GROUP TERM ASSURANCE

The group term assurance policy is one that provides a predetermined sum of money (the sum assured) to beneficiaries of any persons within an insured scheme, who die before the policy expires. The policy, with one-year duration, is purchased by means of a premium payable at the agreed commencement date and makes available one of the most cost-effective forms of life assurance cover. 

Sums assured may be defined as a multiple of salaries where employees are concerned, in which case the policy may serve as a supplement to a broader employee benefit scheme. 

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

GROUP PURE ENDOWMENT 

Group pure endowments provide benefits for members of an insured scheme who survive to a specified age. A sum assured, together with any bonuses granted as a share in our profits declared during each financial year, are paid to these surviving members in return for level annual premiums. Death benefits, which are not paid under this plan, may be purchased by means of other policies, if desired.

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

GROUP DEPOSIT ADMINISTRATION 

Our group deposit administration scheme takes advantage of the prominence we accord information technology, as well as our substantial asset base and our track record in investments. 

The scheme is investment-linked, providing competitive interest returns to accounts maintained in respect of each scheme member. It could be contributory or non-contributory. In contributory retirement benefit schemes, employers and employees contribute a defined proportion of salaries at regular intervals to each member's account. Whereas in non-contributory retirement schemes, only the employers make the regular contributions on the members' behalf. 

Contributions made are accumulated with interest in the members' accounts until the members' exit dates, which may correspond to their dates of retirement. 

The schemes also provide a facility for "additional voluntary contributions" to be made anytime by members, to augment their regular contributions. 

This scheme is termed a "defined contribution" scheme since it is based on the prior definition of the amounts with which benefits would be purchased. 

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

ANNUITIES / PENSIONS 

Annuities usually provide equal-installment payments to assured persons or their beneficiaries during a stated period, in return for premiums paid before the date upon which the annuity payments are due to commence. 

In the context of a retirement benefit scheme, the annuities thus referred to as pensions, may be defined relative to the employees' average or final salaries and their lengths of service, or relative to amounts held on their behalf in deposit administration accounts. In either case, the pensions are funded (purchased) by regular premiums or contributions made on the employees' behalf during the course of their working lives. 

Pensions may be designed such that they provide a regular income to retirees until their deaths, subject also to a guaranteed minimum number of benefit installments. 

Where the pensions are pre-determined as a function of salaries and lengths of service, the schemes are termed "defined benefit" schemes. 

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

GRATUITIES 

Insured gratuity schemes are also defined benefit retirement schemes for employees. They are designed to provide lump sums to employees at normal retirement or earlier withdrawal, in relation to their salaries at exit and their lengths of service. 

Gratuities, which are funded by means of regular premiums paid during the working lives of employees, may be converted in whole or in part into pensions payable from their dates of normal retirement.

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

KEYMAN POLICY 

A keyman policy provides cover against the loss of profits or financial loss a company may suffer on the death of a key employee that is critical to the continued existence of the company. The policy is designed to cover the following risks: Death by accident, Death by any cause, Death by any cause with an extension of critical illness including but not limited to Stroke, Kidney Failure etc.

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

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