Monday, October 6, 2025
24.8 C
Lagos

Leadway Assurance: ‘Nigerians Should Buy Term Life Assurance Policy’

Ms. Adetola Adegbayi, Executive Director, Leadway Assurance Company Limited has urged Nigerians to subscribe to Term Life Assurance product, saying, ‘people should form the habit of buying what they cannot save, through term assurance policy.’

Speaking at the Leadway Assurance Media Training for Insurance and Pension journalists in Lagos, Adegbayi stressed that with little premium, people can buy this unique product that has a minimum Sum Assured of N1 million, urging the middle and low income earners to see this package as an opportunity to enrich their lives.

Using Leadway Term Assurance product as an example, she said the plan is a simple but flexible life assurance product that pays out a lump sum if death occurs during the period of cover.

‘You choose the amount of that lump sum and the length of cover and your premium is calculated accordingly’, she said.

For an additional sum, she said, intending subscriber can extend cover to apply to critical illnesses or becomes permanently disabled because of an accident anywhere in the world.

“You can choose to pay your premiums in a way that suits you best: you can pay a single one-off premium, or you can pay monthly, quarterly, half-yearly or annually. The premium you pay qualify for tax relief and can therefore reduce your tax bill,” she noted.

He stated that a policyholder has the right to cancel his or her policy and receive a full refund of premiums paid if done within 30 days of receipt of the full policy documentation.

She added: “Take a little money to buy a N10million to N15 million policy. If anything should happen, your family has about N10 million to fall back to. It takes care of school fees of your children and other financial needs. May be, you can buy N10 million with N50, 000 premium for example.”

spot_img
spot_img
spot_img

Hot this week

Ecobank Nigeria Launches Upgraded Mobile App for Faster, Smarter Banking Experience

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Ortom, NOA DG, Others to Feature as Panelists at GOCOP 2025 Conference

The Guild of Corporate Online Publishers (GOCOP) has announced...

AIICO Celebrates Retiring Employees: Honouring Decades of Service with Gratitude

Left - right: Adeleke Adeshina (rtd), Lanre Oladehinde (rtd.),...

Nigeria’s Banking Woes: How One South African Bank Outvalues an Entire Industry

It is a sobering reality that one South African...

Topics

Stanbic IBTC Continues to Create Positive Impact in Host Communities

Stanbic IBTC Holdings PLC, a member of Standard Bank...

Subsidy Removal to Worsen Inflation, Deflate GDP

The downstream petroleum sector on 11th May, 2016 received...

FREE eSIM Offer: Another Market Beater from Smile

Pioneer 4G LTE broadband service provider Smile Nigeria has...

9mobile Partners St. Saviours School for 2023 Lagos Kid’s Mini Marathon

L-R: Lead, Public Relations, 9mobile, Chineze Amanfo; Chairman Lagos...

WAICA 2025 Confab on Climate Change Set for Nigeria October 12

  The Nigerian insurance industry is set to host the...

‘Coding for Sustainably’ Ends amidst Applause from Parents, Other Stakeholders

L-R Tobi Akinloye Instructor, Osas Osaigbovo Community Manager, Olufunke...

Post-recession Nigerian Economy and Export Diversification – By Bashir Wali

‘Neither government agencies nor private sector businesses can do...
spot_img

Related Articles

Popular Categories

spot_imgspot_img