Business
Ex-CIIN Boss Charges Firms On Annuity Products
A former President of the Chartered Insurance Institute of Nigeria (CIIN), Dr Wole Adetimehin, last Monday urged insurance companies to develop annuity products.
Adetimehin who gave the advice in an interview with newsmen in Lagos said Annuity is a regular payment to a retiree from a particular date up to a period or for as long as he lives.
According to him, taking up annuity product is a sure way of securing one’s future after retirement. “So the products need to be available to enable the retiree buy into it.
“The companies also need to go out and aggressively market annuity products because the products will help to shape the life of the elderly, especially those who had been in active service,” he said.
Adetimehin said that those who worked for themselves should also see annuity products as a worthwhile investment for their future.
According to him, under the annuity contract the person can pay the premium to the company on quarterly basis or annually.