This product provides an annuity in form of a pension to the policy holder after inception.
The product aims at those who would want to invest lump sum amounts so as to receive a managed and regulated monthly income thereafter
- The immediate annuity provides the policy holder with pension payments for life or for guaranteed period of time. If the policy holder dies, annuity payment will continue to be made into the estate of the deceased until the end of the guaranteed period.
- The annuity paid will depend on the age of the policy holder 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.