Aviva MyRetirement Choice Vs Manulife Readyretire Plus, which is a better plan? - Seedly
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Asked 3w ago

Aviva MyRetirement Choice Vs Manulife Readyretire Plus, which is a better plan?

I am currently considering between these two retirement plans.


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Hi anon,

There are several factors to consider. I'll list the key points here, but ultimately you will have to choose which combination of factors will matter to you more.

  • Guaranteed yield: This is a core reason why we get a retirement plan. You don't want your money to erode due to inflation, so there should be a decent guaranteed yield, with potential upside. As I do not know your profile, it's impossible to say which plan has the better yield for you.

  • Premium duration/mode: Manulife allows for Single Premium, whereas Aviva's shortest premium duration is 5 years. Manulife also allows SRS funds to be used to get the plan.

  • Acccumulation and Payout Duration: Manulife is more rigid as they have certain defined payout age, and defined payout durations. Aviva has far more flexibility.

  • Disability benefits: Manulife covers 2 and 3 ADL with their loss of independence income feature, whereas Aviva covers 3 ADL via the care income benefit.

  • Projected returns: This depends on your plan, without your profile, it is not possible to comment.

  • Waiver Riders: Waives premiums upon certain events occuring, e.g. cancer or CI. Both insurers are quite similar in that aspect.

  • Death benefit: Should you pass on prematurely before the end of your retirement plan, look at the remaining death benefit between two plans with similar parameters. I will just say that you might be surprised by the result.

  • Fringe benefits: Manulife allows you to adjust the payout duration period up to 2 years before it starts, and there's a retrenchment benefit as well.

I would say that you should look at these factors to know what matters the most to you. Speak to an independent financial advisor in order to find to get a better idea of what would be suitable for your particular situation, so that you can get a tailored recommendation. There is no best retirement plan out there, we should instead look at the most suitable plan for you.


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There are some key factors to consider when comparing between different retirement plans. They include: Flexibility, Yield from guaranteed returns and Coverage.

Aviva MyRetirement Choice provides best flexibility as it provides you the option to choose your retirement age (any age) and pay-out term (5-35 years). However, it does not allow payment through the Supplementary Retirement Scheme (SRS).

For Manulife RetireReady Plus II, it is more limited in terms of the choice of retirement age (earliest is 50) and pay-out term (limited to interval of 5). However, you have the flexibility to adjust you pay-out term as long as it is two years before your retirement. It also possesses good retrenchment benefits while it is also payable with the Supplementary Retirement scheme (SRS).

Both policies have their pros and cons. Do get in touch with us and we can provide you recommendations based on your personal financial situation.


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