A group accumulation annuity is typically issued to the annuitant in a defined contribution plan or a group Registered Retirement Savings Plan (RRSP). These are typically sponsored by an employer, union or other association. A group accumulation annuity may also be issued to a plan sponsor in a defined benefit plan.
A group accumulation annuity is an investment product that accumulates value by adding interest to the investments made by the plan sponsor or the plan members. The interest rates may typically be guaranteed for periods of 1, 3, 5 and up to 10 years. Assuris protection applies to the accumulation annuity, regardless of the term. Accumulation annuities are commonly known as Guaranteed Investment Certificates (GICs).
A group accumulation annuity is an accumulated value benefit under Assuris protection.
If your life and health insurance company fails, Assuris guarantees that you will retain up to $100,000 or 90% of your accumulated value benefit, whichever is higher.
Assuris guarantees that you will retain the amount of your investment under Assuris’ Accumulated Value benefit up to a maximum of $100,000.
Since your accumulated value is less than $100,000, you will retain your full benefit amount.
Protected benefit amount
Since your accumulated value is more than $100,000, you will retain 90% of your benefit amount.
($150,000 × 90%)
Adjusted benefit amount
Yes, interest will continue to be credited on the protected amount after the date of failure, in accordance with the terms of the policy within the group.
The stock index will continue to be applied to the protected amount after the date of failure, in accordance with the terms of the policy within the group