Life Insurance – Nile Insurance sc.

Life
Insurance

The purpose of life insurance

The purpose of life insurance is to provide financial protection to your loved ones after your death. Certain types of life insurance can also function as an investment, because they build cash value and count as a financial asset while you’re alive.

Endowment Assurance

An endowment plan is a type of insurance plan that offers life insurance cover as well as long-term savings with assured returns. A lot of policy buyers opt for endowment plans if they wish to save money for their future financial goals.

Endowment Assurance (With or Without Profit)

In “With Profit” endowment assurance policy, the holder is entitled to yearly bonus in addition to the sum assured. The total bonus on the policy is payable at the same time the sum assured is payable. For “Without Profit” policy, the holder gets only the sum insured.

Anticipated Endowment Policy

Anticipated endowment provides lump sum benefit at certain stages during the premium paying term or on earlier death. On completion of 1/3rd of the policy term, 20% of basic sum assured can be taken by the policy holder. Another 20% of the sum assured can be taken on completion of 2/3rd of the policy term and remaining 60% of basic sum assured plus accrued bonuses shall be payable at the end of the policy term.

Education Endowment Policy

This plan is specially designed for parents who need to accumulate funds for their children’s High school and University College education

Group Yearly Renewable Term life Insurance

Group Yearly Renewable Term life Insurance is a life policy which provides death-in service benefits to the employees in common employment or a group of people under appreciable similar exposure. It is designed to provide for the payment of a lump sum of money to the beneficiary(ies) of a deceased member of the scheme.

Level term life insurance

With a level term life insurance policy, the sum assured remains fixed. This means no matter when the insured pass away the beneficiary will always receive the same amount.

Decreasing Term Policy

Under a decreasing term policy, the initial sum assured decreases periodically (every month, quarterly, half year or every year).

Increasing Term Policy

Under an increasing term policy, the initial amount of insurance increase every year at a rate determined in advance.

Mortgage Redemption Insurance (MRI)

Mortgage redemption insurance (MRI) is a type of decreasing-term life insurance policy. Its purpose is to provide policyholders a way to have their mortgages paid off if they die before it is fully paid. This prevents the full burden of paying the mortgage from falling on the surviving family members’ shoulders.

Whole life insurance

Whole life insurance is an agreement under which a death benefit is payable up on the insured’s death, whenever that may be. This is so because as the name implies, insurance protection covers the whole of the insured’s remaining lifetime. Whole life insurance can be categorized into the following types:

Health Insurance

Health insurance covers medical expenses that arise due to an illness or accidental bodily injury. These expenses could be related to hospitalization costs, cost of medicines or doctor consultation fees.

Travel Health Insurance

Supplementary Contracts/ Rider

Life insurance riders are additional features or benefits that can be added to a life insurance plan to customize its coverage that suits the needs of the policyholder.