Term Certain Annuities

term-certain-annuities


A term certain annuity guarantees a regular income until the end of your chosen term. You can make one contribution into Metropolitan’s Term Certain Annuity with funds that you received after tax.




For more information, call the Metropolitan Call Centre on 0860 724 724.




How long is the term?


The time period that you choose to save for is called a term. With the term certain annuity you can select a term between five and 20 years.


How much should I contribute?


You can invest a minimum single contribution of R15 000 or more. You can invest money from an inheritance, a donation, the maturity of an investment or a withdrawal from another investment, lump sum retirement benefits from defined contribution provident fund, the sale of property or through bonuses.


What are the benefits and features?


Competitive annuity rates
Higher annuity rates could mean a higher income for you. Metropolitan has some of the most competitive annuity rates in the industry.

Level or increasing income
You have the option of keeping your income at the same level throughout the term. Otherwise, you can also choose to increase your income by between 3% and 15% every year.


What are the rules?


Entry age
Anyone younger than 86 years old can apply.

Cooling off period
You have the right to cancel the Metropolitan Term Certain Annuity within 30 days after you receive the policy summary.

Cessions
A term certain annuity may be ceded.

Withdrawal
You are allowed to withdraw a portion or all of your Term Certain Annuity.

For a partial withdrawal, Metropolitan will calculate what portion you are allowed to withdraw.

For a full withdrawal, a portion of the investment amount will be held back and your Term Certain Annuity will be converted into an endowment. The balance of your initial contribution will be paid at the end of the selected term.

When the policy ends
The annuity (income) will stop when your selected term ends.
If you pass away before the end of your chosen term, Metropolitan will continue paying the income to your nominated beneficiaries until the term ends.


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