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Stanbic IBTC Retiree Annuity

Annuity Product

Stanbic IBTC Retiree Life Annuity is a policy purchased under the Pension Reform Act, 2014. It is a series of regular monthly or quarterly payments made to the Annuitant for the rest of his or her life upon payment of the purchase amount.

We want to ensure you step into tomorrow with the confidence that no matter what life brings your way, your financial future is covered. Our Annuity policy provides a regular stream of income for the future ensuring a worry-free tomorrow.

Some of the benefits

Security

Stanbic IBTC Life Insurance is backed by strong and reputable financial institutions

Flexibility

Simplified policy update process ensures your policy remains updated

Track Record

The Stanbic IBTC Group has been managing funds for companies and individuals for over 2 decades

Professional Service

Our team of expert advisors are available to help you make the most of your money
Features
  • Payment is for the lifetime of Annuitant, that is till death
  • Regular annuity pay-out
  • Option of increasing annuity plan per annum
  • Regular pension payout is monthly or quarterly
  • Death value of balance of the annuity fund is payable to beneficiaries if death occurs within the Guaranteed period of 10 years

Product categories

  • Level Annuity Payout - This pays out the same annuity amount (pension) on a monthly or quarterly basis for the lifetime of the annuitant.
  • Increasing Annuity Option - This pays an annuity amount that increases yearly at a pre-selected rate (5% or 10%) for the lifetime of the annuitant.
Benefits
  • Security: Income is secure and not subject to market fluctuation.
  • Tax deductibility: Premium paid on annuity is currently tax exempt.
  • Flexibility in annuity options: Annuity can be either level or increasing.
  • Risk transfer mechanism: Risks associated with availability of future income in retirement are transferred to the insurer.
  • Longevity risk: There is no fear of lack of income no matter how long the annuitant lives. It cannot be outlived.
  • Estate Planning: Provision of income for dependents or beneficiaries in case of death within the guaranteed period.
How to get started

Documents required to sign up  

  • Template or statement of account from your Pension Fund Administrator (PFA) – should not be more than one month old
  • Bank Verification Number (BVN)
  • Valid means of identification (National identification card, Driver’s License, International Passport or Voters card)
  • Passport photograph of annuitant and one passport photograph for each of the beneficiaries
  • Retirement letter from Employer or
  • Bond for state government or federal government annuitant (not applicable to private companies’ annuitants)
  • Utility Bill (within the last six months); utility bill can be telephone bill, bank account statement, electricity bill or tenancy agreement
How do I make a Claim

You can report a claim by:

Claim Turnaround Timelines

CLAIMS TYPE

EVENT

TIMELINE

REMARK

 

ALL CLAIMS

Acknowledgement of claim

Within 24 hours of receipt of notice

Count from noon of the working day of receipt of claim notification

 

Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims

 

CLAIMS TYPE

CLAIM EVENT

PAYMENT TIMELINE

REMARK

 

 

Maturity

Payment on the due date

Count from noon of the working day of receipt of executed voucher

 

SAVINGS and ENDOWMENT

Surrender and Termination

72hrs after receipt of the request

 

 

 

 

 

GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN

Death

48hrs - 72hrs after receipt of executed discharge voucher

Count from noon of the working day of receipt of executed voucher

 

 

Other Riders

 

 

 

 

N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria.

 

*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents.

 
 

 

Frequently Asked Questions
  • What does tax-deferred mean?
    Annuities are tax-deferred income. This means taxes are not charged on them until they are withdrawn.
  • What is the difference between deferred and immediate annuity?
    An Immediate annuity payment pays out of income right after the initial purchase. While the deferred annuity payment pays out income at an agreed later time.
  • Can I sell my annuity?
    You are unable to sell your annuity. 
  • Features
  • Benefits
  • How to get started
  • How do I make a Claim
  • Frequently Asked Questions
  • Payment is for the lifetime of Annuitant, that is till death
  • Regular annuity pay-out
  • Option of increasing annuity plan per annum
  • Regular pension payout is monthly or quarterly
  • Death value of balance of the annuity fund is payable to beneficiaries if death occurs within the Guaranteed period of 10 years

Product categories

  • Level Annuity Payout - This pays out the same annuity amount (pension) on a monthly or quarterly basis for the lifetime of the annuitant.
  • Increasing Annuity Option - This pays an annuity amount that increases yearly at a pre-selected rate (5% or 10%) for the lifetime of the annuitant.
  • Security: Income is secure and not subject to market fluctuation.
  • Tax deductibility: Premium paid on annuity is currently tax exempt.
  • Flexibility in annuity options: Annuity can be either level or increasing.
  • Risk transfer mechanism: Risks associated with availability of future income in retirement are transferred to the insurer.
  • Longevity risk: There is no fear of lack of income no matter how long the annuitant lives. It cannot be outlived.
  • Estate Planning: Provision of income for dependents or beneficiaries in case of death within the guaranteed period.

Documents required to sign up  

  • Template or statement of account from your Pension Fund Administrator (PFA) – should not be more than one month old
  • Bank Verification Number (BVN)
  • Valid means of identification (National identification card, Driver’s License, International Passport or Voters card)
  • Passport photograph of annuitant and one passport photograph for each of the beneficiaries
  • Retirement letter from Employer or
  • Bond for state government or federal government annuitant (not applicable to private companies’ annuitants)
  • Utility Bill (within the last six months); utility bill can be telephone bill, bank account statement, electricity bill or tenancy agreement

You can report a claim by:

Claim Turnaround Timelines

CLAIMS TYPE

EVENT

TIMELINE

REMARK

 

ALL CLAIMS

Acknowledgement of claim

Within 24 hours of receipt of notice

Count from noon of the working day of receipt of claim notification

 

Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims

 

CLAIMS TYPE

CLAIM EVENT

PAYMENT TIMELINE

REMARK

 

 

Maturity

Payment on the due date

Count from noon of the working day of receipt of executed voucher

 

SAVINGS and ENDOWMENT

Surrender and Termination

72hrs after receipt of the request

 

 

 

 

 

GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN

Death

48hrs - 72hrs after receipt of executed discharge voucher

Count from noon of the working day of receipt of executed voucher

 

 

Other Riders

 

 

 

 

N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria.

 

*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents.

 
 

 

  • What does tax-deferred mean?
    Annuities are tax-deferred income. This means taxes are not charged on them until they are withdrawn.
  • What is the difference between deferred and immediate annuity?
    An Immediate annuity payment pays out of income right after the initial purchase. While the deferred annuity payment pays out income at an agreed later time.
  • Can I sell my annuity?
    You are unable to sell your annuity.