Term Assurance
Level Term Assurance is designed to compensate a business/beneficiaries/ family for the financial loss on the death of the assured.
On death of the assured, a lump sum is payable to the business / beneficiaries / family to use to mitigate the loss of the assured. The assured may be one who brings money into the business / family, it may be someone on whom the business/ family depends for loan finance.
The sum assured is payable upon death of the life assured before the maturity of the policy. This policy is without profits.
Features:
- The policy covers the death only
- No benefits are made if the life assured survives the period covered by the policy.
- Suicide covered after first two (2) years
Premium Determinants:
- The sum assured
- Age of the assured
- Duration or Term of the Policy
Frequency of Payment:
- Single Premium
- Annual Premium
Term can be from 1 year to 25 year period.
Who purchases this cover?
Everyone who is desirous of providing financial protection for his family and loved ones.