Mansard Insurance plc has launched a new product, Mansard Deferred Annuity plan. Carefully tailored to suit individual needs, Mansard Deferred Annuity allows annuitants to accumulate funds as regular savings during their productive working lives for the purpose of earning regular income for life from their chosen retirement age.
The product was launched at the company’s Head Office, Santa Clara Court, Victoria Island, Lagos on Friday, April 5, 2013.
The Mansard Deferred Annuity plan is not an alternative to the statutory pension scheme espoused by the Pension Reform Act of 2004, but is another long term investment vehicle that would guarantee easy and immediate regular income after retirement.
Speaking on the relevance of the new product, Yomi Onifade, the divisional director, Retail Business Division stated that “in an age when retirement creeps in on us because of the fast pace at which we live today, it is important to have an adequate plan for our retirement. With the Deferred Annuity, you don’t have to be an employee to look forward to a pension; you can take your future in your hands and plan for your retirement either as an entrepreneur or employee.”
Some of the unique features of the product include a savings accumulation phase to be determined by the annuitant and a disbursement phase which commences at retirement or the annuitant’s chosen age. Part withdrawal of up to 25% of the accumulated principal is allowed once in 5 years during the accumulation phase and up to 35% of the accumulated funds as a lump sum at retirement.
Onifade further disclosed that the features and benefits of the product have been carefully designed with the customers in mind, as according to him, once annuity kicks in at retirement, (or the chosen age) the annuitant would receive a steady income for life. Another unique feature is an option to choose spouse annuity type, wherein the annuitant’s spouse can continue to receive an income for life, upon the demise of the annuitant during the disbursement phase. The new product comes with a free life insurance cover of up to N1m during the accumulation phase.
The most capitalised insurance company on the Nigerian Stock Exchange, Mansard Insurance plc is licensed by the National Insurance Commission (NAICOM) to underwrite both life and non-life insurance businesses.