10/08/2021
DEFERRED ANNUITY(Retirement plan alias Salary for Life): 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 when he becomes an annuitant.
FEATURES:
-Opportunity to save towards a deferred regular annuity.
-Lump sum or Annual premium payment can be applied for deferred regular annuity.
-Death benefit payable if it occurs during deferment.
-No medical Examination required.
-Target Income at retirement can be flat or increasing at 5% or 10% annually.
-A retirement plan.
Premium Payment is flexible (i.e annual or single for deferred annuity).
BENEFITS:
-Guaranteed regular income
-Flexible Annuity Plan
-Tax relief on contributions to reduce tax liability.
-Survival at retirement: Regular income till death guaranteed for 10 years and thereafter guaranteed for life.
-Death benefits payable if it occurs during and after deferment.
-Surrender value options for deferred annuity after one year.
-Annuitant’s life Assurance covers option.
PREMIUM FREQUENCY:
Annual or 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.
Thus, Surrender value at
Year 1 is 10%
Year 2 is 7.5%
Year 3 is 5%.
However, from the 4th year you can access all your contribution and it's full interest.
I await your kindness and patronage. Thank you sir.
Augustine
Snr Financial Advisor
AIICO plc.
08179132713.
