- This product provides an immediate annuity in form of a pension to the policyholder after inception.
- The product aims at those who would want to invest lump some amounts so as to receive a managed and regulated monthly income thereafter.
- The immediate annuity provides the policyholder with pension payments for life for a guaranteed period of time. If the policyholder dies, annuity payment will continue to be made into the estate of the deceased until the end of the guaranteed period (if any)
- The annuity paid will depend on the age of the policyholder and the option he/she chooses to exercise.
- The Lump sum pension policy can also be adopted to provide payment to a group of future annuitants who would want to invest their monies with NIC and immediately receive monthly pension.
Annuity Contract Planwp