Group Life Assurance
Group Life assurance Scheme provides a benefit for dependants of the deceased who dies while in service of their employer. The sum assured is usually arranged as a multiple of the employee’s total emolument. Cover continues as long as the employee continues to work for the employer. The premium is usually paid by the employer.
Whole Life Assurance
Providing a capital sum payable at death, it is the cheapest form of substantive life cover. It is appropriate for providing a capital sum required anytime death occurs. The premium is arranged to cease about the time the policy holder’s income can be expected to diminish instead of continuing throughout life.
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its maturity) or on death. Policies are typically with profit or with unit linked.
This plan is suitable for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to demise or death.
Endowment policies are useful in meeting special lump sum needs such as college expenses or for buying a retirement home.
Assured for Life Education Policy
Education insurance ensures that the education of the child is not disrupted at any stage should the sponsor parent/guardian die or suffer permanent disability. It covers death (natural/ accidental means).