Ans: SIIL Retiree Life Annuity is a policy purchased under the Pension Reform Act, (Amended) 2014. It is a series of regular monthly or quarterly payments made to a retiree(called an Annuitant) for the rest of his life upon payment of the purchase amount.
Ans: This is a period of 10 years during which benefit are paid to the named beneficiary(ies) if death occurs. If annuitant/retiree outlive this period, the annuity payment continues for the life time of the annuitant/retiree.
Ans: Regular annuity payment are payable either monthly or quarterly. It is payable at the end of every month or every quarter depending on your choice.
Ans: It is the agreement drafted between the insurance company and the retiree. The agreement will be signed by both parties and submitted to the PFA by the retiree.
Template/Statement of Account from the PFA (not be more than one month old)
Bank Verification Number
Valid means of identification (National ID or Driver’s License or International Passport or Voter Card or Letter from a Clergy or recognized public authority)
Passport Photograph of retiree and one passport photograph for each of the beneficiaries
Retirement Letter (from Employer) or
Bond for Lagos state/ Federal retiree (not applicable to private companies retiree)
Utility Bill (within the last six months) (Utility Bill can be Telephone bill or Bank account statement or Electricity bill or Tenancy Agreement
Life insurance is a contract between you/the Insured, (also known as the Policyholder) and the Insurance company/insurer; wherein the latter guarantees payment of the benefit payable on a policy to named beneficiary (ies) in line with the insurance contract.
Yes, you do. This will provide financial protection for your dependents and loved ones in the event of the unexpected. It guarantees the income, earnings, dependents’ livelihood, children’s education, mortgage security etc
Your policy need comes first. You should then consider the life Insurance company’s quality and service experience, amount of claim reserves, capacity to meet claim obligations, flexibility, and financial rating.
Your requirement for medical examination is determined by your Sum Assured (The amount you will be paid when the policy is matured), age and assessment by our underwriters.
You will be expecting to receive the policy document stating the terms and condition of the insurance policy. You are required to read through the document and acknowledge the receipt of the document.
Subsequent premium can be paid to our bank as direct lodgment with your name and policy detail. The premiums could also be paid through our client’s portal or electronic channel.
If your premiums are not paid, the policy benefit will lapse. That is, the benefit will be suspended, and the insurance company will not be liable for any loss.
When your policy lapses, you may have it reinstated within six months from the due date of the last premium payment; subject to the provision of satisfactory evidence of good health. In addition, you will be required to pay all outstanding premiums with interest (to be determined by the company) before your policy can be reinstated.
Tax relief is on our pure protection policies. It allows you to present your previous year’s insurance premium to the tax authority for tax relief consideration.
You can initiate a claim via our website, client’s portal, authorized notification to our emails and walk into any of our branches. You will be required to complete an online or physical claims form.
You will require to present a medical certificate of cause of death, police report (if death as a result of accident), completed claims form, means of identification and utility bill of beneficiaries and original policy document.