AXA Retire Happy Plus (II) | Full Product Summary [2023]


AXA Retire Happy Plus (II) Review

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AXA Retire Happy Plus (II)

Table of Contents

If you’ve been looking for retirement plans that pay you a monthly stream of revenue, the AXA Retire Happy Plus (II) is probably what you’re looking for.

This policy was built to provide you with a consistent flow of retirement income at your selected retirement age.

What makes this plan attractive is that they provide a 100% capital guarantee with up to 2.67% guaranteed returns per annum.

It also allows you to participate in the performance of the Participating Fund in the form of non-guaranteed cash benefits that may be declared and allocated from time to time.


  1. You will need to be minimally 18 years old based on the policy attained age and within 65 years old based on your nearest birthday
  2. Depending on the premium payment option selected,
  3. For regular premiums: A minimum of S$2,400 annual premium
  4. For single premium: A minimum of $20,000 for cash payment, or $12,500 for payment via your Supplementary Retirement Scheme (SRS)



Payout Options

Before selecting your payout option, you will need to decide on your Selected Retirement Age. This is basically deciding on when you would like to start receiving your payouts.

The 9 choices for the Selected Retirement Ages are: 50, 55, 60, 61, 62, 63, 64, 65, or 70.

According to AXA Singapore, retirement ages are available based on your entry age. As much as we would like to provide you with the information, that’s all the details provided.

After selecting your retirement age, there are 3 payout options available for you to choose from:

  1. 15 years,
  2. 20 years, or
  3. A lifetime (until age 99)


Lastly, you have the ability to counter inflation by opting for an inflated payout. AXA Singapore does this by increasing your retirement income by 3.5% per annum from your retirement age.

But if you’re opting for the inflated payout, expect to pay higher premiums to compensate for the difference!

Policy Terms

As mentioned above, the AXA Retire Happy Plus (II) offers 2 types of premium payment; Single and Regular.

For the single premium term, you will need to minimally make a one-time $20,000 cash payment, or $12,500 for payment via your SRS account.

For the regular premium term, you have the option of choosing a payment term of 5, 10, 15, 20, or 25 years, with a minimum premium of $2,400 annually.


The AXA Retire Happy Plus (II) offers you a Total and Permanent Disability Multiplier rider where you can receive an additional 5x payout of your selected guaranteed retirement income coverage in the scenario where you face total or permanent disability.

This payout is applicable upon diagnosis before your Selected Retirement Age, and applies to both the Level or Inflated Payout option.

Hassle-free Application

There is no need for medical underwriting as all applications for the basic plan will readily be accepted, also known as the Guaranteed Insurability Option.

You may include riders in this policy to waive future premiums in the event of disability or critical illness. However, riders are optional and are subject to medical underwriting.

Coverage Add-ons

This part of the policy is optional. Similar to all add-ons, it’s good to have, but not a necessity!

Here are the coverage add-on riders available with the AXA Retire Happy Plus (II):

PremiumEraser Total

This additional benefit will waive future Premiums upon Total and Permanent Disability, and diagnosis of critical illness, before the Policy Anniversary nearest to your 70th year birthday.

Premium Waiver (UN)

In the event of involuntary loss of income before age 50, your premiums for the next 6 months will be waived.

Premium Waiver (CIUN)

In the event of advanced stage critical illness diagnosis, your future premiums will be waived.

In addition, in the event of involuntary loss of income before age 50, your premiums for the next 6 months will be waived.

How much will I receive upon maturity of the AXA Retire Happy Plus (II)?

The below scenario illustrates the benefits of the AXA Retire Happy Plus (II), based on a 29-year-old (age next birthday) male,  non-smoker, who decides to save $404.77 monthly for 20 years (premium term), and proceeds to start receiving annual payouts from age 65 onwards, for 20 years.

I’ll first illustrate the level payout:

Total Premiums Paid after 20 years: Guaranteed Annual Retirement Income: Total Guaranteed Retirement Income:  Non-Guaranteed Annual Retirement Income:  Total Non-Guaranteed Retirement Income:  Total Received:
$404.77 x 12 months x 20 years = $97,144.80 $9,000/year $9,000 x 20 years = $180,000 $11,610/year (illustrated at a 4.75% Investment Return) $11,610 x 20 years = $232,200 $412,200

Next, if you were to opt for the inflated payout, the calculations are below:

Total Premiums Paid after 20 years: Total Guaranteed Retirement Income: Total Non-Guaranteed Retirement Income (Illustrated at 4.75% Investment Rate of Return): Total Potential Retirement Income:
$647.63 x 12 months x 20 years = $155,431.2 $254,772.00 (Annual payout increases yearly to combat inflation) $428,016.96 (Annual payout increases yearly to combat inflation) $254,772.00 + $428,016.96 = $682,788.96


My Take on The AXA Retire Happy Plus (II)

The AXA Retire Happy Plus (II) is definitely enticing to those who are looking to receive a constant stream of retirement income. Furthermore, they give you the flexibility of choosing a retirement age for when you wish to start receiving your payouts.

They also offer a good selection of premium payment terms and add-ons that suits you based on what you need.

Unfortunately, the insurance portion of this policy is severely lacking.

There is no death or terminal illness coverage provided. Apart from accumulating wealth for retirement, it is highly essential you ensure that your assets and assets accumulated are properly protected by the adequate cover of insurance as well.

However, it is expected from a retirement plan to have insufficient insurance coverage.

That’s why most financial advisors recommend getting separate insurance policies to cover what you’re lacking.

However, do take note that product analyses are mostly an overview and generalised.

Different individuals have their own needs, desires, and goals.

Not forgetting that everyone also has their own specific situations and what they can afford.

Perhaps our guide to the best retirement annuity plans in Singapore might help!

To prevent overspending and buying the wrong financial products, always ensure that you consult with a financial advisor before making any purchases.

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Dollar Bureau and its affiliated parties is not meant to be construed as financial advice. Dollar Bureau shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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