Standard Assurance Life introduces annuity for retirees

In line with the provisions of Section 4(1b) of the Pension Reform Act 2004, Standard Alliance Life Assurance Limited has introduced annuity policy to cater for retirees under the pension scheme.At the official introduction of the product in Lagos on Thursday, the Managing Director of the company, Mr. Austin Enajemo-Isire, said that the law required a retiree to purchase an annuity from a life insurance company licensed by the National Insurance Commission.He said, As one of the leading and specialist life assurer in the industry today, SA Life is professionally positioned to provide the much needed robust and innovative annuity plan suitable to our potential clients inclination.Because of this, he added that the company resolved to introduce the SA Life Annuity for Retirees product.According to him, the product offers more than the traditional annuity and programmed withdrawal payment with benefits that include life insurance cover and regular income throughout the life time.Enajemo-Isire described the SLAR as devoid of speculation as obtainable in other investment vehicles, stressing that it had inbuilt indices to guide against inflation with income escalator of up to five years.He also said that the regular income payable to the annuitant was tax-free, with the payment guaranteed for, at least, 10 years, in a situation where the retirees died earlier.According to him, SA Life has a paid up share capital of over N2bn and an asset base of over N4bn.We have a team of dedicated professionals, whose quest for excellent services is unmatchable, he said.The SA Lifes boss noted that the firms operations were backed up by adequate reinsurance treaty arrangements and capacity, ranked among the best available in the country.He said, We are unique in quick and accurate documentation, faster response to queries and other issues, as well as faster claims processing and payments.According to him, the targets for the plan include the retirees from both the public and private sectors who retired after the Pension Reform Act 2004. before the new pension scheme came into operation, he said that there was the traditional annuity plan which the new law had improved.He also said that a private person, who detest the vagaries of the Nigerian investment environment and wants to protect his cash which will also earn him income throughout his life time can have it.The annuity plan is very flexible because of the financial inclination of the retirees elites, it offers a free life cover up to age 70 (with two options), it is in proportion form, the annuity may be cancelled within two years of commencement, he said.
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