Our Personal Pension Plans
How our Special Pensave Plan work
  • The premiums you pay are credited to a personal account.

  • Operational charges specified in the policy document are deducted from the premium paid

  • The balance of the premium received is invested and consequently the value of your personal account grows as interest at a rate that is declared each year, is credited to your account.

  • The balance of the premium received is invested and consequently the value of your personal account grows as interest (at a rate that is declared each year) is credited to your account

  • At age 60, the Account balance is converted into a gross pension . You have the option

    • To take 25% of the gross pension in the form of a lump sum (out of which up to Rs 1m will be tax free ) and the remaining 75% in the form of a reduced pension, OR

    • To choose between one of several types of pension payments OR

    • At the date of payment of the Retirement benefits, to request us to transfer your Account balance to another registered Insurer for the purchase of a pension with them (Open Market Option).

  • Early retirement (as from age 55) and late retirement (up to age 65) options are available.

  • Death (before retirement) benefits are payable to your dependants

  • Death (after retirement) benefits payable according to option taken at retirement .

  • Possibility to purchase Additional Death Cover which becomes payable in addition to standard death benefits

  • Depending on type of pension payment chosen, the pension is guaranteed for a period of 5 years from retirement date

You can pay a Single premium either on its own or in addition to regular premiums

When you subscribe to our Special Pensave P lan, you will have the choice to pay a Single premium, regular premiums or a combination of both Single and regular premium.

If the plan has been effected on a regular premium payment basis, we may accept payment of a Single premium during the currency of the policy on specific terms.

You may transfer your pension rights from the Pension Scheme with your previous employer to our  SPECIAL PENSAVE plans

If you are a member of an approved pension scheme and provided you reckon at least 5 years’ service with an employer, you may, upon resigning from your job with that employer, request him to transfer your accrued pension benefits to one of your Special Pensave plans. You will therefore be able to build up of your pension throughout your entire working life with no disruption.

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