Voluntary Life Annuities

voluntary-life-annuities


A life annuity, also known as an immediate annuity, pays you an income for life. You will start receiving the income immediately after you invest your funds with Metropolitan.

You can take out a life annuity for yourself and you have the option to add your spouse under the joint life option. On the joint life option Metropolitan will pay the income until the last survivor passes away.



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




How long is the term?


The annuity is for life and you can select a guaranteed term of 0 - 15 years.

Guaranteed term
Should you pass away within the guaranteed term, we will continue to pay the income to your nominated beneficiary until the guaranteed term ends. Annuity payments can be monthly, quarterly, half-yearly or yearly.


How much should I contribute?


The minimum single contribution starts from R15 000. A voluntary life annuity can be bought with a single contribution from an inheritance, donation, maturity or withdrawal of other investments, lump sum retirement benefits from defined contribution provident fund, disposal of property or 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 between the ages of 20 and 86 years old can apply for a voluntary annuity.

Cooling off period
You have the right to cancel the annuity within 30 days after you receive the policy summary.

Cessions
The policy can be ceded.

Withdrawal
You are allowed to make a full or partial withdrawal on your annuity.

For a partial withdrawal, Metropolitan will calculate what portion you can withdraw, as long as at least R10 000 remains in the annuity after withdrawal.

For a full withdrawal, a portion of the investment amount will be held back and your 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 policy will end if you pass away after the guaranteed term. No further income payments will be made and there will be no return of capital.


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