Thursday, June 2, 2016

SAF Group Term Life Insurance Rebate (Q4 2014 - Q3 2015 Rebate)

Wow, goodness gracious. I can't believe that it has been a year already! It felt like I had just received a letter from Aviva regarding my rebate just a few months back. But it's already been a year!

Last year my rebate from Aviva was $40.47 and it reduced my SAF GTL cost from $307.20 to $266.73. A reduction of 13%!

Well, guess what? This year the rebate was huge!


I find that rather strange because I am paying just $307.20 for the SAF GTL insurance and I am quite sure that the riders do not count. Even if they do, it is $60 each. That makes my insurance cost $427.20.

A $119.22 rebate of $307.20 premium is a massive 39% rebate!
A $119.22 rebate of $427.20 premium is a still a huge 28% rebate!

I'm not complaining about received a huge rebate, but I'm now just curious as to which of my insurance plans are eligible for this rebate. Perhaps the reason why my rebate in the previous year looks smaller is because I changed my insurance coverage halfway and I'm not too sure about the period. Bad accounting right? Oh well.

If the rebate only comes from just the main plan, that means my cost per $100k sum assured is just $8!

All in, including the rebate, I'm covered for death and TPD for 200k and CI and early CI for 50k a piece and my monthly costs is a measly $25.67 a month.

And there I have friends dropping $300-600 a month for complicated X3 accident early death whole life limited pay investment linked participating insurance policies. Honestly, sometimes I don't know what the heck some of the plans out there even are. Apparently the more words, the better. Just like ah beng cars, you know? More stickers, more power.

Anyway, I am going to ring up Aviva tomorrow and find out once and for all whether the riders are eligible for rebate, because if that is the case, then I might be upping my insurance coverage!

** UPDATE: I called Aviva and the lady that I spoke to told me that the rebate portion is only for the term insurance part and that the riders are not part of the rebate. Still... the rebate is massive! Probably won't up my CI and early CI for now**

I did recently also applied for and got approved for DIRECT insurance (DPI) which I was talking about last year after I reviewed my insurance. I am waiting for the documents to arrive before I write a post about it.


  1. Hey GMGH,

    Thanks for the info. I only recently looked through my insurance portfolio, and I discovered while I was YOLOing my insurance premiums, my agents are also YOLOing with the commissions!

    Time for a restructuring of my insurance portfolio. :)

    1. Hi LepakInvestor,

      It's always good to do a review once in a while, to check that everything is going smoothly, or to readjust if we are off course :)

  2. Hi GMGH, Aviva's SAF group policies are the cheapest in town, it is worth maxing it ;-)

    1. Hi Richard,

      With the rebate, it's really so cheap! By my calculations, you can get almost double the coverage with the same premiums as compared to a DPI plan!

  3. Any thoughts on SCB imposing $10 min comm?

  4. It is worth the while to maximise the coverage under the SAF Aviva Group policy. I have coverage of S$800K for term life and S$200K for the CI. I intend to increase term to the maximum of S$1m when I relocate back to SG. The rebates are most welcomed by me every year!

    1. Hi caelitus,

      Wow, that's a lot of coverage! As long as you have dependents, there's nothing wrong getting more coverage, especially when its cheap and you can afford it!

  5. is this the only insurer that gives out rebate? i never heard of other insurer that does that.. what is the rationale for doing this?

    1. Hi foolish chameleon,

      Yes, to my knowledge, they are the only ones I know of that gives back a premium rebate. Do let me know if you come across others!

  6. Hi GMGH, do you only have this term insurance plan? I was considering to upgrade before I ORD.

    Anddd if there is an terrorist attack in Singapore or let say you're overseas, it seems AVIVA won't cover it. Anyone can shed some light on the issue?

    1. Hi K,

      No, I do not only have this plan. I also have the DPS plan (CPF initiative) and a DPI term plan.

      From my understanding, you can just as easily upgrade after you ORD, so I don't see the rush unless you feel you are inadequately covered.

      From what I understand, terrorism is covered. The only exclusion is suicide within 12 months. There is also the group risk limit that should be taken note of. However, that seems to be about it.

  7. I'm confused. Do you have to pay the deductible before the copay kicks in? So, for example, I'd have to pay $1000

    before the
    Health Insurance would help me... at all??

  8. Hey thanks for this amzing post. Would love to read more of such blogs. You can also have a look at Life Insurance Policy for more information.


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