This option can only be purchased with income derived from a retirement fund. It is also the only option within Max Income where you may select the underlying funds that comprise your investment. This product offers an income for life based on the performance of the underlying investment fund/s chosen.
Features and Benefits
- Yyou can draw between 2.5% and 17.5% as an income annually which can be reviewed on the anniversary date of your contract.
- You can choose your income frequency:
- Annually.
- Bi-annually.
- Quarterly.
- Monthly.
- You may bequeath the remaining investment to a nominated beneficiary.
- Unlimited, free switching between funds.
- Should the markets underperform your capital may be depleted.
- You may switch to the Income for Life option at any stage.
- The optional "Investment Top-up", where a portion of your capital is invested separately and paid out, with growth, at a predetermined age, serves as a protection against longevity.
Investment Minimums
- Sole source of retirement income: R500 000.
- As part of a retirement income portfolio: R50 000.