MyProtector-Legacy
Protection and an inheritance that endures
Do the #1 thing today that’ll leave a positive
impact on your family for generations to come
– create a legacy.
Providing for your loved ones and building your wealth bring
countless rewards. But perhaps the greatest fulfillment comes from
giving them the very best in life – even when you’re not around.
A legacy of financial security is one of the most precious heirlooms
you can pass down. It can open the door for your child’s education
in a prestigious university, pave the way for their entrepreneurial
aspirations or enable them to maintain their current lifestyle.
And it could inspire them to raise their own family with the same
resilience you’ve given them.
So, where do you start building your legacy – especially in
today’s dynamic environment and amid market volatility?
Life insurance offers the financial
assurance that every lasting
legacy should have.
%
of Singaporeans
acknowledge that
it’s important for
them to leave money
or an inheritance.
Source: Aviva Consumer Attitudes Survey, June 2018
Have you ever had similar thoughts?
“I know life insurance will give me the assurance
that my dependants’ quality of life won’t be
diluted should the unforeseen happen...”
“... and it’s a way to leave behind
a meaningful gift for them”
“... but I don’t want to pay premiums
for my whole life in order to get a
longer protection term cover...”
“... and I worry that I won’t be
able to leave an inheritance
for my loved ones if I outlive
the policy!”
At Aviva, we strive to make it possible for everyone to give
their loved ones financial security that endures. That’s why
we’ve created a plan that offers high protection over a
long coverage term and lets you pay premiums for a
limited period, so it can be financed during your working
years. This way, you can continue to enjoy protection even
when you’ve stopped paying premiums.
Introducing
MyProtector-Legacy
Decided to start a legacy for your loved ones? Now you can make it
happen easily.
MyProtector-Legacy is a dual-purpose plan that gives you high coverage
for unexpected events in life like Death and Terminal Illness while enabling
you to leave a meaningful legacy.
Designed to give coverage up to age 99 (Age Next Birthday), it’s the
plan that gives a lifetime of protection but without life-long
premium payments.
You can safeguard the financial future of your loved ones with a lump-sum
payout in the event of Death or upon diagnosis of a Terminal Illness. And
should you outlive your policy, you’ll be rewarded with the full Sum Assured1
at age 99 (ANB) that you can distribute as you wish.
It’s your answer to preserving your family’s well-being and financial
security for a long time to come.
Key Benefits:
Coverage up to age 99 ANB – it pays a lump sum in the event of
Death or upon diagnosis of a Terminal Illness2 during the policy term
Limited premium payment term – you can choose to pay
premiums up to age 65 (ANB) or 75 (ANB)
Longevity Reward1 – you’ll receive 100% of your Sum Assured at
the end of your policy term
Increase coverage at key life events – the Guaranteed Issuance
Option (GIO)3 gives you the flexibility to increase the coverage amount
of your Basic Policy when you reach key milestones in life such as a
new addition to the family
Guaranteed Convertibility Option (GCO)4 – allows you to convert
the Basic Policy into a new Endowment or Whole Life Policy without
further medical underwriting
In addition...
MyProtector-Legacy also gives you these other benefits:
Interim Accidental Death Benefit5
Money-back for financial needs with Surrender Benefit6
– flexibility to surrender your policy from 3rd policy year and
receive a percentage of the Total Premiums Paid7
No nationality loading
Coverage and Premium available in 6 currencies
– SGD, USD, GBP, EUR, AUD and HKD
Choice of riders to enhance your protection
– complement your plan with optional riders8 for an
additional layer of assurance:
• TPD Advance Cover Plus II9
• CI Advance Cover Plus II9
• MultiPay Critical Illness Cover III
• Early Critical Illness Cover
• Critical Illness Premium Waiver
• Payer Critical Illness Premium Waiver
• Payer Premium Waiver Benefit
How MyProtector-Legacy works
Illustration 1:
Christy is a working mum aged 40 (ANB) and a non-smoker. She worries that should
unforeseen Critical Illness or death happen to her, the family would struggle with
their monthly expenses. She also wants to be able to leave her kids an inheritance.
Christy buys MyProtector-Legacy with a Sum Assured of S$1,000,000 which gives
her protection against Death and Terminal Illness till she’s 99 (ANB). She chooses to
pay premiums till she’s 75 (ANB) while she’s still working. She also adds on two riders:
TPD Advance Cover Plus II with S$1,000,000 Sum Assured and CI Advance Cover Plus
II with S$300,000 Sum Assured.
At 58 (ANB), Christy is diagnosed with stage 3 breast cancer. She receives a S$300,000
lump-sum payout and the CI Advance Cover Plus II terminates. Her policy continues
with a Sum Assured of S$700,000 and her premiums are reduced.
Sum Assured
When her policy expires at age 99 (ANB), she receives a Longevity Reward of S$700,000.
Christy buys
MyProtector-Legacy
with S$1,000,000
Sum Assured
plus riders
She’s diagnosed with
stage 3 breast cancer
and receives a lump sum
of S$300,000
New Sum Assured:
S$700,000
S$1m
Her policy term ends
and she receives a
Longevity Reward
of S$700,000
S$700k
Christy enjoys coverage till policy expiry at 99 (ANB)
40
(40 - 58 ANB)
Monthly premium:
S$807.65
58
(59 - 75 ANB)
Monthly premium:
S$539.25
Start of coverage term
Sum Assured
: S$1,000,000
Total premiums paid : S$287,681*
75
99
She stops paying
premiums but
continues to
be covered
Age Next
Birthday
(ANB)
CI Advance Cover Plus II payout : S$300,000
Longevity Reward payout
: S$700,000
* Amount is rounded up to the nearest dollar.
Illustration 2:
Frank, aged 40 (ANB), a non-smoker, is a businessman and father of three
children. Frank considers his kids and the business that he’s grown from a one-man
show to a successful enterprise with 25 employees his greatest pride.
His business is the main source of income for his family and he wants to ensure
that no matter what happens to him, it can continue to run smoothly and give his
family financial support.
Frank purchases MyProtector-Legacy, which gives him high life protection with a
Sum Assured of S$1,000,000 and he opts to pay premiums till he’s 75 (ANB).
Sum Assured
At the age of 85 (ANB), Frank passes on. His family receives a lump-sum payout
of S$1,000,000, which they can use to continue running the family business
while supporting their lifestyle.
Frank buys
MyProtector-Legacy
with S$1,000,000
Sum Assured
When he dies
at 85 (ANB),
his family
receives a
lump sum of
S$1,000,000
S$1m
Frank enjoys coverage of S$1,000,000
Sum Assured during his policy term
40
Frank pays monthly premiums
of S$679.45 till 75 (ANB)
Start of coverage term
Sum Assured
: S$1,000,000
Total premiums paid : S$285,369
75
85
He stops paying
premiums but
continues to
be covered
Age Next
Birthday
(ANB)
Death Benefit payout : S$1,000,000
Application is simple!
1. Choose your Sum Assured amount.
2. Decide if you want to pay premiums until
65 ANB or 75 ANB.
3. Consider eligible riders to enhance
your protection.
For more information about
MyProtector-Legacy,
visit www.aviva.com.sg
or speak to your financial
adviser representative today.
Footnotes:
1. If the policyholder holds the policy until policy expiry (the Policy Anniversary
immediately following age 99 at next birthday of the Life Assured), he/she will receive
100% of the Sum Assured of Death Benefit less any amount owed to Aviva Ltd.
Where Aviva Ltd has already paid a part of the Death Benefit in respect of a prior
claim under this Policy, only the remaining portion of the Death Benefit less any
amount owed to Aviva Ltd will be payable.
2. Terminal Illness means the conclusive diagnosis of an illness that is expected to
result in the death of the Life Assured within twelve (12) months from the date of
diagnosis. The Terminal Illness must be diagnosed by a specialist and Aviva Ltd’s
appointed Registered Medical Practitioner must confirm the diagnosis. Aviva Ltd
will pay the Terminal Illness Benefit as an advancement of the Death Benefit, less
any amount owed to Aviva Ltd in one lump sum.
3. The policyholder may opt for this option at each of the following key life events
without providing evidence of insurability:
a)
the Life Assured marries or divorces (i.e. change of marital status);
b)
the Life Assured becomes a parent by having a newborn child, or legally
adopts a child (i.e. adding a new child member to the immediate family);
c)
the Life Assured graduates from tertiary education; or
d)
the Life Assured purchases a property.
This option allows the policyholder to increase the Sum Assured of the basic Policy
by up to 50% of MyProtector-Legacy Sum Assured, or up to S$500,000 per life (or
its equivalent in other currencies), whichever is lower.
The limits set are irrespective of the number of policies the Life Assured may have.
This option is extended to standard life only. Please refer to the Product Summary
for more details.
4. The policyholder can fully or partially convert the basic Policy to a new endowment
or whole life policy available at the point of conversion, without further evidence of
insurability as long as the following conditions are met:
a)
The Policy is in force when this feature is exercised;
b)
The Life Assured is at age 65 at next birthday or younger when the Guaranteed
Convertibility Option is exercised;
c)
For full conversion, the Life Assured will be insured for the same Sum Assured or
less on the new Policy, subject to the Sum Assured limit of the new Policy; or
d)
For partial conversion, the Life Assured is insured for a Sum Assured equal to
or less than the amount of Sum Assured converted, subject to the Sum Assured
limit of the new Policy. The original Policy will continue with a reduced Sum
Assured, subject to the Sum Assured limit of the original Policy;
Footnotes:
e)
f)
The maximum Death Benefit payable under the new Policy must not exceed:
(i) the Death Benefit payable under the original Policy if it is a full conversion;
or
(ii) the Death Benefit payable for the amount of Sum Assured converted if it
is a partial conversion; and
No claims on this Policy have been admitted.
The terms and conditions above are not exhaustive. Please refer to the Product
Summary for details.
5. Aviva Ltd will insure the Life Assured against Accidental Death during the period
starting from the date the application is signed to the earliest of the following:
a)
the Policy issue date;
b)
90 days from the date the Application is signed;
c)
30 days from the date the Application is accepted by Aviva Ltd on
substandard terms, unless the Life Assured accepts the terms;
d)
the date the Application is withdrawn;
e)
the date the Application is rejected or postponed by Aviva Ltd; or
f)
the Accidental Death of the proposed Life Assured.
Provided that his/her age next birthday is less than 60 years on the date of the
application and he/she complies with the duty of disclosure as set out in the
Application Form.
The Interim Cover Benefit per life by Aviva Ltd under the Interim Cover is limited to
the lower of: (i) Five Hundred Thousand Singapore dollars (S$500,000) (or its
equivalent in other currencies); or (ii) the proposed Sum Assured for Death Benefit.
Please refer to the Product Summary for details, including the list of exclusions.
6. The Policy will acquire a Surrender Benefit after it has been in force for at least 2
years as long as the premiums are paid up-to-date. The Surrender Benefit from:
a)
the start of the 3rd Policy Year until the end of the premium payment term is
equal to 30% of the Total Premiums Paid for the Basic Benefit less any amount
owed to Aviva Ltd; or
b)
the end of the premium payment term onwards is equal to 50% of the Total
Premiums Paid for the Basic Benefit less any amount owed to Aviva Ltd.
The policyholder also has the option to partially surrender the Policy by reducing
the Sum Assured, which is subjected to the minimum Sum Assured of the Policy.
Upon partial surrender of the Basic Benefit, the Surrender Benefit (if any) will be
refunded proportionately depending on the amount of the Sum Assured reduced.
Please refer to the Product Summary for more details.
Footnotes:
7. Total Premiums Paid refers to the Instalment Premiums the policyholder has paid
for the Basic Benefits, from the Policy Effective Date up to the Premium Cessation
Date, the date Aviva Ltd processes the application to partially surrender the Policy
or the date of termination of the Policy, whichever is later, without interest and
excluding Premiums paid for all Supplementary Benefits (if any) attached to this
Policy (as the case may be). Please refer to the Product Summary for more details.
8. For details on riders, please refer to the respective Product Summaries.
9. Premium payment term and policy term of TPD Advance Cover Plus II and CI Advance
Cover Plus II will follow the basic plan when it is attached to MyProtector-Legacy.
It includes the Guaranteed Issuance Option and Guaranteed Convertibility Option.
These options allow the policyholder to enjoy the benefits without further evidence
of insurability. Please refer to the respective Product Summaries for more details.
Important Notes:
The policy is underwritten by Aviva Ltd.
This brochure is published for general information only and does not have regard to the
specific investment objectives, financial situation and needs of any particular person. A
copy of the Product Summary may be obtained from Aviva Ltd and the participating
distributors’ offices. You should read the Product Summary before deciding whether to
purchase the policy. You may wish to seek advice from a financial adviser representative
before making a commitment to purchase the product. In the event that you choose not
to seek advice from a financial adviser representative, you should consider whether the
product in question is suitable for you.
As buying a life insurance policy is a long-term commitment, an early termination of the
policy usually involves high costs and the surrender value, if any, that is payable to you
may be zero or less than the total premiums paid. Buying health insurance products that
are not suitable for you may impact your ability to finance your future healthcare needs.
This is not a contract of insurance. Full details of the standard terms and conditions of
this plan can be found in the relevant policy contract. Information is correct as at 15
January 2019.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
This policy is protected under the Policy Owners’ Protection Scheme which is
administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your
policy is automatic and no further action is required from you. For more information on
the types of benefits that are covered under the scheme as well as the limits of coverage,
where applicable, please contact Aviva Ltd or visit the General Insurance Association,
Life Insurance Association or SDIC websites (www.gia.org.sg or www.lia.org.sg or
www.sdic.org.sg).
AV-MyProtector-Legacy_A5_v1.0_COMP/2019/01/PPM/002
Aviva Ltd
4 Shenton Way, #01-01, SGX Centre 2 Singapore 068807
Tel: (65) 6827 9933
Website: www.aviva.com.sg
Company Reg. No.: 196900499K
GST Reg. No.: MR-8500166-8