aviva - launch of aviva mylifechoice

today, aviva rolled-out their new product, aviva mylifechoice to her partners at the sky lounge of the iluma.

what is aviva mylifechoice?

this is a participating regular premium whole life plan covering death and terminal illness with the pricing of premiums that are level, non-reviewable and guaranteed.

there is a choice of limited premium payment term of 15/20/25 years or till age 80 years next birthday.

additional protection in the form of optional riders include:

a. enhanced total and permanent disability rider
b. enhanced critical illness accelerated benefit
c. critical illness premium waiver
d. payer premium waiver
e. payer critical illness premium waiver

aviva mylifechoice is also embedded with 4 distinct features*:

a. minimum protection value
b. advance cash withdrawal option
c. guaranteed extra protection option
d. waiver of interest benefit

* terms and conditions apply

my comments:

aviva mylifechoice is the company's entry into the mpv space currently occupied by her competitors, namely, manulife, ntuc-income and tokio marine life.

for those unfamiliar with mpv or minimum protection value, the life assured (dependent on entry age) comes in with a higher protection coverage of up to a specified number of policy years or till the life assured attaining his/her 65 years of age. aviva mylifechoice has opted for the former, which is for a period of 20 policy years from inception or up to the policy anniversary when the life assured attains age 65 at next birthday, whichever is earlier.

aviva mylifechoice claims to have the highest guaranteed cash values of any participating whole life plan in the market. if this is true, it is pretty remarkable given the fact that aviva has chosen to be prudent in terms of the rb (reversionary bonus) structure which is the lowest in the industry based on just $7.00 per $1,000.00 sum assured which is on par with ntuc-income's vivolife, launched on january 08, 2008. on this, i take my hat off to ntuc-income and now, aviva to have adopted the lowest rb structures, given the fact that bonus cuts have never been well received by all participating policyholders.

with aviva mylifechoice, there are now 4 insurers with 6 products offering minimum protection value and it will be interesting to see whether other insurers will respond with the same proposition to consumers.