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Annuity Gain Plus

Overview

This is an annuity contract designed to provide periodic income to the holder or their beneficiary for a specified period of time or for the rest of the annuitant’s life, usually after retirement.

Features

1. A regular income is purchased by a lump sum amount usually after retirement.
2. The contract can be taken either by a single annuitant or jointly with a spouse, the payouts will continue until the death of the last survivor.
3. One can make a choice between immediate annuity or differed annuity:
  • Deferred This option facilitates for early planning for retirement through accumulation of funds over a period of time in the form of regular contributions or lump-sum or single deposits.
  • Immediate This type will provide a holder with immediate payouts after purchase.
4. One can choose between increasing or constant payouts:
  • Increasing- This is where the amount of monthly payouts increases annually by a certain % to protect your income against inflation e.g 3%, 5%
  • Fixed - This is where the monthly income received remains constant irrespective of economic variations.
5. Key focus is on;
  • Organizations with employees due for retirement
  • Individuals who have been saving through occupational schemes
  • Retrenches

Benefits

  • Provides retiree with regular income thereby protecting them from old age poverty.
  • Ensures that one enjoys a smooth transition from employment to retirement
  • Provides income to the beneficiaries for a guaranteed period in-case of early death of a member.
  • One can protect their spouses against old age poverty by choosing our Joint annuity program.

FAQs

1) How much do I need to buy an Annuity?
An annuity program offers you the flexibility to determine the amount you intend to receive on a regular basis so the minimum amount is a personal preference based on you minimum income requirement.

2) What is guarantee period?
This is a period within which the beneficiaries are guaranteed of an income in case the annuitant dies.

3) What happens if I die before the guarantee period expires?
Madison Insurance will continue remitting the monthly payouts to your beneficiaries until the guarantee period expires.

4) What is the minimum age?
For a deferred annuity the minimum age is 18 years, but the minimum age for the immediate annuity is the minimum retirement age.

5) How do I receive my monthly payouts?
This program allows you to choose the most convenient mode which includes Mpesa, EFTs, or cheques.

How do I get Started

  • Duly completed proposal form
  • Lump sum amount for purchase price
  • Copy of national Identity card/transport
  
 
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