Retirement years should represent a time of rest and enjoyment. The worries of working life ceases and a life of fun begins. With retirement comes the reality that you no longer have a regular monthly income. You may start to feel the financial pressures as your accumulated savings may gradually reduce due to increasing living expenses. This may be as a result of inflation, rising living cost, dwindling or no future savings.

This is why you need a PERSONAL RETIREMENT PLAN, a retirement savings plan that ensures that you are in control of your life even during your golden years. It is a simple, hassle free plan that helps you to create your own pension pot and live your retirement the way you want it.

How Does it Work

• Step 1: Choose your policy premium

  Like any other plan that allows you to save for retirement, you decide the premium you want. This represents the regular contribution amount during the savings period. The premium amount can be paid monthly, quarterly, semi-annually, annually or one-off.

• Step 2: Decide the Deferred / Savings period

  You also decide the deferred period. This is the period when your contributions will accumulate. It is the period when you make contributions towards building your retirement fund.

• Step 3: Start growing your fund

  Your funds will grow at an annual interest rate which will be communicated to you quarterly.

• Step 4: Earn additional bonus on your fund as you save

  The plan also promises you an additional amount referred to as the Retirement Bonus which is a defined percentage of your total fund, the sum of which is dependent on how long you save (deferred period). This is earned at the point of exit which is either at maturity or on termination (provided it is greater than five years).

• Step 5: Convert to regular monthly income

  You have the option to convert your fund balance (allocated contribution plus interest plus bonus) to annuity or a lumpsum

Plan Benefits

The plan also offers the following benefits: (i) Death Benefit (ii) Guaranteed Retirement Bonus Benefit

1. Death Benefit

   If the policyholder dies during the deferred period (contributory period), the plan will pay to the beneficiaries the higher of:

   • Guaranteed Death Benefit; or
   • Fund balance in the investment account as at the date of death.

   The Guaranteed Death Benefit is calculated as the total premium payable during the plan contributory stage (deferred period). The Death Benefit shall always be determined as of the date we receive notification of the death of the Life Insured.

2. Guaranteed Retirement Bonus Benefit

   The Guaranteed Retirement Bonus Benefit is an amount which will be added to the accrued fund value at the end of the savings period. The Retirement Bonus also applies to early termination provided the policy has been in force for at least five years.

HOW DO I CLAIM MY BENEFITS?

In the event of the death of the policyholder, please take the following steps:

• Lodge a formal request by walking into any of our outlets or by sending an email to [email protected]
• Submit copies of the following documents:
  1. Death certificate from National Population Commission
  2. Valid ID card of beneficiaries
  3. Policy Schedule or form (where applicable).

Additional documentation may be required