Retirement savings Plan
Enjoy a comfortable retirement
| Plan options | Premiums | Option to borrow? | Potential bonuses? | |
|---|---|---|---|---|
| 5 to 20 years | Monthly - Annually | Yes | Yes |
Here's what you get:
- Enjoy flexible premiums - to suit your budget and risk comfort levels
- Should you die or be made disabled - you have an option to waive the premium
- Be paid a potential bonus - when your investment achieves a higher return
Plus:
- Distribute your retirement savings to your loved ones - if you pass away
- Your contribution will be invested by ALICO Gulf in a manner that your returns are preserved against any investment losses
See how far one monthly premium goes
Here's an example provided by ALICO Gulf - it's based on a male that lives until 99 years of age.
| Entry age | Retirement age | Monthly premium |
Agreed annuity | Agreed face value | Benefit until aged 99 |
| 25 | 45 | $670 | $10,000 | $216,000 | $540,000 |
| 30 | 50 | $927 | $15,000 | $298,976 | $735,000 |
| 35 | 55 | $1,127 | $20,000 | $363,620 | $880,000 |
| 40 | 60 | $1,269 | $25,000 | $409,350 | $975,000 |
| 45 | 65 | $1,353 | $30,000 | $436,341 | $1,020,000 |
| 50 | 70 | $1,381 | $35,000 | $445,407 | $1,015,000 |
| 55 | 70 | $2,280 | $40,000 | $509,036 | $1,160,000 |
The above table is provided by the product provider ALICO Gulf and is for illustrative purposes only.
You can apply for the Retirement Savings Plan if:
- You're aged between 25 and 55 years old
- You plan to retire aged between 45 and 70 years old
- You hold a valid UAE residency visa
Can I stop the Plan anytime? If so, what do I get?
If you stop contributions during the Accumulation Phase and your Policy has acquired an Encashment value*, your scheduled payout will be scaled down and the plan will continue without requiring any further contributions.
You may also decide to surrender the policy. In this case, if the plan has acquired a Surrender Value, you would receive it as a lump sum payment which in the few first years could possibly be less than what you have contributed.
*The Encashment Value is the Basic Cash Value of the policy plus accrued Excess Interest Bonuses to date.
How much should I contribute to the Plan?
Your Relationship Manager can tell you the premium that you should contribute to the plan based on the savings goal you are trying to achieve.
Alternatively, you can tell us how much you are comfortable to contribute on a regular basis and based on that we will be able to tell you what your returns will be at plan maturity.
What if I die?
In the unfortunate event of your death, the policy will lapse and the Retirement Plan will provide your beneficiaries with the Death Benefit provided in the illustration. This benefit will be based on the period you contributed to the plan plus any accrued Excess Interest Bonuses.
If this regrettable event occurs post retirement, your beneficiaries will receive the total amount of your plan, minus any amount already released to you.
Live the life you enjoy now, in your later years - with a goal-based retirement savings plan.
