This product is a personal retirement investment vehicle, which is unit-linked. It offers an excellent opportunity for an individual to prepare for a decent and comfortable retirement.
The members’ regular contributions are invested in a unit-linked fund that aims to provide long term real returns arising from a diverse investment portfolio that includes quoted and unquoted stocks and shares, government bonds, properties and debentures.
One can select his or her desired retirement age according to his or her own circumstances. Present legislation requires a retirement age of between 55 years and 70 years.
On survival to the selected retirement date, the cash value of units purchased will be available to secure an annuity income.
On death before retirement, the amount payable will be equal to the cash value of units purchased.
The policy becomes paid-up if premiums remain unpaid after the expiry of the grace period. The paid-up policy may be reinstated within six months from the date of paid-up.
Payments on retirement are governed by the Pension and Provident fund Act.
