Gro Annuity Pro
Income Insurance's immediate annuity pays lifetime income for eligible policyholders.
Gro Annuity Pro is a participating single premium annuity plan from Income Insurance. It provides lifetime annuity payouts on a monthly, quarterly, half-yearly or yearly basis, with potential bonuses based on the performance of the Life Participating Fund. It also provides death coverage through a lump sum payout where applicable. The plan is available to policyholders exercising an annuity option in their policies, and only immediate annuity is available. Entry age is listed from 40 to 85 years old, with payment by single premium.
Gro Annuity Pro is one of the more literal annuity-style products here, because it is built for lifetime annuity payouts rather than just fixed-term retirement cash flow. Income's local consumer base and clear payout frequency options are strengths. The important trade-off is access: it is not a broad retail plan for everyone, as Income states it is for policyholders exercising an annuity option where applicable. For eligible buyers, though, it remains a serious income tool.
It earns its place because true lifetime annuity payouts are highly relevant, even though eligibility is narrower than most mainstream retirement plans.