LASACO Assurance Plc has resumed the underwriting of annuity policies that would make beneficiaries earn salaries for a certain period after leaving office.
Under the package, customers will no longer have to worry much about old age and life after retirement.
National Pension Commission (PENCOM) earlier placed a short embargo on the business against insurance operators in the country, and direct them to transfer their annuity asset holdings to pension funds custodian.
The commission lifted the restriction on some of the operators (including LASACO) after they had met the conditions for doing so
The insurance firm re-commenced the annuity businesses in collaboration with its appointed experts, First Pension Custodian (FPC), after securing the approval 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.
LASACO Managing Director, Segun Balogun, said the company achieved the feat through prudent management and strict adherence to professionalism, promising to do more to meet the needs of the people through policies that would 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.