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Investment Rates

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Updated: 07-January-2019Valid until: 11-January-2019

This information is supplied as part of our commitment to support and strengthen independent financial advisors. The information contained below is part of our growing product research offering.

In order to understand the difference between guaranteed (G) and linked (L) rates, kindly click here for a detailed explanation.


Secured Investment Rates

(Commission at 3% plus VAT - 3.42)
Comparison of secured investment rates (Investment for five year period)
InstitutionNature of Security CAR RatioNotesSecured Return**% Return on investment**Secured Return***% Return on investment***
1 LifeL  8R 139 536.006.890%R 1 398 624.006.940%
Absa*L  8R 139 260.226.848%R 1 392 602.206.848%
Clientele life*L  8R 138 429.646.720%R 1 390 794.196.820%
Clientele life*G 2.438 R 137 137.366.520%R 1 377 822.886.620%
AssupolG 1.948 ; 11R 136 751.576.460%R 1 395 357.166.890%
Discovery*G 3.58R 133 801.165.997%R 1 372 888.176.544%
MomentumG 2.78R 131 423.005.620%R 1 361 683.006.370%
NEDgroup LIFE*L  8R 130 799.575.517%R 1 348 192.766.157%



(Commission at 1.5% plus VAT - 1.71)
Comparison of secured investment rates (Investment for five year period)
InstitutionNature of Security CAR RatioNotesSecured Return**% Return on investment**Secured Return***% Return on investment***
1 LifeL  8R 142 100.007.280%R 1 424 314.007.330%
Clientele life*L  8 R 140 506.087.038%R 1 411 656.107.139%
Clientele life*G 2.438R 139 194.426.838%R 1 398 490.226.938%
AssupolG 1.948 ; 11R 138 689.266.760%R 1 415 048.607.190%
Discovery*G 3.58R 136 330.366.394%R 1 398 180.126.933%
MomentumG 2.78R 134 357.006.080%R 1 391 161.006.830%


  1. A linked policy is defined in the long term Insurance Act of 1998 as: "...a long-term policy of which the amount of the policy benefit is not guaranteed by the long-term insurer and is to be determined solely by reference to the value of particular assets or categories of assets which are specified in the policy and are actually held by or on behalf of the insurer specifically for the purposes of the policy."
  2. A company's Capital Adequacy Ratio (CAR) is the actuarially determined excess of assets over liabilities. The CAR provides a buffer against experience worse than that assumed in the financial soundness valuation.
  3. * Capital Gains Tax has been taken in account on the quoted rates of return at the current tax rates for individuals. However if the tax rate for CGT changes the additional tax will be recovered from the returns of the investment (contact institution for details)
  4. ** Initial investment is R 100,000.
  5. *** Initial investment is R 1 million.
  6. Funds received before or on the 15th of a month will have an entry date of the first of that month. Funds received after this will have an entry date of the first of the following month. The impact on the values quoted on these pages should be born in mind when comparing data.
  7. VAT on commission has been taken in account for Discovery, ABSA, Clientèle Life, Momentum and Assupol.
  8. Capital Gains Tax has been taken in account on the quoted rates of return at the current tax rates for individuals. Any change in the tax rate for CGT will not affect the returns of the investment (contact institution for details)
  9. " Clientèle Life 's Guaranteed Growth Plan Initial Capital and Interest rate is guaranteed back to the beneficiary when they elect to surrender the policy at death at any given time during the five years.
  10. The full maturity value is payable on death (excluding pre-existing conditions - please see the Discovery Invest Fact File for details)
  11. The returns for the Guaranteed-return Single-premium Policy may change during the week. Please refer to Assupol Life for their latest rates.
  12. Liberty advises that, as of Monday, 9 May 2016, its minimum premium on the "Guaranteed Investment Plan" and "Guaranteed investment plan - income option" increased to R150 000. Investments above the new value will be subject to the same standard rates and enhancements applicable in the past.
  13. Old Mutual Wealth - Underwritten by Clientele Life.


Compulsory Annuity

Comparison of monthly annuity income (R500000 compulsory, monthly paid in arrears)
InstitutionEscalating 10yrs Certain &
Thereafter* (C&T)
Single Life* 10 C&TJoint & Survivor**
10 C&T
Old MutualR 2 951.48R 4 310.26R 3 887.17
MetropolitanR 2 838.84R 4 279.58R 3 887.53
DiscoveryR 2 836.75R 4 221.01R 3 846.06
MomentumR 2 786.34R 4 289.95R 3 936.64
Assupol LifeR 2 689.25R 4 139.78R 3 734.58
Assupol Life (rewired)7 R 3 164.44  


  1. * Male 60 alb (DOB 01/01/1959)
  2. ** Male and female 60 alb
  3. 0% Tax deducted
  4. Escalation at 5% per Annum
  5. Metropolitan Life Annuities: contact your financial adviser or your nearest Metropolitan branch. Alternatively, contact our call centre on 0860 724 724.
  6. Funds received before or on the 15th of a month will have an entry date of the first of that month. Funds received after this will have an entry date of the first of the following month. This will impact on the values quoted on these pages, and should be born in mind when comparing data.
  7. Assupol Life’s Ultimate Retirement Income 4Life offers rewirement - this is a combination between a level and increasing income. For this scenario, the Rewirement factor is 4 and the income starts to increase yearly by 5% after 5 years.

Voluntary Annuity

Comparison of monthly annuity income (R100000 Voluntary, 5 year term certain)
InstitutionGross IncomeTaxable PortionTax Free PortionTaxable Percentage
AbsaR 1 951.45R 284.78R 1 666.6714.593%
MomentumR 1 895.50R 228.83R 1 666.6712.072%
Old MutualR 1 870.52R 203.85R 1 666.6710.898%
MetropolitanR 1 856.96R 190.29R 1 666.6710.248%


Annuity with Capital Secured

(Commission at 3% plus VAT - 3.42)
Comparison of monthly annuity income on income plans with capital secured.
(Investment amounts R100 000 and R1 000 000)
InstitutionNatureSecurityCARRatioNotesGross annuity income
(R100 000)
Taxable portion
(R100 000)
Gross annuity income
(R1 000 000)
Taxable portion
(R1 000 000)
AbsaL  5R 550.15R 80.28R 5 501.51R 802.85
Clientele life*G 2.435 ; 9R 517.00R 73.48R 5 245.00R 755.14
Discovery*G 3.55 ; 6R 472.84R 26.66R 5 210.11R 582.08
NEDgroup LIFE*L  5R 443.19R 33.55R 4 930.75R 434.50
MomentumG 2.75R 412.34R 29.19R 5 055.51R 645.08
Assupol G1.94    R 5 448.18R 500.34



(Commission at 1.5% plus VAT - 1.71)
Comparison of monthly annuity income on income plans with capital secured.
(Investment amounts R100 000 and R1 000 000)
InstitutionNatureSecurityCARRatioNotesGross annuity income
(R100 000)
Taxable portion
(R100 000)
Gross annuity income
(R1 000 000)
Taxable portion
(R1 000 000)
Clientele life*G 2.435 ; 9R 538.39R 79.35R 5 458.37R 814.43
Discovery*G 3.55 ; 6R 498.24R 30.38R 5 460.65R 618.81
MomentumG 2.75R 447.65R 37.51R 5 400.44R 732.30
Assupol G1.94    R 5 649.81R 518.86

    A linked policy is defined in the long term Insurance Act of 1998 as: "...a long-term policy of which the amount of the policy benefit is not guaranteed by the long-term insurer and is to be determined solely by reference to the value of particular assets or categories of assets which are specified in the policy and are actually held by or on behalf of the insurer specifically for the purposes of the policy."
  1. Income is guaranteed/secured for a five-year term after which the capital is guaranteed back to the investor.
  2. * Investor should not have to pay capital gains tax (contact institution for details)
  3. Nedgroup Life pay monthly in advance as opposed to other institutions that pay monthly in arrears.
  4. VAT on commission has been taken in account for Nedgroup Life, ABSA, Momentum and Assupol.
  5. The full maturity value of the endowment policy is payable on death (excluding pre-existing conditions – please see the Discovery Invest Fact File for details)
  6. Clientèle Life's Guaranteed Income - Annuity with Capital Guarantee: VAT is taken into account on the plan and the value will not change for Vat-payable brokers or non VAT-paying brokers. The initial capital amount is guaranteed back to the beneficiary when they elect to surrender the policy at death at any given time during the five years at a different quotation.


Annuity codes

InstituteAnnuity code
MetropolitanMetquote Codes : 1BDC8 A6791 56ACC 30190
MetropolitanMetquote Codes : 1B11C 9830B 3B27C 002A7
MetropolitanMetquote Codes : BFFC3 33C31 55810 80365
MomentumAnn : A-4HDEQEM-H4FBKTZ-MKCBRYY
MomentumGuar : G-YHDEQ9N-J4HOQ2J-MKEBBK9
MomentumGe : GE-DCEKC-EBJDH-CLBCL-DGGBC-IIGDB-CDBCD
Old MutualMax Income : TZJMPD6TZZYYYYYJH33JZ56YRVJJNHHJ4J9
Old MutualAnn : L7GDH WLH6X 7RNPN 66C7D
Old MutualBond :

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