Annuity

Annuity is a contract between an annuitant (Policyholder) and the insurance company whereby the Annuitant deposits a lump sum to the insurance company which ensures a fixed sum is paid to him by the insurance company at an agreed frequency (e.g Monthly, Quarterly) typically for the rest of the annuitant’s life. However, payment ceases (except for the guaranteed annuity) upon the unfortunate death of the annuitant.


This product is available online in three variants:

  1. Flat Annuity with No Guarantee: Under this annuity type, the structured payment is made to the client as long as the annuitant lives and payment ceases upon the on fortunate death of the annuitant
  2. Flat Annuity with 5 Years Guaranteed: Under this annuity type, the structured payment is made to the client for a guaranteed period of 5 years regardless of whether he lives or not (If annuitant dies before the end of the fifth year, the present value of the payment yet to be made to him shall become payable to his named beneficiary or next of kin whereas if the annuitant lives beyond the fifth year, He will continue to receive his structured payment for life which will cease upon his unfortunate death.
  3. Flat Annuity with 10 Years Guaranteed: Under this annuity type, the structured payment is made to the client for a guaranteed period of 10 years regardless of whether he lives or not (If annuitant dies before the end of the tenth year, the present value of the payments yet to be made to him shall become payable to his named beneficiary or next of kin whereas if the annuitant lives beyond the tenth year, He will continue to receive his structured payments for life which will cease upon his unfortunate death.

Features & Benefits include:

  • Minimum entry age is 40 years while the Maximum age of cover is 70 years
  • Ease and flexibility of income payment to the annuitant bank account at his/her favoured frequency ( whether; Monthly, Quarterly, Half-yearly or Annually)
  • Policy can be tendered as a collateral
  • Convenient and easy steps to purchase policy online

How to Purchase

Complete basic online form and make a lump sum deposit of the Annuity Purchase Amount into our Union Bank account below:

Account Name: Cornerstone Insurance Plc - Annuity Account

Account Number: 0045243410