What is an Annuity?

An annuity is a contractual agreement between you (the Annuitant) and an insurance company in which you make a lump-sum payment(s) and, in return, receive regular payouts, beginning either immediately or at some point in the future. The payouts continue as a regular stream of income to you as the annuitant and ceases in the event of your unfortunate demise. 

What Is The Purpose Of An Annuity?

When you retire, it is critical to have in place a reliable source of income as it:

  • Enables you to sustain the kind of lifestyle that you were used to during your active working years. 
  • Ensures that you will have a steady stream of income in retirement; for life or for a preferred number of years (e.g. 5, 10, 15 or 20).
  • Cushions you against the possibility of outliving the initial investment (capital) you paid to the annuity provider

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Helpful Tips

The lump sum one uses to purchase an annuity could come from your accumulated savings during your active working years in investment solutions such as a Personal Retirement Scheme. An Annuity is not to be confused with an Income Drawdown even though both are retirement income solutions.

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What Are The Features Of The ICEA LION Annuity?

Flexibility in Payouts

Upon purchasing an annuity at ICEA LION, you get to choose how regularly you want to receive your payouts. You can opt to receive payments monthly, quarterly, tri-annually, semi-annually or annually in advance.

Upwards Adjustments Of Payout Amounts

The amount paid to you can be agreed on and remains fixed throughout the period. However, it could also be increased at a fixed percentage each year in order to offset the effects of inflation: this is called increasing/escalating installments. This can also be done by topping up your annuity otherwise known as annuity augmentation.

Growth of Funds

The funds are invested in diversified financial vehicles that offer competitive returns which enable us at ICEA LION to pass on the returns to you as an annuitant in form of competitive annuity rates.

Regulatory Compliance

The annuity fund is invested by professionals and in accordance with the law (The Insurance Act).

What other important information should I know about ICEA LION’s Annuity

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What types of annuities are availabe at iCEA lION?

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What does an Annuity income Projection look like

Single Life Annuity Illustration

What other types of products are available At ICEA LION?

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