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Retirement Annuity

Coronation Life Retirement Annuity Plan is designed to meet the requirements of section 7 1(c) of the Pension Reform Act 2014 which states that ‘A holder of RSA upon retirement or attainment of age 50, whichever is later, shall use the balance standing to the credit of his RSA to purchase an annuity from a Life Insurance Company licensed by NAICOM with monthly or quarterly payment’.

Benefits

Our retirement annuity guarantees payment for first 10 years and throughout duration of your lifetime

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Continuous regular payment for the lifetime of the retiree

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Beneficiaries enjoy enbloc payment should death occur before the guaranteed period elapse

Request & Buy

Features

  • Premiums

    Premium payment is made using your RSA balance

  • Age

  • Payment Frequency

  • Surrender

  • Medical

DOCUMENTATION REQUIRED

In order to purchase our retirement annuity product, the underlisted documents will be required from you; • Completed proposal form • KYC i.e valid ID card • Recent Utility Bill (within 3 months) • Clear passport photograph • Retirement Letter from your last Place of employment • RSA statement, although optional if the RSA PEN & PFA is stated correctly on the proposal form.

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?

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Check out our other insurance options that you may be interested in

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