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Investment Rates

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Updated: 11-May-2020Valid until: 15-May-2020

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 - 3.45)
Comparison of secured investment rates (Investment for five year period)
InstitutionNature of SecurityCAR RatioNotesSecured Return**% Return on investment**Secured Return***% Return on investment***
Clientele life*L 8129,277.555.270%1,298,927.475.370%
1LifeL 8128,420.195.130%1,286,646.885.170%
Discovery*G3.58128,148.245.085%1,314,885.465.628%
Absa*L 8128,083.305.075%1,280,832.975.075%
Clientele life*G2.438 128,054.155.070%1,286,646.885.170%
Assupol (secured)G1.948 ; 11125,971.584.726%1,285,546.195.152%
MomentumL2.68125,060.004.570%1,295,646.005.320%
NEDgroup LIFE*L 8120,094.163.730%1,228,396.574.200%
Old Mutual Wealth Fixed BondG38 119,654.263.654%1,238,154.084.365%



(Commission at 1.5% plus VAT - 1.725)
Comparison of secured investment rates (Investment for five year period)
InstitutionNature of SecurityCAR RatioNotesSecured Return**% Return on investment**Secured Return***% Return on investment***
Clientele life*L 8131,254.425.590%1,318,771.315.690%
1LifeL 8130,634.075.490%1,308,819.305.530%
Discovery*G3.58130,570.595.480%1,339,108.916.014%
Clientele life*G2.438130,016.075.390%1,306,340.715.490%
MomentumL2.68127,841.005.030%1,323,451.005.760%
Assupol (secured)G1.948 ; 11127,786.255.026%1,305,969.255.484%
Old Mutual Wealth Fixed BondG3 8 121,824.714.027%1,260,350.684.737%


  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.


Compulsory Annuity

Not underwritten

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 3,271.25R 4,504.50R 4,197.03
DiscoveryR 3,213.01R 4,472.12R 4,211.06
Metropolitan*R 3,161.02R 4,503.62R 4,155.49
MomentumR 3,159.81R 4,510.41R 4,323.67
Assupol Life (rewired)R 3,056.70-       -      
Assupol LifeR 2,598.57R 3,883.73R 3,548.23


  1. * Male 60 alb (DOB 01/01/1960)
  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.

Voluntary Annuity

Comparison of monthly annuity income (R100000 Voluntary, 5 year term certain)
InstitutionGross IncomeTaxable PortionTax Free PortionTaxable Percentage
Absa*R 1,854.57 R 187.90R 1,666.6710.130%
MomentumR 1,800.43R 133.76R 1,666.677.430%
Old MutualR 1,779.99R 113.32R 1,666.676.367%
Metropolitan*R 1,768.76R 102.09R 1,666.675.772%


Annuity with Capital Secured

(Commission at 3% plus VAT - 3.45)
Comparison of monthly annuity income on income plans with capital secured.
(Investment amounts R100 000 and R1 000 000)
InstitutionNatureSecurityCAR RatioNotesGross annuity income
(R100 000)
Taxable portion
(R100 000)
Gross annuity income
(R1 000 000)
Taxable portion
(R1 000 000)
DiscoveryG3.505R 395.80R 2.18R 4,421.65R 319.24
Absa*G3.505 R 406.63R 41.20R 4,066.29R 411.99
Clientele life*G2.435 R 407.41R 46.62R 4,153.78R 483.87
MomentumL2.605R 324.51R 3.41R 4,141.27R 353.25
Assupol (annuity)L1.945-       -       R 4,055.92R 181.25
NEDgroup LIFE*L 5R 303.47R 12.08R 3,402.57R 168.20



(Commission at 1.5% plus VAT - 1.725)
Comparison of monthly annuity income on income plans with capital secured.
(Investment amounts R100 000 and R1 000 000)
InstitutionNatureSecurityCAR RatioNotesGross annuity income
(R100 000)
Taxable portion
(R100 000)
Gross annuity income
(R1 000 000)
Taxable portion
(R1 000 000)
Discovery*G3.505 R 421.30R 5.07R 4,673.31R 347.75
MomentumL2.605R 358.84R 9.62R 4,477.60R 420.00
Clientele life*G2.435 R 428.90R 51.45R 4,368.50R 532.93
Assupol (annuity)L1.945-       -       R 4,265.14R 190.60

    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 : 3194B A47C8 D377C D01BD
    MetropolitanMetquote Codes : 26F9A F1692 424FC 9025F
    MetropolitanMetquote Codes : B89C3 1E23D 0DB03 A0335
    MomentumAnn : A-EXDIQEG-R4G7LPM-RTABRS3
    MomentumGuar : G-YXDIQ9X-J4EOQPO-RKFB739
    MomentumDb : DB-DCFBC-ICDDH-CLBCK-ECDBC-HICDB-CDBCD
    Old MutualMax Income : EE9BAAAVTAA95AAAA66YYYYYHVKLQNHHUE5
    Old MutualAnn : ZYYZ7 SR6W9 YNRET KPW59
    Old MutualBond: BB4UUUUUUUUUUUUUUUUUUUGMUUUUUUUMSN8



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