Date: 21st February 2013
Launching the “Life Annuity Scheme” – a social security product
The Life Annuity Scheme is a social security product aimed to provide postretirement benefits to individual from all walks of life. It is an alternate to pension scheme as the benefits of Life Annuity emits after retirement as per individual’s postretirement requirements.
This is the first annuity scheme launched in the country. Anyone who has income and desires for comfortable life after retirement can avail this scheme. The Life Annuity Scheme ensures a comfortable and fulfilling retired life with the regular monthly income from the scheme.
The scheme provides insures with four optional retirement ages of 50, 55, 60 and 65 years. Upon reaching the retirement age the policyholder would start receiving lifelong regular annuity income.
In addition to above, the scheme also provides Total Permanent Disability (TPD) benefits and Life Insurance. In case of total permanent disability of the policyholder, the scheme provides monthly annuity ensuring steady income to the family. The life insurance benefit would ensure total financial protection to the dependents in case of death of the policyholder
The premium payable under this scheme will remain the same amount throughout the term with 100% tax exemption for the total premiums paid during the year.
The Immediate Annuity Scheme is designed for individuals above 45 to 76 years of age. Under this scheme, premium charged is single lump sum premium and the monthly annuity will be paid to the insured after a month.
Royal Insurance Corporation of Bhutan Limited
Telephone # 02-325725/321037/322426/321161/323487/324282/321036
Toll free No.181 (Thimphu) & 151 (Phuentsholing)