Annuity/Retirement Plan
About AIICO Annuity...
Let us help you prepare for your retirement. As your retirement age or end of your service years draws closer, you can convert some or all of your pension into an annuity that will give you guaranteed income for the rest of your life. You will get paid regularly like a salary.
There are two AIICO annuity plans to suit your needs. These are:
- Deferred Annuity
This plan encourages self-discipline by saving for the rainy day. You can determine your earning at retirement and fund it effectively. There is a death benefit of a multiple of 5 times annual earnings payable to your preferred beneficiaries.
- Immediate Annuity
This can be taken if you have a bulk sum and want to receive your earnings immediately. This forestalls the risk of frivolous spending and secures a source of income when one is weak until death. The immediate annuity also includes the option for a spouse to continue receiving 75% of your annuity benefit after the annuitant’s demise.
Why do I need annuity plan?
An annuity plan is a great way to look forward to retirement with confidence. This product is a great way to ensure you] get regular income which is guaranteed for life.
Our annuity offers:
- Opportunity to save towards a deferred regular annuity
- Lump sum or annual premium payment can be applied for deferred regular annuity
- No medical examination is required
- Target income at retirement can be flat or increasing at 5% or 10% annually
- A plan for your retirement is developed
- Premium payment is flexible - annual or single for deferred annuity.
- Guaranteed regular income till death guaranteed for 10 years and thereafter guaranteed for lifeFlexible Annuity Plan
- Death benefits payable if it occurs during and after deferment.
- Surrender value options available for deferred annuity after one year
- Annuitant’s life assurance cover option available
Would you like to purchase this plan?
Speak to an AIICO Staff or Agent today. You may also reach us via email on aiicontact@aiicoplc.com.
To help guide prospective retirees make informed decisions on Retiree Life Annuity, click on the download button to access the Guide for Retirees Under the Contributory Pension Scheme (CPS).