| Income for Life |
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The EPF Conventional Annuity Scheme ( the "Plan") is a single premium annuity offered by the Anuiti Malaysia Konsortium, which is a group of EPF approved life insurance companies. The Plan gives you a guaranteed regular pension income from age 55 for the rest of your life. It is available as an immediate annuity if you are of age 55 or older, or as a deferred annuity with pension income commencing at age 55. This Plan provides a unique investment opportunity for you to develop your own personal pension plan. In addition to utilising the investment expertise of the insurer to enhance your expected income after retirement, it also provides protection against the risk of you outliving your retirement savings. |
| Benefits |
Pension Income After age 55, your insurer will pay you a regular pension income. For each Annuity Unit purchased, this monthly pension income is equal to : - a Base Guaranteed Pension Income of RM1,200 per annum; plus - a Bonus Pension Income The declaration of Bonus Pension Income is not guaranteed. Any declarations are dependent on the profits of the Annuity Fund as managed by your insurer. Bonus Pension Income is expected to be declared both prior to age 55 and while your pension income is in payment. Death Benefit In the event of death during the 6 months following payment of the single premium (the "Waiting Period"), the single premium will be returned to your nominees. If death occurs after the Waiting Period but before the commencement of the pension, then the guaranteed pension income plus bonus pension income declared (the "Accrued Pension") will be paid to your nominees for a guaranteed 10 years. In the event of death during the 10 years following the commencement of the pension income, the Accrued Pension will continue to be paid to your nominees for the balance of the 10 years. Total and Permanent Disability Benefit "Total and Permanent Disability" (TPD) means disability such that there is neither then nor at any time thereafter any work, occupation or profession that you can ever do or follow to obtain any wage, compensation or profit. In the event of TPD during the Waiting Period the single premium will be returned to you. If you should suffer TPD after the Waiting Period but before the commencement of the pension income, then the accrued pension will be paid to you for a guaranteed 10 years, or until death, whichever is later. |
| Access to Your Capital |
| At any
time during the first 10 years of the pension income, you may request
to terminate the Plan for a cash surrender value. At any time before the commencement of your pension income, you may terminate the Plan for a cash surrender value, which will be paid to your EPF account. |
| Premium |
| How
Do You Pay? You can buy the Plan by: - Using all your EPF saving; - Using your own cash to top-up your EPF account. How Much Can You Buy? The annuity is purchased on a unit basis. One Annuity Unit provides a guaranteed monthly income equal to RM1,200 per annum. Minimum premium - The minimum premium is the amount required to buy one Annuity Unit. Maximum premium - There is no limit to the amount you can buy. Additional Annuity Units After your first single premium you can add to the Plan at any time ("Additional Annuity Units"). The amount payable to buy one Annuity Unit will depend on your age at the time you choose to make the additional purchase. |
| Taxation The information in this section assumes that the present laws and their interpretation continue unchanged. This Plan provides you with a tax efficient pension income because: - You will enjoy a tax relief of RM1,000 for premiums paid during the year. - In addition, your pension income is not taxable. |
| Guaranteed Income
for Life The safety and security of your retirement finances are assured through a guaranteed regular income - for the rest of your life! |
| Premiums From
Your EPF Account Your own cash is not required as you can utilise all your EPF savings to purchase the Plan |
| Your Personal
Pension Plan Decide how much pension income you will need in the future and design your own personal pension plan. You may purchase as many Annuity Units as you wish to meet your planned retirement needs. |
| Inflation Protected Don't get caught with a fixed retirement income in the face of rising prices. Bonus Pension Income, helps ensure your retirement income will keep pace with the increasing cost of living. Bonus Pension Income is expected to be declared both prior to age 55 and while your pension income is in payment. |
| Tax Efficient
Retirement Savings Enjoy RM1,000 per annum tax relief on your premiums. In addition, because the group of companies which make up the Anuiti Malaysia Konsortium are Malaysian life insurers, your pension income will be tax free. |
| Diversify your
Retirement Income Most people rely on the usual bank deposit, unit trust or an investment property to generate an income for their retirement needs. A successful retirement will be better secured if your sources of income are spread around. An annuity offers you an attractive alternative to achieve this. |
| Professionally
Managed Investment Accumulating and managing your retirement savings is not easy - it requires time, knowledge, expertise and resources. Relieve yourself of this burden and benefit from the expert investment knowledge and resources of professional investment managers. |
| Life Insurance
Protection Death and total & permanent disability protection provide peace of mind - helping to secure a better future for you and your family. |
| No Medical Examination All applicants are automatically accepted - there are no medical examinations or doctor's reports required. Just fill in the enrolment form and participate immediately. |
Standing Committee Members
| Mr Ng Lian Lu (Chairman) | AmAssurance Bhd |
| Mr Sreedhar Menon | Malaysia National Insurance Bhd |
| Mr Steven Visvalingam | AmAssurance Bhd |
| Ms Serena Thio | Malaysian Assurance Alliance Bhd |
| Mr Khoong Huan Boon | Malaysian Assurance Alliance Bhd |
| Ms Kang Yu Fen | MCIS Zurich Insurance Bhd |
| Mr Ricky Lim | MCIS Zurich Insurance Bhd |
| Mr Benny Ng MN | Mayban Life Assurance Bhd |
| Mr Kuan Jia Shyang | Hong Leong Assurance Bhd |
| Mr Ng Chang Sing | Hong Leong Assurance Bhd |
| Mr Raymond Lai You Kim | Uni. Asia Life Insurance Bhd |
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