Types of Insurance

There are five (5) types of insurance available:
1. Whole Life Plan
Basically, whole life plan gives whole life protection to the Life Covered as long as the premium payment is made for every due date of the policy or, if there is no payment made by the customer, the cash value of the policy, if any, will be used to cover the premium until its exhausted.
The sum covered and with additional bonuses, if any, will be paid to the nominee’s of the policy if death happen, or the payment will go to the Life Covered if there is a Total and Permanent Disability occurs.

2. Term Plan

Term Plan is an insurance policy which give the customers a specific time of coverage of five (5) years, 10 years, 15 years or more. Normally, term insurance will provide the customer with maximum coverage with minimum premium amount depending of the age next birthday of the customer. If the age increase, the premium will be higher. There is no cash value or cash bonuses for term policy once its reach expiry date, unless if there is a product offer by an insurance company with Cash Bonus rider which is an optional to the customer to add in.

3. Endowment Plan

Endowment Plan is a plan which has specific period of coverage time, 15 years, 20 ye,ars or more. Endowment Plan has cash value or cash bonuses which certain plan selected by the customer will be provided with regular cash payout, i.e. every 3 years or 5 years with 10 percent Cash Payout based on the Basic Plan Sum Covered.

4. Single Premium

Single Premium is a plan where the customer will pay one time premium for a short period of coverage, i.e. one (1) year coverage which at the end of the term, the customer will be given the option to receive the coverage proceed or to roll over the sum amount again.

5. Investment Linked

Investment Linked is a Whole Life Policy with an investment elements. The available Units of the policy will be invested in certain fund as agreed between the insurance company and the customer.