Annuity Plan

LASACO Annuity Plan

The Pension Reform Act of the 2004 gives the option of purchasing Annuity from Insurance Companies or the use of Programmed Withdrawal as provided by the Pension Funds Administrators. Annuity can be defined as series of payments made to a person for the rest of his/her life upon the payment of the purchase price which is usually paid once.

Benefits of Annuity Plan:

Below are some of the benefits of Annuity that makes it more attractive compare to Programmed Withdrawals which are provided by the Pension Funds Administrators

  • Flexible mode of Purchase: Lump Sum Payment or Deferred Annuity whereby contributions are paid over a specified period to accumulate the Purchase Price.
  • Payment is for as long as the Annuitant lives (Life Annuity).
  • It can be arranged with guaranteed period (Life Annuity with Guaranteed Period)
  • It can be arranged with Guaranteed Escalation Rate to take care of Inflation
Authorised and Regulated by the National Insurance Commission (RIC 023)