▣ Policyholder pays regular premium or a lump sum for a period for a regular pension (annuity) from NSIA Life at a later date.
▣ Interest is accumulated on the contributed premium during the contribution phase before the annuity payment phase
▣ Policyholder decides on a target income (annuity) in retirement.
▣ Frequency of premium payments are monthly, quarterly, bi-annually and annually
▣ The policy provides a compulsory funeral benefit cover of N500,000.00 at a reduced annual premium rate.
▣ Policyholders can choose income to be payable for their lifetime at retirement subject to nil , five (5), or ten (10) years guaranteed period.
▣ Amount contributed can be withdrawn before the annuity phase of payment.
▣ The minimum and maximum age at entry are ages 25 and 64.
▣ Optional retirement ages of 50, 55, 60 or 65 are available

Death Benefit
The following benefits are paid on death:
▣ Refund of all premiums paid plus interest if death occurs before the retirement date
▣ The sum of N500,000.00 as the funeral benefit
▣ If death occurs in retirement before the guaranteed period of say 5 or 10 years is over, the difference between total income payable for the guaranteed period and total income paid as at the time of death would be paid to policyholder’s dependents

Retirement Benefit
▣ Payment of regular income (annuity) to the policyholder from retirement age till death occurs
▣ Payment is guaranteed for a number of years depending on the policyholder’s option (for a period of 5 or 10 years)

▣ On discontinuation of a deferred annuity plan within three years after commencement, the premiums paid will be refunded and subject to termination charges.
▣ No termination charges will be imposed if discontinuation takes place after three (3) years.