Insurance Planning Personal

This refers to an individual who buys insurance for personal protection and for the protection and well being of his or her loved ones.

1.1 Life And Living

          Life Coverage
             - To afford protection needed to ease the financial burden of death and total permanent disablement.
             - The proceeds can be used to meet children's college expenses.
             - To help ensure a comfortable retirement.
             - To assist in payment of outstanding debts.

           Living Coverage -Dread Disease
             - Pays a lump sum on a diagnosis of a specified disease.
             - Provides an acceleration of all or part of any death benefits.
             - Acts as an additional benefit.

           Types of Policies
                   Term Insurance
                   - To afford protection against contingencies that require temporary insurance or the largest amount for
                     the time being.
                   - Suitable for those with small income.
                   - Payment of sum is assured upon death.

                   Whole Life
                   - To afford protection against contingencies that require temporary insurance or the largest amount for
                     the time being.
                   - Suitable for those with small income.
                   - Payment of sum is assured upon death

                   Endowment Insurance
                   - Serves as an effective means to accumulate a specific sum of money over a period of time.
                   - Convenient and easy means of providing for old age.
                   - Means of hedging against the possibility of untimely death.

           Investment Links
             - These are contracts of insurance on human life and investments where part of the premium is used
               for investment purposes.

           Annuities
             - Is a periodic payment made during a fixed period of time.
             - Protects against the risk of outliving one's income.
             - It is mainly bought by older people, seeking to convert capital from gratuity fund and policy maturing
               benefit into an income for life.
             - These are long term growth vehicles that offer specific advantages for retirement purposes.

1.2 Accident & Healthcare
This policy reimburses expenses arising from accident or illness

          Death & Disablement
             - Covers death and total permanent disablement.
             - Full payment (100%) is meted out once an accident occurs.
             - Also covers loss of parts of the body (dismemberment).
             - Income compensation is covered too when there is an inability to work.

          Hospitalization
             - Covers all expenses of being in a hospital.
             - Usually include charges for the room, laboratory tests etc.

          Surgical Coverage
             - Covers surgeons' fees, operating room charges etc.

          Major Medical Expenses
             - Reimburses a broad range of losses associated with major or catastrophic illnesses or injuries.
             - Reimburses a broad range of losses associated with major or catastrophic illnesses or injuries.

* The cashless payment system is available for hospitalization, surgical coverage and major medical expenses.

1.3 Property

          Auto Insurance
             - Provides with the protection of financial loss due to auto accident or theft.
             - Covers the cost of repairing or replacing a damaged or stolen car.

          Auto Insurance
             - Provides broad protection against losses that can arise from owning or renting a home.
             - Property losses - storm damage, theft, loss due to fire.
             - Liability - accidents and injuries incurred on your property.

1.4 Liability

          Liability Insurance
             - Protects against liability claims and lawsuits involving : - Bodily injuries to others.
             - Property damage to others.
             - Personal injuries to others.

          Liability Cancellation
             - The life insurance policy is usually engaged to cancel off liabilities.
             - Types of liabilities cancelled vary from car loans, housing loans, personal loans and all types of credit
               loans.