Leadway Assurance Products – Leadway Assurance is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability.
Leadway Assurance is over 45 years, Leadway has honored its underwriting commitments and has earned its reputation of excellence in claims handling. The evolution of Leadway since 1970 has mirrored the dramatic expansion of indigenous insurance service providers, with Leadway remaining in the forefront as an insurer of repute.
The reputation enjoyed today by Leadway has been attained by the continuing pursuit of improvements to maintain competitive advantage. All aspects of the business are approached with discipline; the recruitment of staff, the development of products, the advancement of technologies and the personal service offered to each client.
Presently, Leadway hasover 24 Branch Offices with Kaduna serving as the Registered Office and Lagos, the Corporate Office. In this article, we have list out the Leadway Assurance Products like Leadway Savings Plan designed to meet your protection and savings need by providing a lump sum benefit in the event of the policy holder dying, contracting a covered critical illness or sustaining a disability.
List of Leadway Assurance Products and their Benefits
Here are the full list of Leadway Assurance Products :
1. Education Protection Plan
Education Protection Plan is one of the Leadway Assurance Products and it is perfect for times you might be unable to meet up with paying school fees, and guarantees the continuation of your child’s education in the unfortunate event of death or permanent disablement.
If a parent acquires this insurance plan in the name of one child or more and is unable to pay for the child’s education due to Death, Critical Illness (optional) or a permanent total disablement (optional), Leadway continues from the point the sponsor/parent/guardian becomes unable to do so and pays the Child’s School fees for the rest of the current academic level.
Benefits of Education Protection Plan
- Should death occur during the policy term, the benefit payable shall be the life cover sum assured applicable at the time of death. There are two options allowable for benefit payment which you have to choose from:
- Option 1: A lump sum benefit. This implies that a one-off payment of the sum assured will be made if death occurs within the policy term. For example, a 5-year policy is chosen with a sum assured of N5, 000,000. Assuming that premiums are paid to date, if death occurs in the third year, N5,000,000 is payable as a one-off payment. This one-off payment also applies to the Critical Illness and Permanent Total Disablement (PTD) covers, where selected.
- Option 2: An annual benefit payment for the outstanding school years. As an illustration, if a policyholder chooses this option for a N10 Million sum assured and a 5-year policy term, the benefit payable on death in the 2nd year will be N2 Million annually for the outstanding term of 3 years. For Critical Illness and Permanent Total Disablement (PTD) covers, the benefits are paid similarly.
2. Comprehensive Motor Insurance
Among Leadway Assurance Products is the Comprehensive Motor Insurance which provides the widest cover against fire, theft and other damages caused to your vehicle. It also covers death, bodily injury and damages to the vehicle or property of third parties caused by the insured vehicle(s).
Benefits of Comprehensive Motor Insurance
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Accidental damage to own vehicle.
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Loss/damage to own vehicle by fire or theft.
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Covers damage to another’s property up to N1 million naira.
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Accidental total and permanent disability to the insured to a limit of ₦1,000,000.00
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We cover your medical expense including that of other vehicle’s passenger(s) to a limit of ₦100,000.00 in the event of a hospitalization due to accident.
3. Third Party Auto Base
Third Party Auto Base is one of the popular Leadway Assurance Products that covers everything a third party motor insurance policy covers as well as a partial cover on damages to your own vehicle to the tune of ₦250,000.
Benefits of Third Party Auto Base
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Covers partial damage to your own vehicle.
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Covers death of third party in the event of an accident.
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Covers damage to another’s property up to ₦1 million naira.
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Affordable premium of ₦10,000 only
4. Third Party motor insurance
The Third Party motor insurance in Leadway Assurance covers accidental damage caused by your vehicle to another person’s vehicle or property. It also covers the third party’s medical expenses, if any bodily injury is sustained.
Benefits of Third Party motor insurance
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Covers damage to the other person’s vehicle or property up to 1 million naira.
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Covers death or bodily injury to the third party in the event of an accident caused by the insured vehicle.
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Premium payable is ₦5,000
5. Householder Insurance
Leadway Householder Insurance covers you, your home and household content against risks like fire, flood, burglary, lightening & thunderbolt, explosion, riot and strikes etc. This cover is available to both tenants and home owners (aka landlords or landladies).
Policy covers your building, household items public liability and funeral expenses in the case of death caused by any of the insured perils.
It is available in both Basic plan (N5million cover limit) and Silver plan (N10million cover limit). Policy offers protection against loss or damage to your property. Exclusions on the policy include jewelries, wristwatches, laptops and phones.
Benefits of Householder Insurance
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Cumulative benefits of up to N5million on the Basic Plan
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Cumulative benefits of up to N10million on the Silver Plan
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Fire, flood and storm damage limit of up to 4million on basic plan and N8.5million on the silver plan
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Funeral expense support included
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Public liability cover included
6. Home Flexa
Home Flexa is a flexible Leadway insurance product designed to cover you against the risk of property loss, property damage and accident that causes bodily injury. This insurance product is designed to be flexible for everyone and comes with a hospital cash benefit and burial expense benefit in the event that a family member is lost.
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The insurance cover totaling up to as much as N500,000. With a monthly payment of N1,074, you get entitled to:
– N125,000 cover for household items
– N200,000 for death or disability
– Medical cover of N20, 000 for out-patient and N40, 000 for in-patient
– A fixed payment of N65,000 for funeral expenses
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You get compensation for loss or damage to your belongings (while kept at home) caused by the following:
(1) Fire
(2) Burglary
(3) Enemy damage
(4) Impact from an object
(5) Strike & Riot
(6) Flood & Storm
(7) Lightning
(8) Limited Explosion
(9) Earthquake
In the event of disability or death from an accident happening to either you or your spouse, compensation can also be paid to the family. (Disability: Limit of N200,000 Death: Fixed payment of N200,000). If you, your spouse or children obtain treatment at a mission, Federal/ State government hospital, the company will pay: Reimbursement for hospital visits (out-patient) and a cash contribution if admitted for hospitalization (in-patient).
Read Also: 8 Common Types of Life Insurance Policies
7. L-Happy Insurance
L-Happy Insurance is an all-round household insurance product. For constant happiness without worries, Leadway’s got you with an L-Happy. It is amomg the comprehensive Leadway assurance products that protects you against the risk of loss or damage to your house and home properties including an additional cover for your car and a personal accident cover against the risk of bodily harm/injury or death. It also provides a Legal Occupier cover in the case of a rented apartment. So, whether it’s your personal property or not, you’re covered. The perfect household cover!
Benefits of L-Happy Insurance
- Provides cover for your building.
- Provides a collection of household assets Insurance.
- You also get Risk diversification.
- Ease of premium payment and reduced costs.
- Reimbursement of expenses incurred from legal liability as a result of injury to visitor or household member.
- Affordable premium rates.
- Includes a motor cover rider.
- Includes a Personal Accident rider.
8. L-Boss Insurance
This product is similar to the L-Happy. However, besides providing the same rest of mind and happiness, this gives you an all-round business cover for all your businesses. It makes you a Leadway Boss. L-Boss provides support to your business by covering you against the risk of losing your business assets even if they are from different businesses. It is also comprehensive and brings your multiple business assets under one cover such that the contents of your business premises, business motor vehicle and employees are protected with an additional provision for employees medical expenses/death benefit. Perfect assistant to every Entrepreneur.
Benefits of L-Boss Insurance
- Covers material damage to your business premises and their contents (e.g. computers, stock, items belonging to customers)
- Covers Motor vehicle against fire, lightning, limited explosion, earthquake, volcanic eruption, malicious damage, strike, riot, flood, storm, impact and burglary* (*burglary cover applies to contents only) cover can extend to all your business premises.
- Comprehensive cover (subject to an excess) – for all vehicles operated by your business against theft, damage, fire and towing cost.
- Provides up to ₦1 million worth of claims from third parties for injury and damage or death-on-service of employee.
- Employee medical expenses cover against medical expenses incurred by your employees as a direct result of an accident at work.
- Occupier’s liability cover against legal suits relating to injury or loss suffered by visitors to your premises.
9. Leadway Travel Insurance
Going on a business trip to Dubai, China or Hong Kong? Or a summer vacation in London or the United States of America? Take care of the risks during trip with Leadway Travel Insurance which cover you against risks such as the frustration of a cancelled flight, or a case where your luggage is lost in transit. It could also be very beneficial if you were to fall ill or have an accident while you’re away in another country, it could be such an expense you didn’t plan for, especially since you’re being treated in a foreign country, but you wouldn’t have to worry, Leadway’s got you covered. The Travel Gold plan also provides a Legal cover, such that if you happen to have legal issues during your trip, Leadway provides you a Lawyer.
Benefits of Leadway Travel Insurance
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Covers you against Loss of baggage or property
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Covers you against expenses arising from Trip Cancellation, Delayed/Missed Departure or other Curtailments
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Personal Accident: accidents that cause harm/damage to the body.
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Medical Assistance: includes Expenses, Emergencies & Repatriation
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Affordable & comprehensive
10. Personal Accident Plan
The Personal Accident Plan is designed to cover you against the risk of accidents that result in bodily harms, injuries, disablement or death so even when you are away from work due to injury from an accident, you have something to live on till you get fit again.
Benefits of Personal Accident Plan
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24 hours coverage worldwide with no Medical Examination required
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Capital benefits of up to Five hundred thousand naira (for Silver Plan only)
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Medical expenses limit up to Hundred-thousand naira.
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Death benefit limit up to Five Hundred-thousand naira.
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Permanent disability limit up to Five Hundred-thousand naira.
11. Hospital Cash Plan Insurance
The Leadway Hospital Cash Plan Insurance is designed to provide a daily financial benefit for hospitalization arising from accidental injury or illness.
Benefits of Hospital Cash Plan Insurance
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Hospitalization due to Illness. In the event of hospitalization of the Insured Person due to an illness for a consecutive period of more than 2 days, a daily benefit is payable up to a maximum of 20 days during the policy period.
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Hospitalization due to Accident. In the event of hospitalization arising out of an accidental injury for a consecutive period of more than 2 days, a daily benefit is payable up to a maximum of 15 days during the policy period.
12. Leadway Savings Plan
Leadway Savings Plan is designed to meet your protection and savings need by providing a lump sum benefit in the event of the policy holder dying, contracting a covered critical illness or sustaining a disability owing to an accident, during the policy term.
Benefits of Leadway Savings Plan
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Payment of accumulated amount, upon survival to the end of the policy term.
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Payment of accumulated amount at the time of claim and the life cover sum assured is payable should death occur during policy term.
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Optional benefit include payment of sum assured plus accumulated amount (as at time of a claim) in the event of accident leading to disability cover by the policy or illness covered by the policy.
13. Leadway Investment Plan
The Leadway Investment Plan is specially designed to help you grow a lump sum over a specified period of time. It offers attractive returns and comes with a free life insurance cover to ensure that you can still create wealth for your loved ones even in the event of an unfortunate event.
14. Family Benefit Plan
The Family Benefit Plan Plus covers you, your parents, your spouse and your parents in-law. In the event that any one of the insured pass away, an agreed sum benefit is paid to take care of funeral expenses.
Benefits of Family Benefit Plan
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