- This is a savings product whose proceeds are used to purchase retirement pensions.
- Product proceeds are directly linked to the value of the underlying investments
- On retirement, each policyholder receives an Accumulated Fund Account allocated to the policy.
- On death of the policyholder Accumulated Account Balance at date of death is paid out.
- Accumulated Fund Value at date of maturity is determined.
- Policy ends.
- A paid up value is available after 2 years’ premiums have been paid.
- Paid up value is the percentage of the accumulated fund account.
- The percentage depends on the duration at paid-up date and original term of the policy.
- The term to run remains the same as it was before the policy is made paid-up.
- Accumulated account continues to grow with interest declared from time to time.
- Policy continues but changed.
Voluntary Early Retirement – Policy Ends
- Allowed if policyholder is at least 55 age attained.
- The Policyholder is entitled to the paid up fund value at the date of retirement.
ILL Health Early Retirement
- Satisfactory medical evidence should be submitted.
- The policyholder is entitled to fund value as at date of retirement.
- The policy does not have a surrender benefit.