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Phases of deferred annuity

• Accumulation Phase: this is the period the annuitant is regularly paying his premium. It is usually during the deferred period. The commencement of the annuity is deferred to a certain age after which contribution stops. • Distribution (Pay Out) Phase: this is the period the annuitant receives regular monthly or quarterly annuity (payments) for the rest of his life or as specified by the policy


The product has been designed with a combination of Enhanced term life which gives you an additional death benefit.

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The policy qualifies for tax relief thereby reducing tax incidence.

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Additional death benefit of minimum ₦250,000.00

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Investment risk is passed to Coronation


  • Premiums

    Premium payment frequency is Monthly, Quarterly, Bi-annually or Annually & starts from as low as ₦20,000.00
  • Age

  • Deferred Period

  • Surrender


• Duly completed proposal form with recent passport photograph • Copy of Recent Utility Bill • Copy of Valid ID card • Premium Payment evidence

Contributory Pension Scheme - FAQs

Frequently Asked Questions

  • What is Retiree Life Annuity?

    This is a stream of income purchased from a life insurance company with the available RSA balance under the CPS as premium. It provides a guaranteed periodic income (pension) to a retiree throughout his/her life after retirement. Annuity is guaranteed for ten years. If the retiree dies within the first ten years of taking up the Coronation Life Annuity plan, the named beneficiary on the policy is paid the net present value of the balance outstanding in the guaranteed period.

  • How can Annuity be purchased?

  • Who regulates Retiree Life Annuity?

  • Can I choose PW and later change to RLA?

  • How can the change of RLA be effected?

  • Can I change from RLA to PW?

  • Can a retiree on RLA change his RLA Provider?

  • Can RLA be exhausted?

  • Where can a retiree on RLA take his complaint to?

  • How is the RSA balance utilized at Retirement?

  • How does lumpsum affect the Annuity payout of a retiree?

  • Does the CPS allow a retiree to withdraw the entire balance in his/her RSA at once?

  • Can I use my RSA balance as collateral for Loan?

Additional covers

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