Available Plans
Essential Annuity Plan
- On payment of a lump sum (single payment), it provides a regular income from your chosen retirement date and the rest of your life.
- Payment depends on how YOU want to receive it; for example, monthly or quarterly.
- Payment can be made to a beneficiary if death occurs between the commencement of payout and the end of the guaranteed period.
PFA – Retiree Life Annuity (RLA)
- This type of annuity is aneEssential Annuity Plan in which your retirement funds are used in purchasing a LifE.
- Annuity at the point of your retirement.
- The funds are transferred from your PFA to us after an agreement has been reached by the retiree (you) and the insurer for an annuity option.
- The guaranteed period as stipulated by the Pension Reform Act, 2014 is for 10 years.
- It has the same features as the Essential Annuity Plan, and it is jointly regulated by PenCom/NAICOM.
Annuity Plan Plus
- This Annuity Plan Plus also provides payment of income for life.
- Annuity payment increases by 5% each year.
- The annuity payment to a beneficiary is made if death occurs between the commencement of payout and the end of the guaranteed period.
Annuity Special Plan
- A percentage of the purchase price is used to buy an annuity for life.
- The remaining balance is used to purchase a lump sum to mature at your chosen date.
- Uniquely designed to provide a lump sum of money you can use for a planned project in the future, for example, buying a house, travelling round the world, etc.
Annuity Certain Plan
- As the name implies, this plan provides for payment of regular income to you for a chosen period. For example, providing a regular income for ten years.
- Income is guaranteed for the chosen period.
- In case of death within the period, your named beneficiary is paid the balance of the annuity.
Deferred Annuity Plan
- In addition to contributing to the retirement savings account with a PFA, as authorised by the Pension Fund Act, you can purchase annuity payable at a chosen future date.
- It is good for long term retirement planning.
- Single Premiums can be paid immediately or Annual Premiums can be made till the period of the commencement of payout.
- If death occurs before the commencement of the annuity payments, your beneficiary is paid the amount contributed plus investment earnings.
Spouse Annuity Plan
- In addition to providing regular income to you for life, this also provides a guaranteed payment to your spouse in the event of death.
- 75% of the original annuity payment would be paid to the spouse as long as the spouse is alive.
Payment Methods
Notice
African Alliance Insurance Plc DOES NOT accept CASH payments and shall not be liable for any transaction done and /or conducted outside these channels highlighted above.
Signed by Management
