In accordance with the law, the size of minimum payment from a life insurance company cannot be lower than the size of minimum pension, which as of January 1, 2019 amounted to 36,108 tenge.
In this regard, the amount of sufficiency on retirement annuity will be:
- 10 102 585 tenge for men at the age of 55,
- 13 833 372 tenge for women at the age of 51.
The level of sufficiency of pension savings is growing due to increase in the amount of minimum pension and the retirement age for women.
The high cost is explained by the fact that a life insurance company provides a person with life benefits, regardless of whether his pension savings have ended or not. Thus, this person, by actually buying a retirement annuity provides himself with a lifetime pension.
Source: http://www.gak.kz/news_gak?id=209
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