Contribution to CLIP

You only pay by making a contribution to CLIP if you use any credits.

CLIP is designed to maximize the retirement income available to those who live to an old age. As a result, CLIP does not take any payment (contribution) until you no longer need the money.

Other products such as annuities require you to pay on enrollment. CLIP is different. CLIP’s Pay-After-You-Go structure requires contribution only after you have passed on, when you no longer need money.

There is no contribution for participating in CLIP if you die before retirement, since you would not have used any of your credits. If death occurs after retirement, you pay for participating in CLIP by contributing a pre-selected portion (Participation) of the remaining balance in your Personal Account at that time. There is no contribution for participating in CLIP if you live so long that you have used up all your money and credits.