Just Level Income
You get a level amount of income each month.
This product is designed for the few people whose expenses are relatively fixed in retirement, or who have another way of protecting themselves against inflation (for example, other forms of substantial savings).
Just Level Income allows for a high rate of income at the start of the annuity, but without an annual increase in place, inflation will erode the buying power of the income over time. At 6% inflation per annum, this means that your purchasing power will be halved over 12 years.
Product conditions and details
|Minimum entry age||40|
|Maximum entry age||85|
|Minimum purchase amount||R50 000|
|Optional product features|
|Spouse's income||25% to 100% of lifetime income|
|Minimum payment period||5, 10, 15 or 20 years paid as a lump sum (the present value of the income anticipated for the remainder of your minimum payment period) or as a continuing income to your nominated beneficiary(ies)|
- Once the policy has started, your purchase amount cannot be returned and there is no cooling-off period.
- The policy has no surrender value at any time.
- You cannot make any changes after the income starts.