aviva - withdrawal of aviva ideal living

we have just received this urgent email notificaion from aviva:

Dear Partners,

Last week, we have launched Aviva’s MyLifeChoice. We are pleased and encouraged by the positive feedback we have received from many of you on the attractive product features of MyLifeChoice, comprehensive benefits and competitive premium structure.
MyLifeChoice is the next generation and logical evolution of our Whole of Life offering to our customers. Therefore, and in line with our efforts to make our product suite simpler and easy to use, we will remove IdealLiving from our product offering with immediate effect.

We thank you for your continuous support of MyLifeChoice.

Kind Regards,


Steven Baxter
Head, Partners
aviva ltd

This broadcast is published for information only and does not have regard to the specific investment objectives, financial situation and needs of any particular person. The information in this broadcast shall not be reproduced or distributed to unintended parties including policyholders, prospects and/or 3rd parties. Aviva Ltd accepts no liability whatsoever with respect to the use of this broadcast or its contents. This broadcast is not a contract of insurance. The standard terms and conditions of the plan(s) are provided in the relevant policy contract(s). The information contained in this broadcast is correct as at 28 September 2011.

my comments:

with the withdrawal of aviva ideal living, it mark a milestone in the insurance industry.

why?

aviva ideal living, embedded with 30 ci benefit is the only product in the market that comes with non-reviewable and guaranteed pricing of premiums. aviva ideal living is available with 3 premium term options, namely aviva ideal living (premiums payable till age 85), aviva ideal living 12 and aviva ideal living 21 with limited premium term of 12 and 21 policy years respectively.

aviva ideal living has been replaced with aviva mylifechoice which was officially launched by aviva on september 21, 2011.

now, with all ci products being priced to be reviewable and non-guaranteed, it will be interesting to see, going forward, whether who will be the first to blink in pulling the trigger with respect to repricing of such premiums.