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:
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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.
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.
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.
The annuity fund is invested by professionals and in accordance with the law (The Insurance Act).
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Single Life Annuity Illustration
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