A Single Premium Immediate Annuity allows you to convert a single lump sum into a steady stream of regular payments, typically monthly. This will provide you with a reliable stream of income for as long as you live.

The amount of income provided through an annuity is generally determined by the lump sum of money invested, current market interest rates, your age and gender, and the guaranteed period selected.

The annuitant is the person entitled to receive the regular annuity payments.

To qualify for this product, the annuitant must be between the ages of 50 and 70.

Life Only (0 year guaranteed period): If you select this option, we will provide regular income payments guaranteed for the lifetime of the annuitant. Upon the death of the annuitant, we will cease payments and no payments will be made to a beneficiary.

Life with Payments Certain (5, 10 or 15 year guaranteed periods): If you select one of these options, we will provide regular income payments for the lifetime of the annuitant or for the guaranteed period selected, whichever is longer period of time. If the annuitant lives longer than the guaranteed period, payments will continue for the lifetime of the annuitant. If the annuitant dies prior to the end of the guaranteed period, payments will continue to be paid to the designated beneficiary until the end of the guaranteed period. The beneficiary may elect to receive a commuted value lump-sum payment instead of the remaining periodic payments.

If a guaranteed period other than 0 years is selected, a named beneficiary must be designated. If the annuitant dies, the named beneficiary is then entitled to receive any remaining guaranteed annuity payments due under the product.

In any annuity product, there is a risk that the annuitant may die before receiving the full value of their lump sum paid. The guaranteed period options reduce that risk to the annuitant by ensuring a minimum amount of payments are made.  The cost of that guarantee is reflected in the differences in the value of the monthly payments between the longer guaranteed periods and the shorter ones.

Payments will be made via electronic funds transfer to the annuitant’s bank account.

Republic Life Insurance does not charge any up-front fees or commissions on its annuity product.

Full or partial withdrawals are not permitted and there is no surrender value for voluntary contract termination.

The following documents must be submitted to RLIC in order to purchase and set up an annuity:

1. Application Form: Proposal & Declaration for the purchase of a Single Premium Immediate Annuity.

2. Individual Due Diligence Form

3. Declaration of U.S. Status – FATCA Form

4. Copy of your quotation

5. Copy of valid certified identification for Annuitant

6. Copy of valid identification for Nominated Beneficiary

7. Annuitant’s Proof of Address: – (utility bill within the last 6 months)

8. Approved TD-1 (required for customers with multiple sources of income who do not exceed the annual taxable emolument income limit)

9. Recent Bank statement if non-RBL bank account is provided (within the last 6 months)

10. Copy of electronic Birth Certificate or PIN number – This will be used to automate the annual Proof of Life requirement

A TD1 form is required to declare your annual income, deductions and tax credits. If your total annual income does not exceed $90,000; BIR approves your TD1 and provides a directive that your annual income should not be taxed. This directive is required by RLIC to avoid deducting tax from your monthly payments.

If this annuity is your only source of income and your total annual payments do not exceed 90,000; an approved TD1 and BIR directive is not required. A completed, unapproved TD1 form may be submitted.

You can contact us via email at rlicannuities@rfhl.com or via telephone at 625-3617 Ext. 69474 or 69483.