Get tailor made life insurance coverage.
Medalian Life insurance is a long-term contract between an individual (policy holder) or organisation and an insurance company.
Life Insurance Policy.
In the event of death of the insured, life insurance ensures that their loved ones continue to enjoy quality life. There are other events in life that may trigger payment from the life insurance cover including critical illness, terminal illness, temporary or permanent disability; this is dependent on the terms of the contract. Other expenses such as funeral expenses may also be covered.
Life insurance policies can be for protection only, or they can combine both protection and investment. The investment element facilitates long term savings and capital growth.
Classes of life insurance
Ordinary/Individual Life Insurance
comprises all individual life policies categorized as either Term Assurance; Whole Life; Endowment; or Investment policies.
Group Life Insurance
comprises group life insurance schemes mainly organized by employers on behalf of their employees; Group Credit/Group Mortgage Schemes which are loan protection schemes organized by financiers like banks, co-operative societies, microfinance institutions, etc.; and last expense schemes which be stand-alone products or are given as a rider to the group life schemes. Pension/Retirement Plans are mainly offered by insurance companies to help individuals build up a sum of money that can be used in retirement. Pension plans can also be taken by groups such as employers. The money is invested by the insurance company to generate a regular income paid to the retiree and this income is what is referred to as pension.
Annuity is another way of planning for retirement.
In an annuity, an individual pays a lump sum premium to an insurance company. The insurance company then provides a lifetime income to the individual from their premium. Investment/Unit Linked Contract products give policy holders both insurance and investment under a single integrated plan. The main objective is to facilitate the growth of capital invested by the client/policy holder.
Funeral Insurance
covers funeral expenses upon demise of the insured or their dependents. It can be purchased as a stand-alone product or as part of another insurance product such as life insurance or medical insurance. It is renewed every 12 months
Education Insurance Policy
Education Insurance Policy allows saving towards your child education. This involves setting aside a given amount for a specified period of time in order to sufficiently invest in quality education.
