IDA (INDIVIDUAL DEPOSIT ADMINISTRATION)

This is an investment linked policy which provides savings and protection against loss occasioned by death to the effect that the amount in the account of the client plus interest (account holder's balance) and future unpaid premium to date of maturity shall become payable in the event of death. The policy account holder’s balance becomes payable upon the attainment of the maturity date.

The policy could also be used for the education of a child whereby the policy is issued on the life of the father or the mother of a named child with the intention of making the sum assured payable at prescribed intervals commencing at the date the child is anticipated to resume secondary school or university.

The policy is two-way beneficial in that every kobo paid is used to purchase both savings (retirement benefit) and life cover. The client determines the premium payable and the duration of insurance.

For further information, please e-mail us at insure@leadway.com

PEARL - A LEADWAY PERSONAL RETIREMENT PLAN

This is uniquely designed for the high networth individuals, professionals and self-employed who are in non-pensionable jobs or as an addition to retirement benefits under a normal pension scheme. It is purely a savings plan made possible for these categories of people to enable them live a useful life after retirement with the accumulated disposable income they laboured for and saved when the energy to run around was still there.

The PEARL policy, though a pension plan, could also be combined with a term assurance, which provides a death benefit to the dependants of the plan holder in the advent of death before retirement. Thus it gives the insuring public the option of a pure saving with or without the combination of term assurance.

The minimum duration of this policy is five years and the maximum could be as long as the plan holder is actively involved in his job or profession. The minimum premium payable is N10, 000.00 and this could be paid annually, half yearly or quarterly.  However, for those who want to pay monthly, the premium is N5, 000.00. The effective cost of the product to the policyholder is 75% of the premium payable since he will recoup 25% of the premium through tax relief.

For further information, please e-mail us at insure@leadway.com

TERM ASSURANCE

Under the term assurance policy, the sum assured is only paid if death occurs before the expiry date. If the life assured survives the chosen period, no benefit will be paid.  It is the cheapest form of live cover, in that a large sum assured can be secured for relatively small premiums.

For further information, please e-mail us at insure@leadway.com

MORTGAGE PROTECTION POLICY

If a house is being financed by means of a mortgage loan, there is a need to have this type of policy which guarantees the balance outstanding in respect of the loan if the life Assured dies before the loan is fully repaid, provided of course, the repayments under the loan are not in ARREARS. The policy covers death only. However, if the life assured survives the chosen period, no benefit will be paid. The premium is determined by the Amount of loan, Age of the Assured, Duration or Term of the Policy and the Interest Charged. The premium could be paid annually or singly.

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