Options at retirement

Mode of payment of Pension and corresponding Death Benefits

The pension benefit, may be paid as per one of the options listed below: 

• A fixed pension payable for a guarantee period of 5 years from Retirement Date and for life thereafter.
  In the event of death of the Life Assured during the guarantee period, a death benefit equivalent to the total pension remaining to be paid up to the end of the guarantee period, shall be payable to the beneficiary.
  
  If death occurs after the guarantee period, no death benefit is payable.

• A pension increasing each year by a fixed percentage which shall not exceed 3% per annum. This increasing pension shall be payable for a guarantee period of 5 years from Retirement Date and for life thereafter.
  In the event of death of the Life Assured during the guarantee period, a death benefit equivalent to the total pension remaining to be paid up to the end of the guarantee period shall be payable to the beneficiary. 
  
  If death occurs after the guarantee period, no death benefit is payable.

• A monthly fixed pension, payable in arrears, equivalent to 1% of 75% of the Account balance at Retirement Date, payable out of the Account balance until it is totally expended.
  In the event of death of the Life Assured, a death benefit equivalent to the Account balance, if any, at date of death, shall become payable to the beneficiary.
  
  The pension provided under subsections (a) (i) and (a) (ii) may be paid monthly, quarterly, half yearly or annually in arrears.

Open Market Option On Retirement

On retirement you may in lieu of options stated above opt for the amount equal to 75% of the gross pension at Retirement Date to be transferred to another registered insurer for the purchase of a pension.