A smart present equals a smart future. Planning for retirement is a crucial aspect of everybody’s lives as we all work towards a future that’s peaceful and comfortable. CIC Jipange Pension Plan provides a solution that will help you achieve financial stability after retirement.
We want to help you plan for your retirement. Enjoy your life today, with certainty of the future ahead.
Why Jipange plus
This is a pension plan for individuals who wish to diversify their saving options and also for those organizations that wish to set up a staff pension scheme for their employees without going through the hassles of registering a brand new pension scheme.
POLICY LIMITS
- Contribution into a pension fund which is already registered with IRA, KRA and RBA
(No need to set up/ register a separate pension fund) - A minimum return of 5%
- Competitive returns
- Tax exemption of pension contributions since the fund is registered with KRA
- Reduced costs due to economies of scale and consolidation of services (administration, fund management, trusteeship and custody)
Why CIC Annuity
The best thing about CIC Annuity is that once you hit 50 you have guaranteed protection by receiving a secure income for life.
The product addresses the financial planning needs of people in or approaching retirement by converting a lump sum of at least 400,000 into periodic payments (monthly, quarterly, semi-annually and annually) with an aim to secure guaranteed income for life. Annuities provide a form of protection against the risk or outliving one’s assets by guaranteeing income payments. CIC Annuity plan is an immediate annuity with joint and single life options with the maximum guarantee period of 20 years.
Why Income Draw Down
An income drawdown is an arrangement in which a member opts to access his/her retirement benefits as a regular income through an investment fund from which retirement benefits payments are drawn.
FEATURES
- An individual member has flexibility as regards investment choice, frequency, timing and amount of income withdrawals.
- The minimum drawdown period allowable is ten years from the date of commencement of the drawdown.
- The member may withdraw an income from his/her drawdown fund subject to a maximum of 15% p.a. (“withdrawal percentage”) of the member’s outstanding account balance.
- The remaining amount is invested and returns are achieved based on the prevailing market trends.
MORE FEATURES
No later than ten (10) years from the date of commencement of the drawdown, the following options will be made available to the member:
- The income drawdown arrangement can be continued.
- The fund balance can be used to purchase an annuity from an insurance company.
- The fund balance can be converted into a cash lump sum for the member to withdraw.
Frequently Asked Questions on CIC Retirement Solutions
In Joint life with CIC Annuity, what happens incase a policy holder dies?
In joint life annuity, In case the policy holder passes on their spouse is guaranteed financial security.
Who does CIC offer the Annuity Plan?
CIC Group offers guaranteed annuities to both single life and joint life with an option of 3 guarantee periods.
The 3 guarantee periods offered include the no guarantee period, 5 years guarantee period and 10 years guarantee period. The annuity payments are usually in fixed amounts or amounts increasing annually by 3% or 5%.
With Income Draw Down Fund, what happens if an Individual dies?
On the death of the individual member, the fund can be used to provide an income to the nominated beneficiaries either by a continuation of the income drawdown arrangement to the beneficiaries or the purchase of an annuity or if income is not taken in this way, the balance may be paid to the nominated beneficiaries.
