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LIFE ANNUITY
HOW
DOES THE PLAN WORK?
An annuity is an insurance product designed to
provide income – either at some future date or
immediately. If the life assured at maturity or
if a given policyholder wishes to purchase a
life annuity, he/she may pay the assurance
amount available as a single premium to the
company and purchase a life annuity guaranteed
for 5, 10, 15 or 29 years as he/she may elect at
the time of purchase.
SETTLEMENT OPTIONS
The contract proceeds payable prior to the
Annuity Date, at the Annuity Date and at the
death of the Annuitant (Death benefit) may be
any of the following.
» We will pay you the 50% accumulated value on
the annuity date.
» You may request the other 50% Accumulated
value to be applied to any of the settlement
options.
» If no election has been made by the
Annuitant’s death, the Beneficiary may then make
an election within one year.. |
