Guaranteed Annuities. The maximum Annuity Conversion Factors which may be used by LL&A under this Contract are based on the 1983 Individual Annuity Mortality Table, set back four (4) years, and an interest rate of three percent (3.0%). From time to time, lower conversion factors may be used by LL&A. (Lowering the conversion factor will increase the amount of the annuity payment.)
Guaranteed Annuities. In a Guaranteed Annuity, you get to select a definite minimum period within which to receive the payouts, regardless of when you unfortunately pass on. For example, an annuity guaranteed for ten years will be payable for 10 years or life, whichever is longer. If you unfortunately pass on during the guaranteed period, then the balance of your guaranteed installments will be payable to your nominated beneficiaries. The amount of annuity you can buy depends on the funds you have, your age and gender at the time of your purchase your annuity, annuity type as well as the Guarantee Period you select. The following are the major types of Guaranteed Annuities we offer at ICEA LION: • Single Life Immediate Annuity: This solution provides, in return for your purchase price, regular payments starting immediately and continuing for the rest of your life. This annuity covers only your life as an annuitant and not that of your spouse. It is suitable for you if you wish to have income that is guaranteed to last for the rest of your life after retirement, no matter how long (or short) that may be.
