DBS / Aviva - MyRetirement Plan

[KOPS1974]

Hi

The bancassurance specialist introduces this product by saying mySaving acct is only 0.2%, so to beat inflation getting this product is better.



Need to pay a monthly premium for 8 years, then 55 years old can get the monthly premium back until 65 years old (i.e u earn extra 2 years) or u can choose to get one lump sum or u can also choose not to take the monthly premium but take the lump sum at age 65 with extra bonus.

Anybody bought this plan? Is it good?

 

[azfong]

Hi

The bancassurance specialist introduces this product by saying mySaving acct is only 0.2%, so to beat inflation getting this product is better.



Need to pay a monthly premium for 8 years, then 55 years old can get the monthly premium back until 65 years old (i.e u earn extra 2 years) or u can choose to get one lump sum or u can also choose not to take the monthly premium but take the lump sum at age 65 with extra bonus.

Anybody bought this plan? Is it good?

There are quite a few retirement income plans in the market now. As an adviser from a FA, I represent nearly all the insurance companies in Singapore and have the ability to compare the different plans available.

There are several factors to consider:
1) Desired retirement age
2) Retirement income required for how many years? Til Age 75? Age 85?
3) Affordability at the moment.

If inflation is a concern, one of the life insurance companies offers a retirement income plan that is inflation hedged.

The advice given by the banassurance guy differs to what i would advise. He is selling this to you as an investment instead of a retirement income plan. So this boils down to what is your concern? An investment or guaranteed income in your retirement years?

 

[lifeishard]

yes,it's good but very expensive...