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Leadway Assurance Company: Save Towards Retirement! - Career - Nairaland

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Leadway Assurance Company: Save Towards Retirement! by Whizprince443(m): 10:22am On Jan 25, 2019
Insurance: Save Towards Retirement

Policy Overview

This program is aimed at providing a platform for saving towards retirement, and assures a regular source of income after retirement suited for self-employed persons or persons who want to augment the income from their company sponsored Retirement Savings Account. A policyholder makes contributions during his/her working life and after retirement has option to collect lump sum or a regular sum of income payable to him/her throughout his/her lifetime (annuity).

The Benefits

1. Attractive interest rates at the Leadway Rate. The Leadway Rate is benchedmark at above the average Nigerian Banks saving rate
2. Death during Deferred Period: Accumulated value of contributions is payable to the beneficiary(ies) stated in the policy in addition to the life cover purchased (Minimum life cover of #250,000 must be purchased and shall be funded from the account balance), without any hassle of probate processes.
3. Upon retirement, the policyholder has option to convert into a Life annuity at the prevailing annuity rates. A life annuity will pay a regular fixed income to you, throughout your life-time.
4. Death during Annuity Payment Period: Reference will be made to the guaranteed period chosen. Death benefit is the present value of outstanding guaranteed annuities.
4. This policy qualities for tax relief thereby reducing your tax incidence.

The Features

Provided the policy has been in operation for at least 3 years and still in the contribution period.
One partial withdrawal up to 25% of the account balance, but subject to a minimum of #50,000 is allowed within the contribution period.
No partial withdrawals are allowed during annuity payment period. A partial withdrawal is also allowed just before a conversion into annuity at maturity.
Provided the policy has been in operation for at least two years and the policy is still in the contribution period, policyholder will have the option to obtain a loan of a maximum of 70% account balance, at the company's prevailing policy loan interest rate.
Ideally, the policy terms should be chosen in reference to expected retirement age.
Termination during the policy terms should be chosen in reference to expected retirement age.
Termination during the policy term will attract surrender charges, except this is done within 30 days of policy inception.
A statement of account is sent every policy anniversary, you can also request statement of account from your agent or using the Leadway App, or as well check online.
How it works

During the deffered period (usually the time from purchase date till retirement)- It operates as a regular savings plan with the interest accrued on a daily basis.
Cost of risk cover (Death, critical illness and accidental permanent & total disability(optional) will be deducted from your account balance on a regular basis.. that is if you opt-in for it).
At the end of deffered period, the saving could be converted into an Annuity with purchase value equivalent to accumulated value of contributions or taken as a lump sum. The annuity rates will be based on the prevailing annuity rates at maturity.
As an illustration, based on current rates, for a life aged 60 years, a purchase value of #3,000,000 can buy #29,094 monthly, payable to life with zero year guarantee and #27,473 monthly, payable for life with a 10 year guarantee.

Frequently Asked Question (FAQ)

Question: At what age can I stop paying premiums and start receiving my benefits?
Answer: Ideally, this would be after retiring from active service. However, you have control over the period and number of payments you can make.

Please Read more from source and Apply todayhttps://edutrendonline..com/2019/01/annuity.html

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