What is GenAfrica Income Drawdown?
The GenAfrica Income Drawdown fund offers members the option to receive a monthly, quarterly, bi-annual, or annual income, accompanied by interest earned on the remaining amount invested. This serves as an alternative to a one-time lump sum payment, allowing individuals to receive regular payments over time.
Participants are committed to a minimum Drawdown period of 5 years. After this period, members have the flexibility to choose whether to extend the Drawdown plan or receive the remaining balance as a lump sum. This ensures that members have the freedom to adapt their financial strategy based on their evolving needs and preferences.
Benefits of the fund
- Members can choose to receive their income on a monthly, quarterly, bi-annual, or annual basis, allowing them to tailor their cash flow to match their specific financial needs and preferences.
- Participants benefit from the interest generated by the remaining invested amount.
- In case of an unfortunate event of death, the nominated beneficiaries shall opt to either; continue with the drawdown or take the lump sum.
- In case of an unfortunate event of death, the nominated beneficiaries shall opt to either; continue with the drawdown or take the lump sum.
- By distributing income over time, the Income Drawdown fund allows for effective risk management, reducing exposure to market fluctuations and providing a more stable financial outlook for members.
How does GenAfrica IDD work?
• A member receives a quotation from GenAfrica.
• If happy with the quotation, the member joins by signing
an application form.
• GenAfrica confirms the periodic Drawdown amount and the
member then transfers the cash lump sum to the drawdown
fund.
• The member will receive bi-annual statements reflecting
payouts plus interest earned on the residual amounts.
• GenAfrica will send periodic updates to you on changes in
regulations and how it affects the member.
Key Features
The minimum duration for the Drawdown is 5 years, after which the member can choose to either continue with the drawdown or receive the entire lump sum.
Members are encouraged to utilize up to 15% of their annual Drawdown amount.
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