SICOM

Retirement Benefits

At retirement, either a Gross Monthly Pension is paid Or 25% of the Gross Pension is paid in the form of a Lump Sum PLUS a Reduced Monthly Pension throughout life, is payable.

Option of choosing a guarantee period of 5 years or 10 years starting from the Retirement Date.  In the event of death of the Life Assured during the guarantee period, a death benefit equivalent to the total pension remaining to be paid up to the end of the guarantee period, shall be payable to the beneficiary.  If death occurs after the guarantee period, no death benefit is payable.

In-built Death Benefits

• In case of Death before retirement, the Account Balance or any Single Premium Paid whichever is greater is payable.
• In case of Death after retirement, a death benefit in accordance with the guarantee period option chosen is payable.

Open market Option

On retirement the Life Assured may opt for the Account Balance at Retirement Date to be transferred to another registered insurer for the purchase of a pension.

Surrender Value / Paid up

• There is no Surrender Value under this policy.
• This Policy shall acquire a paid-up value after one full year’s premium has been paid.

Suitability

The policy is suitable for all sections of the community who wish to save funds to ensure continuous flow of income after Retirement.

• Pensionable employees can top up their basic pensions using this policy.
• Non- pensionable employees can use this policy to cater for their retirement benefits. Self-employed can use this policy as a good savings plan to provide for retirement benefits.

Advantages

• Pensave is an approved personal pension plan.  Policyholders are eligible to claim tax relief on their income tax up to Rs50 thousand of their annual premiums.
• Choice of guarantee period ensures the pension is guaranteed to be payable for a minimum period.
• The assets are invested in a diversified portfolio of assets which have produced good investment returns.
• Open market option gives the customer the choice to transfer the Fund value at retirement to another insurer.

Limitations

• Policy cannot be surrendered.
• Policy cannot be assigned against a loan/debt.
  
  

Aged 18 and above provided age at entry is below 65

• National Identity Card
• Recent utility bill (Less than 3 months old)
• Birth certificate
• Marriage Certificate (as applicable)
• Bank details for payment of premium
• Payment of First Month Deposit or Single Contribution (as applicable)