The following types of life insurance covers are available for Individuals:
- Individual Life Insurance (Decreasing Term)
- This policy is suitable to be used as collateral for auto loans, personal loans, overdrafts and mortgages. It insures a borrower against death or permanent disability due to sickness or accidents and carries assignment in favor of the bank.
- Individual Life Insurance (Level Term)
- This policy provides protection for a fixed sum insured (lump sum amount) and for an agreed period of time. The lump sum amount is paid in case of the insured’s death to the insured’s dependents (the beneficiaries). Coverage can be extended to include permanent disability.