Tapologo Retirement Annuity is designed to help clients save up for retirement. At retirement after the age of 55 years, one third of the policy value will be paid as tax free cash to the policyholder and the remaining two-thirds of this policy value will be converted to an annuity payable for life.
The policyholder can choose level premiums, premiums escalating at 5% or 10% as well as any ad-hoc increases. The policyholder has option to invest any proportion from 0% to 100% of the premium in various funds. A minimum monthly premium of P500 applies.
This policy comes with an in-built funeral benefit for the main member with a cover ranging between P15,000 and P25,000. The policyholder also has an option to choose a waiver of premium on disability benefit.
While Botswana Life helps Tapologo policyholders to save for retirement, the product comes with a transparent fee structure that ensures that our clients are aware on how their investment is being allocated. Tapologo policyholders are empowered to change their investment allocations depending on their financial sophistication and understanding of the market performance. While our competitors charge a fee for each and every investment switch, with Tapologo the policyholder may switch investments 3 times in a year at no cost to the client.
While our competitors demand up to 5% as an initial investment fee, with Tapologo there is no initial fee and 100% of the premium is invested. This ensures that the client’s investment grows at a faster rate than it would when invested with our competitors.
Single Premium Contributions
As the name suggests, these products require only a single premium payment which will be used for investment. A combination of upfront lump sum plus regular contribution is also allowed. The investment funds available are as mentioned under Tapologo above.