fbpx
Number 1 Retail Life Insurer
aiicontact@aiicoplc.com 01 270 2930 0700 AIIContact (0700 2442 6682 28)

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. You save on tax, 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
  • Tax relief on contributions to reduce tax liability
  • Annuitant’s life assurance cover option available

Premium Frequency:

  • Annual
  • Single

Notes:

  • On death of the policyholder before commencement of annuity payment, all premium paid are refunded with interest compounded of at least 3% per annum.
  • On death of the annuitant after annuity payment commences, a lump sum of five (5) times the annual annuity at the point of death together with any balance resulting from guarantee becomes payable.

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).