LASACO Assurance customers embraces annuity for retirement

Customers of LASACO Assurance Plc no longer have to worry much about old age and life after retirement as the company has resumed the underwriting of Annuity policies that would make beneficiaries earn salaries for a life after leaving office.

The insurance giants re-commenced the Annuity businesses in collaboration with its appointed experts, First Pension Custodian (FPC), having obtained the nod of the National Insurance Commission (NAICOM) to again take on the underwriting of the product across the country.

With this, the public can now invest a lump sum with the company with which a monthly stream of income can be generated and paid to them for a fixed period or for life depending on the clients choice.

National Pension Commission (PenCom) which earlier placed a short embargo on the business against insurance operators in the country, demanding them to transfer their Annuity asset holdings to Pension Funds Custodian, lifted the restriction on some of the operators (including LASACO) after they had met the conditions for doing so.

Segun Balogun,LASACO’s managing director, who spoke on the development, said his company achieved the feat through prudent management and strict adherence to professionalism and promised that the company would do more to meet the needs of the people through policies that  guarantee better deals for them.

Contributing, General Manager, Life Operations of the company, Dimeji Olona, explained that the company’s Annuity product was designed to provide security and peace of mind for the holders as it is meant to ensure regular payments in retirement for the duration of the owner’s life.

PenCom had, in November last year,  placed embargo on underwriting of Annuity business by insurance operators and, vide a circular, directed companies underwriting Life Annuity business under the Pension Reform Act 2014 to ‘’transfer all Annuity assets under their custody to licensed Pension Fund Custodian (PFC) as mandated by the Pension Law’’

The circular further directed the insurance operators to effect the transfer to PFC of choice within three months ending 31st January, 2017.

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