Aviva Global Savings Account by zqf54458

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									   Aviva Global
Savings Account
Aviva Global Savings Account
Aviva Global Savings Account is an investment-linked savings plan designed to meet your medium to
long-term financial goals. The flexibility and freedom you will enjoy with Aviva Global Savings Account
will provide you with the opportunity to realise your investment goals and future plans.

With a minimum monthly savings of S$450 (or currency equivalent as shown on p.8), you gain access to
the world’s investment markets by investing through a selection of high quality funds with different
investment strategies within one simple and flexible savings account.


Investing with Aviva
Aviva Ltd is registered in Singapore and is governed by the laws of Singapore. Our parent company,
Aviva plc is listed on the London Stock Exchange and is regularly assessed to determine its financial
strength and operating outlook. Further information about it may be found on www.aviva.com. Aviva
plc's financial strength ratings* are:


   Standard & Poor’s         AA/AA-      very strong

   Moody’s                   Aa3        excellent

                                                                                  * ratings as at 31st Dec 2006



As with everything else, we choose our location carefully. Singapore's strategic location makes it ideal as
a regional offshore hub. Its stable political history and high-integrity business environment offer security
for international investors.

Over the last six years, Singapore has been actively promoting and developing the financial sector,
anchoring existing activities here and developing new activities where there are competitive advantages.
The Monetary Authority of Singapore (MAS) plays a major role in developing Singapore as a financial
centre, regionally and globally.


Financial institutions in Singapore must be registered with the MAS and meet stringent capital and
solvency requirements.


All life insurance and investment products developed in Singapore must be filed with the MAS prior to sale.


All insurance companies in Singapore are required to establish separate funds for each class of insurance
business. In addition, MAS has put in place a legislative framework for the protection of policy owners.
These regulations provide policy owners with confidence to invest in Singapore.


Under the present tax laws, proceeds from personal life insurance and investment policies are not subject
to income tax or capital gains tax in Singapore.




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     Global Investment Opportunities
     Through Aviva, you have access to a range of funds. Each fund is given a risk rating by the respective
     fund manager. This is the fund manager's estimation of the investment risk associated with the fund.

     The key to choosing an investment strategy is matching your required level of return with the
     investment risk you can tolerate. There are two important things to consider when making your
     investment choice:

     your age & your investment time horizon


     your risk tolerance i.e. how comfortable you are with the level of risk associated with your investment
     strategy


     See the Aviva Global Savings Account Fund Catalogue for more information.




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Key Features of Aviva Global Savings Account
1. Access to Diverse Investment Options
You have access to a range of asset classes including equities, fixed income and properties. Further
diversification can be achieved by selecting a mix of global, regional or country-specific funds. All funds
are managed and administered by leading international fund management companies.


2. Tax Efficient Growth
Under the present tax laws, proceeds from personal life insurance and investment policies are not subject
to income tax or capital gains tax in Singapore. However, the taxes applicable to your Plan depend upon
the tax laws in your country of nationality/residence.


3. Choice of Six Contract Currencies
You have the choice of the following contract currencies: £, €, A$, US$, HK$ or S$. Each underlying
fund will be reported in its fund currency and the Net Asset Value (NAV) of your Account will be
converted to the contract currency, enabling a common valuation. The contract currency cannot be
changed after the policy is issued.

4. Free Switching
With Aviva, you are entitled to unlimited free switching. This means that as your financial circumstances
change, so can your portfolio of investments.


5. No Bid/Offer Spread
Aviva Global Savings Account does not charge a bid/offer spread, so 100% of your money is invested
from the beginning after the deduction of any applicable fees (for details, please refer to “Summary of
Charges” on p.11) and credit card charges (if applicable). The returns will depend on the performance of
the funds you select.


6. Bonus Units Enhance Your Potential Return
During the 18-month Initial Contribution Period, bonus units up to 30% will be offered for savings equal
to or greater than a monthly contribution of S$700. (For details, please refer to “How does Enhanced
Allocation work?").

7. Option to Increase Regular Premium Contribution
Aviva Global Savings Account allows you to increase the regular premium contribution* anytime subject
to the remaining policy term requirement prevailing at the time of your request and the requirement on
Minimum Regular Premium Increase. The change of premium will take effect at the next appropriate
premium due date. (For details, please refer to “What are the minimum and maximum investment
limits?”).

* The Initial Contribution Period for the increased portion of the regular premium contribution will start at the next
  appropriate premium due date from the receipt date of the increased premium.




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     8. Premium Holiday Gives You Flexibility
     Aviva Global Savings Account offers you the flexibility to take a premium holiday at any time after the
     Initial Contribution Period. During the Premium Holiday, your policy will remain in force provided the Net
     Asset Value (NAV) of the account is above the Minimum Policy Value. (Refer to "What are the minimum
     and maximum investment limits?" for the Minimum Policy Value).

     9. Single-Premium Top-up to Enhance Your Portfolio When Opportunities Arise
     When opportunities arise, you can invest single-premium amounts as Top-ups. 100% of the single-
     premium Top-ups will be allocated as Accumulation Units, after deduction of the Upfront Administration
     Fee. (For details, please refer to “What are the minimum and maximum investment limits?” and
     “Summary of Charges”).

     10. Reward for Long-term Investments
     Aviva will reward you for your commitment in long-term investments. If you opt for a policy term of 15
     years or above at the outset and you remain invested till the end of the policy term, you will receive a
     Loyalty Bonus^ at policy maturity.

     For policies with a policy term of 15 years, a 1% Loyalty Bonus calculated based on all the premiums
     paid (based on the original premium amount at policy inception*) during the policy term will be paid to
     you at policy maturity. The bonus will be increased by 0.1% for each additional policy year up to a
     maximum of 2% for terms of 25 years or above. For example, the Loyalty Bonus for a 16-year term
     policy is 1.1%, for a 17-year term policy is 1.2% and so forth.

     ^ Loyalty Bonus will not be applicable if there is any reduction in the original regular premium amount, should the policy
       lapse or if premium holiday is effected during the policy term except when all outstanding original regular premiums
       (including any portion that has been reduced from the original regular premiums) are paid as of policy maturity. Any Top-
       up and any increased portion of the regular premium will not be eligible for Loyalty Bonus. Partial withdrawals, fees and
       charges deducted will not affect the Loyalty Bonus. To enjoy the Loyalty Bonus, all outstanding original regular premiums
       must be paid up to date as of policy maturity.

     * This refers to the regular premium amount before deduction of policy fee and any credit card charges (if applicable), as
        agreed at policy inception.




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Aviva Global Savings Account at a Glance
How does Aviva Global Savings Account work?
Aviva Global Savings Account is a contractual policy accepting regular premium payments paid monthly,
quarterly, half-yearly or yearly. Regular premium contribution frequency can be changed at the policy
anniversary.

The Plan requires the investor to enter into a contract to save regularly for a predetermined timeframe.
Currently the Plan offers investors a choice of policy terms from 8 - 30 years and provides a wide range of
unit-linked funds from which to choose. Please refer to the Fund Catalogue for the range of funds offered.

The Plan is structured with two unit classes:

i) Initial units: the regular premium payments contributed in the first 18 months of the policy i.e Initial
   Contribution Period (plus the additional amount if the regular premiums are increased) will be
   allocated as Initial Units.

ii) Accumulation units: the regular premium payments contributed after the Initial Contribution Period
    plus single-premium Top-ups, if any, will be allocated as Accumul ation Units.

Initial Account refers to the portion of the policy comprising the Initial Units and Accumulation Account
refers to the portion of the policy comprising the Accumulation Units.


Who underwrites the Account?
Aviva Global Savings Account is underwritten by Aviva Ltd.


Which currencies can I choose from?
£, €, A$, US$, HK$ or S$.

All underlying funds will be converted to the contract currency to enable a common valuation. The
contract currency may differ from the base currency of the underlying funds. For example, the contract
currency may be in US dollar, but the policy's two underlying funds may be denominated in the US dollar
and the Euro. The contract currency is specified at the point of application and cannot be altered after
policy issuance. All payments payable to Aviva will be made in the Contract Currency or an equivalent
amount in Singapore dollars (SGD) and all payments due from Aviva will be made in the contract currency.

What are the methods of payment?
You may pay by credit card, bank draft, telegraphic transfer and cheques. Cheques must be drawn from
a bank in the country of domicile of the cheque's currency. Cheque payment is to be made in the chosen
contract currency at time of application and with the Assured's* own personal cheque. For a policy
whose contract currency is in Singapore Dollars, the policyholder can also opt to make payments via
Interbank GIRO through a local Singapore bank.

A credit card charge will be deducted from the premium for every payment made using credit card
(refers to "Summary of Charges" for the credit card charges).

* Assured is the owner of the Policy, his legal representatives or assigns (including trustees where the
  Policy is subject to a trust), who is entitled to exercise the rights and options under the Policy.



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     What are the modes of premium?
     You can choose either monthly, quarterly, half-yearly or yearly payments.

     What are the minimum and maximum policy and premium term?
     You can choose the term of your savings plan ranging from 8 to 30 years [provided the age of policy
     owner at maturity is not more than 75 (age next birthday)].

     Who can apply for this plan?
     Anyone aged between 19 to 67, at next birthday is eligible to apply. For third party policy, the minimum
     entry age for the Life Assured* is aged 1 at next birthday and age 19 at next birthday for the Assured.
     Joint ownership# is permitted. Please refer to "What are the minimum and maximum investment
     limits?" for the minimum regular premium investment.

     * Life Assured is the person whose life is insured by the policy.
     # For Policies issued on joint ownership basis, the two (2) individuals who are to own the policy are the same lives to be
       insured under the policy.


     What is the benefit provided?
     106% of NAV in the event of Accidental Death (up to age 65 of the life assured), or
     101% of NAV in the event of death* other than Accidental Death.
     * In the event of death during the Initial Contribution Period, the value of any enhanced units allocated (ie. in excess of
       100% allocation rate) will be excluded from the NAV in determining the death benefit.




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What are the minimum and maximum investment limits?

Minimum Limits

    Contract Currency                                 £            €           A$           US$         HK$           S$

    Minimum Regular Premium Instalment
    - Monthly                                        150          250          450          250         1,500         450
    - Quarterly                                      450          750        1,350          750         4,500       1,350
    - Half-yearly                                    900        1,500        2,700        1,500         9,000       2,700
    - Yearly                                       1,800        3,000        5,400        3,000        18,000       5,400

    Minimum Single Premium Top-up                  1,800        3,000        5,400        3,000        18,000       5,400

    Minimum Regular Premium Increase
    - Monthly                                          30           50          90            50          400          90
    - Quarterly                                        90          150         270           150        1,200         270
    - Half-yearly                                     180          300         540           300        2,400         540
    - Yearly                                          360          600       1,080           600        4,800       1,080

    Minimum Policy Value*                             150          250          450          250        1,900          450

    Minimum Account Value**                        1,800        3,000        5,400        3,000        18,000       5,400

    Minimum Partial Withdrawal                     1,000        1,500        3,000        1,500        10,000       3,000

    Minimum Amount Per Switch***                   1,000        1,500        3,000        1,500        10,000       3,000

*    This refers to the minimum level of NAV that has to be maintained in order to keep the policy in force during Premium
     Holiday. If at any time the NAV falls below the Minimum Policy Value, all remaining Initial Units and Accumulation Units
     will be forfeited and the policy will automatically terminate.
** This refers to the minimum level of NAV that has to be maintained after a partial withdrawal.
*** A switch request may comprise switching instructions for multiple funds.


Maximum limits
No maximum.

How are underlying funds priced?
• Units in each fund will have a single 'dealing' price (NAV) used for all purchases, switches and
  withdrawals. There is no bid/offer spread except where the fund manager imposes a charge on the
  underlying fund.

• The unit pricing of the ILP sub-fund is the same as that of the underlying fund it invests in. Aviva does
  not charge any additional fees on the underlying funds.

• All funds will be priced based on the frequency of the fund managers' pricing.

• Aviva must receive your applications by the cut-off time that is prevailing at the time of your request
  for the subscription, switching and withdrawal/surrender of Units, to be based on the same working
  day's price and currency conversion (if required). Applications received after the cut-off time will be
  allocated using the next working day's price and currency conversion. Aviva reserves the right to
  change the cut-off time at its discretion by giving you thirty (30) days' prior notice or any such shorter
  period of notice as we may agree with the relevant authorities.



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     Can I switch my funds?
     Switching can take place between funds. Investors are entitled to unlimited free switches. Refer to “What
     are the minimum and maximum investment limits?” for the minimum amount applicable per switch.


     Can I make partial withdrawal?
     You can make partial withdrawals after the Initial Contribution Period, as long as you maintain the
     Minimum Account Value and subject to the Minimum Partial Withdrawal (for details, please refer to the
     “What are the minimum and maximum investment limits?”).

     Withdrawal of Accumulation Units is not subject to the Exit Fee but withdrawal of Initial Units is subject
     to the Exit Fee (for details, please refer to the “Summary of Charges”).

     Initial Units will be withdrawn only after all Accumulation Units have been fully withdrawn.


     Can I surrender my Account?
     If the policy is surrendered before the maturity date, the Exit Fee will be levied as a percentage of the
     Initial Units allocated to the Policy. There is no Exit Fee on the Accumulation Units. (For details, refer to
     the “Summary of Charges”).

     All units in your Account will be cancelled and the policy will be terminated upon receipt of your
     surrender request. The payment of the surrender value will normally be made within 10 working days.




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How does Enhanced Allocation work?
Enhanced Allocation will apply to policy terms of 10 years and above, with the minimum regular
premiums set out below.


The Enhanced Allocation Rates below apply to the regular premium amount (i.e. the amount before
deduction of Policy Fee and credit card charges, if any) during the Initial Contribution Period. Thereafter,
the allocation rates will be 100% until the end of the policy term.


 Frequency - Monthly
       £               €               A$              US$              HK$              S$         Allocation
   150 - 239       250 - 399        450 - 699       250 - 399       1,500 - 2,999    450 - 699        100.0%
   240 - 479       400 - 799        700 - 1,399     400 - 799       3,000 - 5,999    700 - 1,399      105.0%
   480 - 719       800 - 1,199    1,400 - 2,099     800 - 1,199     6,000 - 8,999   1,400 - 2,099     107.5%
   720 - 959      1,200 - 1,599   2,100 - 2,799    1,200 - 1,599    9,000 - 11,999 2,100 - 2,799      110.0%
   960 - 1,199    1,600 - 1,999   2,800 - 3,499    1,600 - 1,999   12,000 - 14,999 2,800 - 3,499      115.0%
 1,200 - 1,799    2,000 - 2,999   3,500 - 5,249    2,000 - 2,999   15,000 - 22,499 3,500 - 5,249      120.0%
 1,800 - 2,999    3,000 - 4,999   5,250 - 8,749    3,000 - 4,999   22,500 - 37,499 5,250 - 8,749      125.0%*
    3,000+           5,000+          8,750+          5,000+           37,500+         8,750+          130.0%*


Quarterly, half-yearly and yearly allocation rates will be calculated on a pro-rata basis (with rounding) as
follows:

 Quarterly         3 X monthly premium
 Half-yearly       6 X monthly premium
 Yearly            12 X monthly premium

* These Enhanced Allocations Rates are available only for policy terms of 15 years and above. For the same range of
  premiums, the allocation will be 120% if the policy term is at least 10 years but less than 15 years.

The increased portion of the regular premium amount, due to the Enhanced Allocation, will be invested
based on the prevailing fund allocation of the policy, as Initial Units.




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     Summary of Charges

      Initial Administration Fee   1.12% per quarter of the value of Initial Units, paid in arrears on a
                                   calendar quarter basis (i.e. March, June, September, December) by
                                   cancellation of units and calculated on the average daily Initial Unit
                                   holding in the Initial Account.The Initial Administration Fee will be
                                   deducted at the same time as the Investment Management Fee.

      Investment                   0.38% per quarter of the total value of Initial and Accumulation
      Management Fee               Units, paid in arrears on a calendar quarter basis (i.e. March, June,
                                   September, December) by cancellation of units and calculated on the
                                   average daily Unit holding in the Initial and Accumulation
                                   Accounts.The Investment Management Fee will be deducted at the
                                   same time as the Initial Administration Fee.

      Policy Fee                   A policy fee will be charged in advance and deducted immediately
                                   before the premiums are invested, in accordance to the number of
                                   months of premiums paid.

                                   Contract Currency            £         €          A$        US$        HK$         S$
                                   Policy Fee (monthly)         4        7.5         11        7.5         50        11

                                   If a Premium Holiday is taken, the Policy Fee will be charged on a
                                   monthly basis and will be deducted proportionately across all Funds.

      Switching Fee                Nil

      Bid/Offer Spread             Nil

      Upfront Administration       A one-time charge of 7.5% will be deducted from each single-
      Fee                          premium Top-up made before units are allocated. Therefore, each
                                   single-premium Top-up will be allocated at 92.5%.

      Exit Fee                     An Exit Fee will be charged as a percentage of the value of Initial
      (Upon Withdrawal or          Units withdrawn or surrendered (subject to a maximum of 100%).
      Surrender)
                                   During the first Initial Contribution Period:
                                   100% of the value of Initial Units withdrawn or surrendered.

                                   After the first Initial Contribution Period:

                                    Value of
                                   Initial Units
                                                 X   (1 - 0.99634Remaining Policy Months) + (0.3 x Remaining Policy Months)
                                                                                                Total Policy Months




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                               Withdrawal of Accumulation Units can be made anytime and is not
                               subject to Exit Fee.

                               No Exit fees are charged in the event of death.

                               EXAMPLES:
                               Assuming policy term is 10 years and Assured exits in year 5,

                                                                  0.3 X 60
                               Exit Fees = [1 - (0.99634)60 ] +
                                                                    120
                               = 19.75% + 15%
                               = 34.75% of Value of Initial Units

 Credit Card Charges           1% will be deducted from each premium paid by credit card.
 (For payment made by
 credit card)

 Annual Management             This fee refers to the fee charged by the underlying fund manager and
 Charges (AMC)                 varies depending on the ILP sub-fund(s) selected. Refer to the Fund
                               Summary and Fund Prospectus issued by the relevant fund houses of
                               the respective underlying funds for details.



Aviva reserves the right to review and amend the Fees and Charges from time to time by giving you
thirty (30) days' prior notice or any such shorter period of notice as We may agree with the relevant
authorities.

Please refer to the relevant Fund Summary and Prospectus of the underlying fund(s) for the specific fees
and charges associated with the underlying fund(s).




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     Important Notes:

     This brochure is not a contract of insurance. The standard terms and conditions of this plan are provided
     in the relevant policy contract. This brochure is published for information only and does not have regard
     to the specific investment objectives, financial situation and the particular needs of any specific person
     who may receive this brochure.

     You may cancel your policy by giving us written notice of cancellation provided that such notice of
     cancellation is received by Aviva at its Registered Office within fourteen (14) days from the date on which
     you receive the policy.

     Upon cancellation of the policy, Aviva will sell all Units allocated to the policy at the next appropriate
     Fund Valuation Date and will pay all sums received upon such sale to you on or before the Settlement
     Date. No increase in market value of the Units allocated to the policy shall be payable to you. No interest
     shall accrue or be payable on any sums payable to you pending payment. Any applicable Fees and Credit
     Card Charges deducted from the policy will be refunded to you and the Exit Fee will be waived.

     Buying a life insurance policy is a long-term commitment. An early termination of the policy usually
     involves high costs and the surrender value payable, if any, may be less than the total premiums paid.

     This policy is governed by and shall be construed in accordance with the laws of Singapore.

     The information given in this brochure is based on the understanding of Aviva Ltd of current law and
     Singapore taxation practice, which may change in the future. No liability shall be accepted by Aviva Ltd
     for any personal tax consequences of this policy and for the effect of future tax or legislative changes.




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Printed on recycled paper
                      JAN-08

								
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