Our Guaranteed Lifetime Retirement Income Plan will: Pay you a guaranteed income for a minimum of 10 years and for the rest of your life, thereafter. Pay an income to your dependent when you die, if the option is chosen. Also pay for two lives (you and your spouse).
This provides you with an income for life. which then transfer to your spouse when you die and pays him/her regular income for the rest of his/her life. Guarantee peace of mind after retirement. We will protect you from the possibility of outliving your retirement savings (longevity risk) and provide you with steady and predictable income.
What do you need to do?
Use your RSA balance to buy our Guaranteed Lifetime Retirement Income Plan , to last you for the rest of your life. Make a single lumpsum payment from your other savings. Decide on the kind of income you want.
What will we do?
Pay your regular income starting from now at a specific interval that will be decided by you. Guarantee you payment for 10 years and there after payable for life. pay outstanding guaranteed payment to the named beneficiary should death occur within the period.
What happens if death occurs after guaranteed period?
If the death lumpsum option is chosen, we will pay the death benefit lumpsum to your named beneficiaries. If the spouse option is chosen, annuity payment will continue to the named spouse for the rest of his/her life. No payment will be made if death occur after the guaranteed period, if you do not choose any of the options above.
This product is suitable for you if:
You are retired or very near retirement now. You want to invest your RSA lumpsum where you can begin draw from immediately. You want a product that will pay you for the rest of your life. You have a personal lumpsum of money you want to invest and begin drawing an income from. You want to enjoy a steady income at retirement for the rest of your life.
|Guaranteed Period||5 to 10 Years|
|Inflation Period||5% & 10%|
|Income Dependants||50%, 75%, & 100% Annual Annuity|
|Death Benefits||Lumpsum payment of 3 or 5 times the annual annuity upon death of the annuitant.|
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