Individual RRIFs
(Registered Retirement Income Funds)
The Product
A RRIF is a deposit type product that pays out income to an individual.
RRIFs are registered under the
Income Tax Act (Canada). The interest income and growth of the account value are sheltered from income tax. The policyholder must withdraw a minimum amount each year from the fund but can also withdraw amounts in excess of this minimum.
Assuris’ Protection
Individual RRIF deposits, other than Segregated Funds, are eligible for Assuris protection.
If your life insurance company fails, your RRIF policy will be transferred to a solvent company.
- If you choose to withdraw a lump sum, your RRIF receives Accumulated Value protection. On transfer, Assuris guarantees that you will retain 100% of the promised Accumulated Value up to $100,000.
- If you have more than $100,000 in your RRIF and you choose to withdraw a monthly amount of $2,000 or less, Assuris guarantees that you will be fully protected.
Questions and Answers