Aviva has recently launched its new retirement savings plan, MyRetirement.
MyRetirement is a regular premium endowment plans that gives you a monthly income (min $500/month) for ten years upon your retirement age (choice of 50, 55, 60 or 65) and a lump sum maturity payout thereafter.
Premium terms can be either eight years or up to five years before your selected retirement age. A minimum accumulation phrase of 13 years is required. There is no medical underwriting required.
Based on the benefit illustrations, the yield of the guaranteed monthly income can be as high as 2.38% p.a. with another maturity payout giving the total plan a projected overall yield of 4+% p.a.
For example, a male non-smoker of 30 years of age can expect the following from the plan:
Yearly premiums of $8283 payable for 8 years. (total of $66264 paid)
At age 60, he will get a guaranteed amount of $1000/month for 10 years. (total of $120,000)
At age 70, he will get a projected lump sum maturity amount of $190,409.
From now till 31st May 2012, applicants who take up the MyRetirement plan will get the following freebies from Aviva: