Ideal for people who want to save up for the years to come and supplement their pension.

UniPension is the ideal scheme for people who want to supplement their pension and secure their standard of living when they reach retirement years. 

UniPension is addressed to people who want to save up in order to accumulate capital while they work by systematically investing in the internal unit-linked funds of Universal Life.

The scheme aims at creating and accumulating capital though systematic investment in order to add on to the social security fund that a person will receive upon retirement. 

The premiums are tax-deductible. In case the policyholder suffers a permanent total disability before retirement, the scheme provides the option of early conversion of the accumulated capital into an annuity.

The scheme has a duration which may range between 10 and 45 years. It gives policy holders the option of actively participating in the investment management of their plan by choosing the investment funds more suitable to their profile. The premiums, which are tax deductible, may increase or decrease depending on the policyholder’s needs and optional premium may be added to increase accumulated capital.

There are several options for converting capital into a monthly pension. The pension is always granted as the plan cannot be surrendered or assigned to a bank. 

  • Life annuity where in case of death of the annuitant the payment ceases automatically.
  • Life annuity with a guaranteed period of 5 or 10 years.
  • Capability of transferring up to 75% of the pension to dependents after death. In case the dependent is underage, then the annuity will be provided up to the age of 21.


Important Information: 

In order to find out more information about how this scheme is connected with the internal unit-linked Funds of Universal Life you can visit the below links:

Internal Investment Funds Informative Notes- Regular Premium

Internal Investment Funds Informative Notes- Single Premium

UniPension can be combined with the following supplementary benefits:

Disability Income: The benefit is paid monthly in case of total disablement due to accident or illness. The benefit is payable after the expiry of three months of any period of disability and expires at maturity of the policy or at the maturity of the benefit or at the age of sixty five, whichever takes place first. Provided that the disablement continues to exist following the first 24 monthly payments the benefit will continue to be paid only if the total disability becomes permanent.

Waiver of Premium: In the event of total disablement due to accident or illness any future premiums (after the first six months of disability) will be waived and assumed to be paid by the Company. The benefit expires at age 60 or at the maturity of the policy if earlier.

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