This policy qualifies for tax relief thereby reducing your tax incidence.
Should death occur during the policy term, the target amount (sum assured) is paid as a lump sum to your beneficiary (Ts&Cs apply).
Optional covers for Accidental Total & Permanent disability and Critical illness are available.
The lump sum paid when the policy matures could be converted into an annuity payment to fund a regular expense.
Valid means of identification
Passport photograph
Duly filled Proposal form (For offline purchases)
Q. Does my contribution accrue interest from the date of payment?
A. This is a DEFINED BENEFIT policy and not a savings policy. We invest portions of your premium towards meeting our obligation on your maturity proceeds. Provided premiums are paid as and when due, Leadway guarantees that your sum assured shall be paid as and when due.
Q. What happens if I miss a payment?
A. Non-payment of premiums on their due dates shall attract late payment charges, to make up for lost interest. This is currently 10% per annum on delayed premiums, prorated for the number of days delayed. The rate is subject to change at any time by Leadway. If the period of non-payment exceeds a year, Leadway reserves the right to reassess the risk before renewing cover.
Q. What will I get on maturity if a 5-year policy with a target of N10million is paid up to only 3 years?
A. Your revised maturity benefit will be 3/5 x N10m = N6m at maturity.
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