Singapore, 24 May 2018 – AIA Singapore today launched the enhanced AIA Retirement Saver (III) to help boost retirement adequacy among Singaporeans as life expectancies1 and the incidence of critical illnesses continue to increase.
The policy now offers significantly higher maturity yield and includes:
Lowered premiums by up to 15%, to reduce the cost barriers to retirement planning, especially as more than half indicated current financial obligations as their top barrier to retirement2.
Increased Monthly Dividend by up to 142% to provide a higher stream of regular payouts for customers to better plan their retirement funds for greater peace of mind and security.
According to Singstats's record in 2016, the average life expectancy for male is 80.6 years and female is 85.1 years respectively3. Hence, with longer life expectancies, we enhanced the AIA Retirement Saver (III) to provide our customers with an option to delay Retirement Age till age 70, which results in a higher maturity yield due to the longer accumulation period.
The minimum Single Premium required for Supplementary Retirement Scheme (SRS) plan has been reduced to S$15,000 so that we are able to help a wider group of customers with both their tax and retirement planning needs.
Critical Protector Waiver of Premium, which waives future premiums upon diagnosis of any of the covered Critical Illnesses (CIs). This is particularly important today, given the increasing incidence of chronic illnesses in Singapore.
The enhancement of AIA Singapore's popular AIA Retirement Saver plan addresses customers' mounting concerns around retirement, providing them with the solution to start taking charge of their savings.
Key features of AIA Retirement Saver (III) offer enhanced returns, certainty, greater choice and guaranteed acceptance: