Life Insurance

Whole Life Insurance

In a Whole Life Assurance policy, the assured sum is payable upon the death of the life assured at any time provided the policy is still in force. Unlike a term Life Assurance policy, the period of death in a Whole Life Assurance policy is not restricted to any period and a portion of the premium money goes toward the cash-value accumulated. The premium remains constant during the time you are covered unless you choose otherwise.

Medical Insurance

Life assurance offered by an employer or large-scale entity (association or labor organization) to its workers or members. Group life insurance is typically offered as a piece of a larger employer or membership benefit package. By purchasing coverage through a provider on a “wholesale” basis for its members, the coverage costs each individual worker/member much less than if they had to purchase an individual policy. The term policy provides cover on death to the life assured where death occurred during the policy term. This policy is renewable on expiry and does not require the life assured to go for medical examination. A Group Medical insurance cover is normally added to the basic Group life insurance policy to cover medical services such as the following:

• Room & Board
• Laboratory Tests and X-Ray
• Medications
• Surgery & Special Services
• Maternity

ENDOWMENT LIFE INSURANCE

In an Endowment Life Assurance policy the assured sum is payable at the maturity of the policy or at the previous death of the life assured. This means that the assured sum is payable upon the death or survival of the life assured, whichever comes first. Endowment life assurance policies carry higher premiums than Term life and Whole life assurance, but are useful in meeting special needs such as college expenses or purchase of retirement home.

FIDELITY GUARANTEE INSURANCE POLICY

This policy indemnifies employers for all pecuniary losses resulting from acts of dishonesty or fraudulent acts of employees acting alone or in collision with others.

TERM LIFE INSURANCE

In a Term Life Assurance policy, the sum assured (the principal amount of the policy) is payable if the life assured dies within the duration of the policy. The policy duration is for a specified length of time, usually a short period of time. The period of cover for the life assured is restricted to the duration of the policy and no sum assured is paid if the assured did not die within the policy period. There is no investment element in term life assurance. Term life assurances can be for an individual or a group of individuals and may either cover life assurance benefits or health benefits or both.

Term assurance policies may be used as collateral security for loan transactions and also life protection and offer significant advantages over other life assurance policies, including their substantially lower costs, the freedom to select the length of the coverage and the ability to secure only the level of coverage necessary to meet specific needs and time-sensitive obligations.

GROUP PERSONAL INSURANCE POLICY

This policy is designed to provide 24-hour cover for persons who sustain bodily injury resulting from accident caused by external violent and visible means leading to death and disablement. Medical expenses as a result of an accident are also covered. Benefits are not limited to only work-related accidents and the cover is worldwide.