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Questions regarding the retirement annuity

Is the person, who has entered into a retirement annuity agreement, entitled to terminate it ahead of schedule? In the event of early termination of the agreement with the LIC, is it possible to get the entire amount of savings in hand?
Questions regarding the retirement annuity
Questions regarding the retirement annuity

 A person who has entered into the Agreement is not entitled to terminate it within 2 years from the date of its entering into.

Early termination of the agreement is possible provided that a retirement annuity agreement is entered into with another insurance organization.

In case of early termination, the Insurer is obliged to transfer the redemption amount, less the debt of the Insured, to the insurance organization specified in the new Retirement Annuity Agreement. In case of early termination of the Retirement Annuity Agreement, the redemption amount provided by it shall be not less than the amount of the insurance premium paid, less the sum of insurance payments made and expenses of the Insurer for conducting business in the amount of 3% of the insurance premium amount. Thus, early annulment of the Retirement Annuity Agreement is possible only if the Policyholder concludes a pension annuity agreement with another insurance organization. At the same time, the Policyholder does not receive money in his hands.

In case of death of a person who has entered into a retirement annuity agreement, can his heirs get benefits?

 In case of the Insured's death, his heirs shall have the right to receive guaranteed insurance payments unpaid by the Insurer, which are stipulated by the Agreement, if the Insured has not received them in full or did not receive it during life.

For reference

The retirement annuity agreement is an insurance agreement according to which the policyholder (the recipient of pension payments) undertakes to transfer the amount of pension savings to the insurance organization, and the insurance organization undertakes to make insurance payments in favor of the insured (the recipient of pension payments) for life or for a certain period of time.

Redemption amount - the amount of money that the policyholder (beneficiary) has the right to receive from the insurance organization upon early termination of the retirement annuity agreement.

The minimum pension is the minimum amount of pension established for the relevant fiscal year by the law on the republican budget.

 Pension savings - the money of the depositor (the recipient of pension payments), recorded on his individual pension account, including mandatory pension contributions, mandatory professional pension contributions and voluntary pension contributions, investment income, interest and other income in accordance with agreements, law, laws of the Republic of Kazakhstan.

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