Definition:

• It is a saving plan to secure for the insured person and his spouse a decent retirement.
• The retirement could be payable as:
  1. Lump Sum
  2. Guaranteed Annuities for 10 years

Covers:

• The insurance company will pay the sum insured:
  1. Lump Sum in case of natural or accidental death
  2. In five equal yearly installments in case of natural or accidental disability

Conditions:

• We will have to define:
  1. The age of the insured person: 20 –55 years
  2. The premium
  3. The sum insured
  4. The retirement age: usually 60 or 65
  5. The retirement option: Lump sum or 10 guaranteed annuities

Premiums:

• Monthly starting as of $25
• Constant from a year to another or increasing every year by a variation rate = 1% to 10%
• Each contribution will be divided into:
  1. Investment Part (Min. Guaranteed 4%)
  2. Insurance Part

Illustrative Table: