Annuity Plan

IGI Annuity Plan is a policy through which prospective policyholders or retirees can convert a lump sum of money into an immediate or deferred regular streams of income payable for life.

 

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How it works


• You can buy the IGI Annuity Plan with the proceeds of your Retirement Savings Account(RSA) from your Pension Fund Administrator or any lump sum of money at your disposal
• You can choose a plan that will pay a constant/flat amount or the one that increases by 5% or 10% per annum for the rest of your life
• The policy incorporates a guaranteed period of 10years; If the annuitant dies within the first 10years, annuity will continue to be paid to the named beneficiary until the expiry of the 10year period or a discounted lump sum will be payable
• You can choose to have your money paid to you monthly, quarterly, half yearly or yearly.

 

Choose IGI's Personal Annuity Plan and benefit from the financial strength of one of Africa's frontline insurers.

 

Flexibility


From the beginning, you can choose

• To purchase an annuity amount that is fixed or increasing at every policy anniversary 

• To purchase a plan that participates in the profits of the fund

• How frequently you want to be paid
• You can increase your purchase amount at any time should you want a higher annuity value.

 

Amount of Annuity you will receive


When you buy your annuity, the amount of income you will receive will depend on the following:

• The size of your purchase amount, i.e. the initial amount invested
• The option you choose


Options


There are three payment options available to you to choose from:

• Level Income 
• Increasing Annuity at 5% per annum
• Increasing Annuity at 10% per annum

 
Examples of Payment  Options


Initial Annual Annuity that can be purchased by a single premium of N2,000,000

   

 Age Last Birthday at entry   Option 1    Option 2    Option 3  
               40 182,416  105,738  48,344
               45 187,380  112,394  55,368
               50 194,290  121,078 64,312
               60 213,918  144,952  89,254
    

    

The corresponding monthly payment is determined by dividing the annual amount by 12. 

 

NOTE:
Option 1   Flat Annuity in payment, guaranteed for 10years
Option 2   Increasing Annuity at 5% per annum in payment, guaranteed for 10years
Option 3   Increasing Annuity at 10% per annum in payment, guaranteed for 10years

 
Benefits to the Annuitants 


• You will get Annuity payment for life
• The IGI Annuity Plan offers an excellent retirement investment vehicle
• The policy offers economic protection and a shield from the uncertainties of life and investment
• It gives peace of mind

         

Purchase Price and Other Important Conditions


• All payments should be made in cheque and written in the name of IGI Plc. Or pay cash into designated company's bank account
• Always request for a receipt for all payments made to IGI Plc
• You will always get an alert SMS confirming all payments made to IGI Plc within 5 working days
• If there is any change of address kindly notify us immediately
• We need a colour photograph of the policy holder
• If any answer has been written by any person(s) other than the assured, such person(s) shall for that purpose be regarded as the agent(s) of the Proposer and not the agent(s) of the Insurer
 

Payment of Proceeds


IGI Plc may require evidence that you are still alive before making any payments.

• Payment of annuity commences according to pre agreed mode/frequency of payments plan
• In case of death Proof of death will be required
• Proceeds will be paid directly into the annuitant's bank account or by cheque

 

To be a tear off slip.

 

In case you are interested in taking up this IGI Annuity Plan, please detach and send this form to our nearest branch office.

.........................................................................................................................................

Name: ........................................................................................................................
Address:
...................................................................................................................................

Telephone: .................................................................................................................
GSM No: ....................................................................................................................
E-mail address: ...........................................................................................................
Age/Date of birth: .......................................................................................................
Beneficiary: .................................................................................................................
Proposed Premium/Purchase Price: N ...........................................................................
Annuity Option:    Level          5% Increasing annuity       10% increasing annuity

 

Please arrange for IGI PLC's representatives to call me on numbers given above.
Date: ..........................................................................................................................
Place: ..........................................................................................................................
Time: ...........................................................................................................................


IGI is one of Nigeria's front line insurers with strong asset and capital base which guarantees the safety of your investment. 

We have the strength and resources to deliver options that suit your needs and priorities.