Deferred Annuity Plan

This is a savings plan towards retirement. It’s a plan whereby you contribute & accumulate savings over a preferred period of time up to retirement. This can however be used as a tool to augment any existing retirement scheme.

The contributions or savings made are accumulated & built up over a period chosen with a minimum tenor of three years and a maximum tenor of 20 years or up to your retirement date, whichever comes earlier. The contributions are accumulated in a dedicated account and accrue interest matched at Leadway Interest Rate.

Upon maturity or retirement period chosen, the accumulated fund can be collected as a lump sum or preferably used to purchase a Life Annuity plan (this provides regular income for life).  It is specially designed for self-employed persons wishing to save towards retirement or for those willing to augment income from their employer(s) sponsored Retirement Savings Account (RSA).

It provides cover for Death as a basic cover and Critical illness and/or Accidental Total & Permanent Disability as optional riders. This helps augment the savings aspect of this product by providing further cover to the policy holder and/or their dependents. There is currently a free life cover on N250,000.00.

You decide your contribution amount, sum assured on any covers you want, your preferred payment frequency and your preferred policy period. You would then be expected to pay your contributions based on the frequency you have selected.

You can choose to pay premium on a monthly, quarterly, semi-annually, or annually. You decide your preferred frequency of payment.

This policy has a minimum term of 3 years.

  1. Death during Deferred Period: Accumulated value of contributions is payable to the beneficiaries stated in the policy in addition to the Life cover purchased (there is a free life cover of N250,000.00 and additional cover can be purchased and shall be funded from the account balance), without any hassle of probate processes.
  2. The plan can be used as Tax Relief thereby reducing the tax incidence of the policy holder.
  3. Very Attractive Interest Rate from Leadway.
  4. The Plan allows partial surrenders provided the policy has been in operation for at least 1 years and still in the contribution period. Penalties are imposed on partial surrenders.
  5. It provides soft loan facility at any time during the policy duration subject to terms and conditions.
  6. Upon retirement, the policyholder has the option to convert into a Life Annuity at the prevailing annuity rates or an option of collecting a lump sum payment.

A Life Annuity will pay a regular fixed income to you, throughout your lifetime.

Please click here to download the policy brochure to know the features, benefits and see some FAQs relating to this product to ensure it fully meets your requirement.

 

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