Term Assurance
About Term Assurance?
Level Term Assurance is designed to compensate a business, family or other named beneficiaries for financial loss on the death of the assured. The assured individual may be one who brings money into the business, the family breadwinner, or someone on whom the business/family depends for loan finance.
Terms:
- This policy covers death only
- Suicide is covered after the first two (2) years of running the policy
- No benefits are made if the life assured survives the period covered by the policy.
Why Term Assurance?
- On death of the assured, a lump sum is payable to the business/beneficiaries/family to mitigate the impact of the loss of the assured.
- The sum assured is payable upon death of the assured before the maturity of the policy. This policy is without profits.
Frequency of Payment
- Single
- Annual
Term can be from 1 year to 25 years.