, there are some general exclusions such as suicide, participation in war or terrorism, use of nuclear or biological weapons, military duties, sky-diving, parachuting, or racing, private aircrafts flights, unlawful activities, alcohol and drugs, etc.
If you've ever visited a hospital for certain conditions, do speak to your Aviva insurance agent about it lest it surfaces as pre-existing condition which may hinder your claims.
AVIVA MyProtector - Term Plan II Summary
In a nutshell, AVIVA MyProtector - Term Plan II is one of the more affordable term insurance in Singapore which offers coverage for death and terminal illness. You can choose to add riders to extend your coverage to include total and permanent disability, and critical illnesses. You will have the flexibility to choose how long you want this plan to cover you for (up to 99 years old), and may have the option to renew your plan.
What Is AVIVA MyProtector - Decreasing?
AVIVA MyProtector - Decreasing is a decreasing term life insurance plan. It basically gives your family and dependants a lump-sum payout in the event you pass on, or are diagnosed with a terminal illness. You'll get to choose the amount of your lump-sum payout (which is also known as base sum assured), choose how many years you want to be covered for, choose your interest rate, and extend your coverage with riders. As with all decreasing term plan, your coverage decreases over the years as your dependants (children) grow increasingly financially independent.
AVIVA MyProtector - Decreasing Benefits
Base Sum Assured
You can choose the amount of your lump-sum payout (which is also known as base sum assured) you want your family to receive in the event you pass away or are diagnosed with a terminal illness.
The crux of this plan is to cover you for death and terminal illness.
You can extend your coverage by purchasing riders to include total and permanent disability, and critical illnesses.
Your coverage will decrease yearly as your children grow increasingly financially independent.
You will get to choose your interest rates from 1 to 9%.
You can choose from a 10-year-long or 11-year-long coverage period (maximum until you turn 99 years old).
AVIVA MyProtector - Decreasing Summary
In a nutshell, AVIVA MyProtector - Decreasing is a term life insurance plan which decreases in coverage (and premiums) yearly to coincide with your children's increasingly independent financial status. Your family will receive your chosen lump-sum payout in the event that you pass on or are diagnosed with a terminal illness. There are only 2 coverage periods that you can choose from – 10 or 11 years (until 99 age next birthday). It is best for individuals who have fully paid their mortgages, and other loans and just want an extra piece of security of their children's final step into adulthood.
All Aviva Term Life Insurance Plans
The Aviva MyProtector comes in 2 different versions that you will be able to read about above – the Term Plan II, and the Decreasing term plan. Both insure your life, and will payout upon death.
Aviva's MyMaternityPlan is a 3-year-long single premium term plan covering both mother and child through pregnancy and childbirth.
What Types Of Insurance Does Aviva offer?
Aviva Singapore offers a total of 12 types of insurance ranging from health, savings, retirement, to life and travel. Here, a glimpse at what these insurance plans are:
12 Types Of Aviva Insurance Plans
1 Life Insurance
Aviva Singapore carries 4 types of
life insurance plans, namely the My Protector series, MyWholeLifePlan, MyLifeChoice, and MyMaternityPlan.
Aviva's MyShield is a Integrated Shield Plan to supplement your MediShield Life. You have the option to add an optional MyHealthPlus rider.
3Personal Accident Insurance
Aviva offers 2 types of personal accident (PA) insurance plans, namely the MyAccident Guard, and Personal Accident.
4Savings and Retirement
Aviva offers 3 types of savings plan, namely the Aviva MyRetirementChoice II, Aviva MyRetirement, and MyIncomePlus.
There are 3 types of disability insurance plans with Aviva – Aviva IdealIncome, MyCare or MyCare Plus, and MyLongTermCare or MyLongTermCare Plus.
Aviva offers 3 types of critical illness plans including the My Early Critical Illness Plan II, My MultiPay Critical Illness Plan IV, and MyCoreCI Plan II.
Aviva offers 3 home insurance plans with incremental coverage – the Home Lite, Home, and Home Plus.
Aviva has 2 investment platforms, namely the dollarDEX for unit trusts and mutual funds, and the Aviva Navigator for investments via SGD or USD, CPF Ordinary or Special accounts, Supplementary Retirement Scheme (SRS), and Regular Savings Plans.
Aviva offers 3 types of travel insurance for individuals, groups, and families with incremental coverage – Travel Lite, Travel Plus, and Travel Prestige.
Aviva offers 3 car insurance plans, namely the Lite, Standard, and Prestige with incremental coverage.
Aviva offers business insurance plans spanning coverage for individual health and accidents, your business property, public liability, workplace injury, disability, commercial vehicle insurance, business travel insurance, hospitalisation, and surgeries.
Aviva offers 3 group schemes – MINDEF and MHA Group Insurance provided by both MINDEF and the Ministry of Home Affairs (MHA), including term life, personal accident, critical illness, disability, and outpatient medical coverage.
How to apply for your Term Life Insurance plan
Applying for a Term Life Insurance plan through MoneySmart
Step 1Answer Some Questions
Don't have time to compare all the different life insurance plans in Singapore? Answer some questions and let our intelligent system find the best term life insurance plan for you.
Step 2Speak To Our Insurance Specialists
After you submit your quiz, our expert insurance specialist team members may drop you a call to clarify your needs and explain your options to you. Seize this chance to ask our friendly colleagues the burning questions you may have about life insurance!
Step 3Apply And Purchase Your Term Life Insurance
Once you have spoken to our insurance specialists, considered your options, and planned your finances, you are ready to apply for your term life insurance plan online through our portal.
Aviva Insurance Claims
If you hold an Aviva insurance plan, your Aviva insurance agent should be doing the claims for you – which involves the preparation of claim forms, supporting documents, and attending the the numerous follow-up investigations and questions from the claims department. Aviva is known to be quite detailed and thorough in their claims investigations, meaning you may receive multiple follow-up requests for more information or documents from the claims department.
How Do Claims Work?
You'll need to submit your claims form to your Aviva insurance agent or directly to Aviva via mail. After you submit a list of documents (which your agent should help you with), the insurance company will investigate your claims, and ask you to submit more documents if necessary, before finally paying you the assured sum.
Aviva Claim Forms
Visit the Aviva website, click on "Make A Claim" from the top bar menu. You will be able to select your relevant situation, such as death, accident, health, or critical illness etc. to view a step-by-step guide to filing your claims.
Frequently Asked Questions
How to pay Aviva life insurance premium online?
- There are 3 ways you can pay your Aviva insurance premiums online – internet banking (go under payments, bills, and select Aviva to pay your premiums), GIRO (you can apply via DBS or POSB to set up a recurring payment), or via the AXS website or AXS mobile app (select bills, followed by life insurance, and key in your policy number).
How to check Aviva policy status?
- If you have a registered account with Aviva's customer service portal, called MyAviva, you can log in to your account to view your policies and their statuses. However, if you have never been registered for MyAviva before, you will need to call the Aviva general customer service hotline at +65 6827 7988 to check on the status of your policy. To register for an online account, call 1800 827 9955.
Are Aviva and AXA the same company?
- No. Aviva and AXA are two different companies. Aviva is a London-based British multinational insurance company while AXA is French multinational insurance company.
Is Aviva term good?
- Aviva's term life insurance plan, AVIVA MyProtector - Term Plan II, is often favoured for its affordable premiums with competitive coverage that is considerably sufficient for the average individual.
Should I buy 20 or 30 year term insurance?
- The duration of your term life insurance coverage largely depends on your dependants' financial status and plans. You can calculate your coverage period based on when you plan for your children to be financially independent.