mutual ispp,annuity,cep
TRANSCRIPT
MUTUAL INDIVIDUAL SAVING & PROTECTION PLAN
MUTUAL ANNUITY PLAN
MUTUAL CHILD EDUCATION PLAN
DESCRIPTION, BENEFITS AND FEATURES
The mutual individual savings and protection plan is designed specifically for people in employment, business people, artisans and other categories of income earners.
The plan is meant to help the policy holders achieve their financial goals regardless of what they may be whether starting your own business, developing a property or buying a piece of real estate, children education, retirement, etc
The plan helps the policy holders actualize their written down financial goals.
The plan helps policy holders ‘pay themselves first’ which is the key to financial independence
The plan incorporates the three legs on which financial independence stands namely savings, investment and insurance
This plan has tax benefits to the policy holder by reducing the personal income tax liability.In this way government indirectly subsidizes the plan.
This plan offers very competitive ROI of 7.5% compounded annualy which is higher than what is obtainable today in the money market.
This plan guarantees the holder an assured ROI not subject to economic vagaries.
The plan can be used in estate planning[inheritance matters] because the proceeds are paid to next of kin and non-taxable
The life cover on this plan guarantees that the loved ones are well looked after in case of death to the policy holder
This plan involves a contribution from the policy holder which is a function of the sum assured[target amount] and the tenure.
The contribution[premium] can be made monthly, quaterly, semi-annually or yearly
The plan has a life cover which entitles named beneficiaries to an amount equal to the sum assured in case of death of the policy holder
The mode of payment can be by direct debit or by cheque.
Policy holder will receive credit alert on making their premium payment and will receive regular statement of account.
Group of people together taking the plan also offers additional benefits.
MUTUAL ISPP OTHERS
7.5% compound interest p.a
Life cover
Helps cultivate savings culture
Helps get tax rebate
Proceeds are non-taxable
Between 3 and 5% interest
No life cover
Allows access to funds at anytime including weekends
Offers no tax rebate
Proceeds are taxed [WHT, VAT]
DESCRIPTION, BENEFITS AND FEATURES
The mutual annuity plan is designed for workers who are desirous of a financially secure and blissful retirement.
The plan is designed for salary earners to continue to earn a reasonable percentage of their salaries before after they have retired.
The plan ensures that the holder continues to receive steady streams of income after retirement.
The plan helps policy holders transit from paid employment to retirement in a painless and stress-free manner.
Former employees who have become accustomed to regular monthly income will not have to deal with the uncertainties in their cash flows which may be the case without a reliable annuity plan.
Flexibility in our annuity plans allows holders to enjoy life cover and tax rebate during the period of deferment.
Our different types of annuity plans( deferred annuity, annuity certain, annuity guaranty) helps prospects choose the particular plan that is ideal for them considering their age, years to retirement, etc.
The different Mutual Annuity plans are:
Mutual Annuity Certain
Mutual Annuity Guaranty
Joint Annuity
All three could be either Immediate or Deferred.
The annuity payment period is for a fixed length of time after which payments will cease.
An initial lump sum of money is deposited and the monthly payment is computed on the basis of the lump sum.
The annuity payments can either be deferred to commence at a future date or can commence immediately after deposit of lump sum.
If annuity is deferred, the holder enjoys compound interest on lump sum, free life cover and tax rebate during the period of deferment
On death of policy holder before the period ends, the payments will continue to be made to the named next of kin till the end of the period.
This plan once it commences involves payments to the holder for the rest of their life.
The payments ceases on death of the holder.
Payments cannot be transferred to a next of kin.
An initial lump sum of money is deposited and the monthly payment is computed on the basis of the lump sum.
The annuity payments can either be deferred to commence at a future date or can commence immediately after deposit of lump sum.
If annuity is deferred, the holder enjoys compound interest on lump sum, free life cover and tax rebate during the period of deferment
On death of policy holder before the period ends, the payments will continue to be made to the named next of kin till the end of the period
This involves two people usually a couple. Single payments are made to them however payment
continues on the death of one of them and only ceases when the last survivor dies.
An initial lump sum of money is deposited and the monthly payment is computed on the basis of the lump sum.
The annuity payments can either be deferred to commence at a future date or can commence immediately after deposit of lump sum.
If annuity is deferred, the holder enjoys compound interest on lump sum, free life cover and tax rebate during the period of deferment
On death of policy holder before the period ends, the payments will continue to be made to the named next of kin till the end of the period
DESCRIPTION, BENEFITS AND FEATURES
The Mutual Children Education Plan is for parents desirous of giving their children the best education.
The plan is meant to enable parents plan the education of their children ahead of time especially at the secondary and tertiary levels.
The plan is also a way of ensuring that children get the quality of education desired for them by their parent(s) even in the event of the death of that parent(s).
The plan ensures that the holder puts aside a portion of their current income for the future education of their children.
The plan helps policy holders to afford the desired quality of education for their children
This plan has tax benefits to the policy holder by reducing the personal income tax liability.In this way government indirectly subsidizes the plan.
This plan involves a contribution from the policy holder which is a function of the sum assured[target amount] and the tenure.
The contribution[premium] can be made monthly, quaterly, semi-annually or yearly
The plan has a life cover which entitles named beneficiaries to an amount equal to the sum assured in case of death of the policy holder
The mode of payment can be by direct debit or by cheque.
Policy holder will receive credit alert on making their premium payment and will receive regular statement of account.
Group of people together taking the plan also offers additional benefits.
