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Education Target Plan Flyer 2018

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59 views2 pages

Education Target Plan Flyer 2018

Uploaded by

chisommarygold15
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PRODUCT OVERVIEW contract, the risk component of this policy would

cease (lapse) after a 30 days grace period. Upon death


Educational Target Plan is a product, primarily designed to after the grace period, only the surrender value is
meet the dual objective of every parent – saving towards a payable. For a paid to date policy however, the Target
child's future and securing this future, despite the tragedies (sum assured) is payable.
of life. There is an option to purchase Critical Illness (Stroke,
Heart Attack, Kidney Failure, e.t.c.) and Accidental Ÿ Minimum entry age is 18 years, maximum age at entry
Permanent & Total Disability risk covers. The desired target is such that the policy ceases at age 65 for Life and PTD
may include: covers and age 60 for covers including critical illness.

ŸFuture educational expenses for your child(ren) HOW IT WORKS


ŸA regular benefit paid to your child upon reaching a fixed
age Ÿ With the regular or single premium you pay, a deposit
ŸAn inheritance benefit for your child(ren) account will be funded to ensure you receive your
ŸAny other purpose you deem fit. Target amount at maturity.
Ÿ A portion of these premiums will also be used to fund a
THE BENEFITS risk cover to ensure your target is assured upon
occurrence of death or any other insured risk, during
Death Benefit (Optional): the policy term.
Should death occur during the policy term, the target Ÿ The target is only payable, if there is no withdrawal and
amount (sum assured) is payable as a lump sum and the premiums are paid on time. Late premium payments
policy terminates. will attract late payment charges to make up for lost
interest.
Accidental Total & Permanent disability (Optional):
Should owing to an accident, the policyholder become FREQUENTLY ASKED QUESTIONS
disabled under the conditions covered and during the
policy term, the target amount (sum assured) is payable as Does my contribution accrue interest from the date of
a lump sum and the policy terminates. payment?

Critical Illness (Optional): This is a DEFINED BENEFIT policy and not a savings policy.
Should the policyholder be diagnosed during the policy We invest portions of your premium towards meeting our
term with a critical illness covered by this policy, the target obligation on your maturity proceeds. Provided premiums
amount (sum assured) is payable as a lump sum and the are paid as and when due, Leadway guarantees that your
policy terminates. sum assured shall be paid as and when due.

Maturity: What happens if I miss a payment?


Ÿ Upon survival to the end of the policy term (maturity),
provided the policy is paid to date, the target amount Non-payment of premiums on their due dates shall attract
(sum assured) is payable as lump sum and the policy late payment charges, to make up for lost interest. This is
terminates. currently 10% per annum on delayed premiums, prorated
Ÿ The lump sum payable on maturity could be converted for the number of days delayed. The rate is subject to
into an annuity payment to fund a regular expense. change at any time by Leadway. If the period of non-
Ÿ In the event that on maturity, the premiums are not up payment exceeds a year, Leadway reserves the right to re-
to date, benefit payable shall be the paid up value due assess the risk before renewing cover.
as at the paid to date of the policy.

THE FEATURES What are my options for the Guardian of my child?


Ÿ Contributions into the plan and the payment
frequency will be specified by the policyholder, based In this policy, the beneficiary represents the person to
on the amount required to meet desired target, whom you would want the benefit to be paid directly to.
subject to a reviewable minimum annual contribution This could be your spouse, relative, child's school, Trustee
amount of N120, 000. or Parent Teacher's Association of your child's school. We
advise you nominate a Guardian-at-law to administer the
Ÿ This policy qualifies for tax relief thereby reducing your benefits in your stead where the child is a minor.
tax incidence.
What will I get on a maturity if a 5 years policy with a
Ÿ The minimum policy term is 3 years. The policy can be target of N10million is paid up to only 3 years?
surrendered at any time. However, surrenders attract
charges according to the surrender factor rate table in Your revised maturity benefit will be 3/5 x N10m = N6m at
the policy document. maturity.

Ÿ If premium/contribution payments stop under this

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