Life Insurance is a policy that pays out an amount of money if the covered person dies.
Two types of Life Insurance:
- Term Life Insurance: covers for a specific amount of time, for example, 15 or 20 years. These policies pay out if the person covered dies within that period.
- Whole Life Insurance covers the whole of life, and these policies payout whenever the person covered dies.
This policy covers:
- Death any Cause-DAC
- Accidental Death Benefits
- Critical illness plan:
- Permanent Total Disability-PTD
- Permanent Partial Disability-PPD
- Retirement insurance