Unit Linked Retirement Annuity Plan

A unit-linked endowment product suitable for savers who would like to exert some control on their retirement savings

Premiums buy ‘units’ in a unit fund. The product has both an investment element and limited risk cover, with risk premiums being deducted before the allocation to the Unit Account, and policyholders have a choice of the amount of cover and where they want their premiums invested.

Main Benefits

Death Benefit.

In the event of death the policy pays out the value of the units accumulated in the Unit Account by the policyholder

Early Retirement Benefit.

This benefit is available from age 50 onwards. Policy proceeds can only be paid out if the policy has been in-force for a period of at least 36 moths or longer. Before that this benefit is not available. The benefit payable is the limited to the value of the unit account at the time the policyholder elects to go on early retirement.

Health Retirement Benefit.

A policyholder can retire before the allowable minimum age of 50 years on production of a letter from a qualified medical practitioner advising of ill-health. This option is available after payment of 36 months’ premium or more. The benefit payable is the limited to the value of the unit account at the time the policyholder elects to go on early retirement. There is no surrender penalty on ill-health retirement.

Optional Benefits

Accidental Death Benefit

This benefit is payable on the accidental death of the policyholder. The minimum and maximum cover allowed is Ushs. 1,000,000 and Ushs. 6,000,000 respectively. The Death Benefit therefore becomes value of units accumulated in the Unit Account at death plus the current Accidental Death Sum Assured.

Waiver of premium on total and permanent disability:

In the event of the policyholder being totally and permanently disabled the policy provides a premium waiver benefit for the remainder of policy term up to retirement age, to a maximum age of 60, at which stage the policy will mature (even if the original policy was supposed to cease after age 60).

The company will pay total outstanding premiums to maturity at the level immediately before disability occurs, to a maximum of Ushs. 50,000 per month.