Onifade Urges Workers to Adopt Annuity for Retirement Benefit Planning
Ebere Nwoji
The Nigeria Insurers Association (NIA) in collaboration with the Lagos State Ministry of Finance organised a one day retirement planning Workshop for the state government workers during which the workers were advised to adopt Annuity plan as their chosen way of receiving their retirement benefit.
The workshop tagged Retirement Readiness Workshop took place at the Lagos State Secretariat Alausa Ikeja.
Speaking at the workshop, one of the speakers and Managing Director Heirs Life Assurance, Mr Niyi Onifade charged employees of the Lagos State Government to adopt Annuity Plan as a means of receiving their retirement benefits saying it is a pension-regulated option that paid a stream of regular income throughout one’s retirement life.
He charged the workers in this direction while delivering a paper titled Annuities: What They Are, The Types, How They Work.”
Onifade emphasised the significance of subscribing to a holistic retirement planning that provides financial backing throughout life for peace of mind and a comfortable future. He also stressed the necessity of being prepared for retirement, while sharing Annuity options available to retirees.
“At Heirs Life Assurance, we recognise the need for individuals to secure their financial future and we believe that our Heirs Life Annuity Plan offers a robust solution that aligns with your retirement goals.”
According to him, the Heirs Life Annuity Plan is designed to provide individuals with a steady stream of income during retirement, ensuring financial security and peace of mind.
He said with flexible options tailored to meet diverse needs, the plan offered a reliable solution for retirees seeking financial stability in their post-working years.
He defined Annuity as a stream of regular income retirement planning purchased by a retiree with a life insurance company using retirement Savings Account income as premium.
He said annuity could be classified in different forms as fixed annuity, joint life annuity, immediate or deferred annuity, single or periodic annuity, duration annuity, direct or group annuity.
