SICOM

MyPension

Pension Plan

You, like everyone of us, aspire to remain financially independent and to lead a peaceful and stress-free life at retirement. You can make this possible if you plan your retirement carefully and well in advance.

About this product

SICOM Pensave Plan is a personal pension policy with an Investment edge. It offers a convenient means of providing pension benefits on and after retirement. Additionally in the event of death, it will provide financial protection to your dependants, provided Sum assured has been opted for.

Highlighted features
  • Range of Benefits

    Provision of Death cover and Retirement Benefits under one single policy

  • Choice of Retirement Options

    Flexibility to choose between 3 Retirement Benefits options

  • Fund Transfer

    Transfer of funds at retirement

Product Features

Why opt for SICOM Pensave Plan?

  • Individual Account

    The premiums paid are allocated to a Personal Individual Account

  • Interest Growth

    The balance is invested and consequently the value of the Personal Individual Account grows as interest is credited to the Account each year

  • Benefits Payable

    Normal Retirement age is 60/65years. However, an early retirement can be opted at the age of 55 years

  • Operational Charges

    Charges are applicable on premium paid

( Terms and conditions apply)*

Useful Information

Retirement Benefits

At retirement, either a Gross Monthly Pension is paid Or 25% of the Gross Pension is paid in the form of a Lump Sum PLUS a Reduced Monthly Pension throughout life, is payable.

A total of 3 options are available for payment of the retirement benefit. These are as follows:

  • 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 may be paid monthly, quarterly, half yearly or annually in arrears.

 


In-built Death Benefits

 

  • In case of Death before retirement, the Account Balance or any Single Premium Paid whichever is greater is payable.
  • In case of Death after retirement, a death benefit in accordance with the option chosen at Retirement is payable.

 

Open market Option

 

On retirement the Life Assured may in lieu of options available 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.

 

Surrender Value / Paid up

 

  • There is no Surrender Value under this policy.
  • This Policy shall acquire a paid-up value after one full year’s premium has been paid.

 

Suitability

 

The policy is suitable for all sections of the community who wish to save funds to ensure continuous flow of income after Retirement.

  • Pensionable employees can top up their basic pensions using this policy.
  • Non- pensionable employees can use this policy to cater for their retirement benefits. Self-employed can use this policy as a good savings plan to provide for retirement benefits.

 

Advantages

 

  • Enables provision of Death cover and Retirement benefits under one single policy.
  • Option to choose between a range of Death cover according to specific requirements of life assured.
  • At retirement, there exists the flexibility of choosing between 3 Retirement Benefits options.
  • Open market option gives the customer an ultimate choice over his Fund value at retirement (transfer of funds).
  • Our good investment return makes this product attractive.

 

Limitations

 

  • Policy cannot be surrendered.
  • Policy cannot be assigned against a loan/debt.

     

Aged 18 and above provided age at entry is below 65

  • National Identity Card
  • Recent utility bill (Less than 3 months old)
  • Birth certificate
  • Marriage Certificate (as applicable)
  • Bank details for payment of premium
  • Payment of First Month Deposit or Single Contribution (as applicable)

Highlighted features
  • Range of Benefits

    Provision of Death cover and Retirement Benefits under one single policy

  • Choice of Retirement Options

    Flexibility to choose between 3 Retirement Benefits options

  • Fund Transfer

    Transfer of funds at retirement

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This product is offered by: State Insurance Company Of Mauritius Ltd

BRN:C07007065

FSC License No: IS10000020