WHAT WE OFFER

You’ve worked hard to get a speedboat, you earned it. Let’s help you protect it against the risk of theft, accidental damage or wreckage so you don’t have to worry about anything. Our speedboat Insurance is a premium package that covers your speedboat against a host of risks which includes storm, theft of valuable motor parts, wreckage, etc. While you’re at sea on a luxury ride, be rest assured and enjoy the good life. Leave the worries to us.

DETAILS

You can take a loan on your savings Account after the first policy year at the Leadway policy loan interest rate. This policy qualifies for tax relief thereby reducing your tax incidence. A statement of Account is sent every policy year end and you could request for your statement at other periods. Policy commences on the day premium is received.
Termination before the end of policy term shall be treated as surrenders. Surrenders attract a surrender charge on interest earned as contained in the policy document. Partial surrenders of up to 25% of account balance are allowed after the first policy year, to enable you meet school fee expenses. Partial surrenders are however subject to surrender charges. Minimum policy term is 3 years, maximum policy term is 20 years.
The minimum age at entry is 18 years and the maximum entry age is such that the policy ceases at age 65 for Life and Permanent Total Disablement covers and age 60 for critical illness cover. The policy is soft-billed meaning that the policyholder can pay any amount above or below the premium amount chosen at inception subject to a minimum monthly premium of N10,000

BENEFITS

  • Upon survival to the end of the policy term (maturity), the accumulated amount in the policy holder’s account is paid automatically into the bank account provided at inception of policy. Should death occur during the policy term, the life cover sum assured and the accumulated amount in the policyholder’s account as at time of claim is payable.

  • Free life cover of N250,000. Additional life cover over this minimum subject to a maximum of N500,000 could be purchased. There is also the option to cover critical illness and accidental Permanent Total Disablement. Where this is chosen, if the policy holder is diagnosed with a critical illness covered by this policy (cancer, stroke, heart attack, kidney failure, coronary artery by-pass graft and coronary angioplasty) or sustains an injury, the amount selected as sum assured at inception of the plan is payable along with the accumulated amount in the policy holder’s account as at time claim. If you need money to pay school fee expense, you are allowed to make at most one partial surrender annually, beginning from the end of the first policy year. (subject to a minimum of N50,000 and a maximum of 25% of account balance).

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