Retirement Savings Plan

 

Retirement Savings Plan is a smart way of accumulating funds for retirement and can be spread over a long period. This Plan can be converted to the Retirement Income Plan at Retirement so you can begin to enjoy income for life. In addition, you can make provision for your spouse too so they can also enjoy income for the rest of their lives after your demise. Retirement SavingsPlan:  Product Architecture

Entry Age

  • 25 years to 49 years

Policy Term

  • Minimum term is 1 year

Minimum Annual Contribution

  • N600,000

Payment Mode

  • Cheque, Direct Debit, , Online, ATM, Bank Branch Transfer. No cash payments are allowed.

Payment Plan

  • The policyholder makes contribution to ARM Life monthly, quarterly, half yearly, yearly or single 

Benefits

  • Surviving Spouse Benefit (Optional Benefit): There’s an extension to spouse where the spouse gets 50% of the policy holders regular income for life after his/her demise and it is opted at inception. This benefit is not applicable for statutory annuity plan.
  • Policy Loan: Access to loans by policyholder subject to applicable conditions
  • Burial Expense Benefit: ARM Life will pay two times the annuity (annualized) at the demise of the policyholder. This benefit is applicable only if guaranteed option is chosen.
  • Death Benefit: The death benefit during deferment (during the accumulation phase) will be the return of all premiums paid, accumulated with interest up to the date of death. Interest is not guaranteed.
  • Upon the death of the policyholder during the annuity pay-out period but before the expiration of the guaranteed period wherever chosen, income will continue to be paid for the unexpired guaranteed period or a lump sum of the equivalent value will be immediately paid.
  • Surrender Benefit: On surrender during the deferment period, all contributions received from policyholder will be paid along with accumulated interest. Interest is not guaranteed.
  • Once the annuity is in payment, it will attract surrender only after 2 years of annuity payment and surrender charges will be applicable. This benefit is available only if you choose the Guarantee option.
  • Tax: Life Premium is tax deductible, Regular income is tax exempt. 

Retirement SavingsPlan: Unique Features

  • Personalisation: ARM Life allows you the opportunity to start a personal retirement Plan to support the RSA contributions with PFAs or build up funds if you do not have a RSA
  • Conversion: ARM Life allows the policyholder to convert his/her Retirement Savings Plan to Retirement Income Plan at retirement. Upon conversion, the policyholder begins to enjoy income for life
  • Guaranteed Annuity: The policy holder can choose to earn his income for a specified guaranteed number of years (Nil years,  5 years or 10 years).
  • Hedge against Inflation: We enable you to protect the future value of your annuity income from inflation by automatic escalation (optional) of your annuity by up to 10% annually.
  • Non-Medical: The policyholder does not require medical examination to purchase this Plan

 

 

Retirement Plan