Having a retirement plan is properly the most important â€˜need to have when you are youngâ€™ insurance policy. At SA LIFE, we are dedicated to providing you with the tools you need to make confident, well-informed decisions about your financial future. As an investor, you are on a quest to find the best haven for your retirement funds, and our SALAR policy provides a low-risk, long-term investment platform to help you achieve your goals.
The goal of retirement planning is to achieve financial independence, so that you would not be dependent on others at retirement and the need to be gainfully employed would be optional rather than a necessity.
Say goodbye to Mondays the right way, with our retiree plan
Making your Retirement plan easier for you is our goal, this is why we offer 2 annuity options under our Annuity for Retiree plan (SALAR) tailored to meet your budget and requirements.
Option A: IMMEDIATE ANNUITY.
Under this option, the retiree/annuitant makes a lump sum payment called Purchase money to SA Life in return for a specified monthly/quarterly funds repayment during the retirement period for the rest of the lifetime of a named annuitant/retiree. Thereby guaranteeing income during retirement till death.In line with the Pension Reform Act 2004, the lump sum payment to the life office in return for the periodic payment throughout the lifetime of an Annuitant is called â€˜â€™purchase moneyâ€™â€™.
Option B: DEFERRED ANNUITY
This option provides the annuitants the opportunity to make a monthly/quarterly contribution towards accumulating the Purchase money over a minimum period of 5 years. Upon completion, the sum total would be converted into Immediate Annuity. SA Life in return would make a specified monthly/quarterly funds repayment during the retirement period for the rest of the lifetime of a named annuitant/retiree. Thereby guaranteeing income during retirement till death.
Key SALAR Features:
Life-cover of up to 100% of Purchase money if death occurs before age 70
Retirement Income is payable monthly/quarterly/annually
Annuity purchase price is Tax deductible
Retirement Income is Tax free
Additional funds may be injected at any time
Annuity payment is guaranteed for at least 5 years until death. If death occurs during this period, periodic payment will continue to the named beneficiary for the guaranteed period.
Return of 50% of the purchase money to the annuitantâ€™s estate if Death occurs before age 70 after the commencement of the scheme.
Return of 100% of the purchase money to the annuitantâ€™s estate if death Occurs before age 70 after the commencement of the scheme