Planning for the future has become a vital necessity of providing financial stability for you and your family regardless of the circumstances. This is where protection and savings programs or policies become useful. Such programs or policies can help you prepare well for the future, allowing you to achieve your financial goals and provide financial protection to your family in the face of unexpected negative circumstances.

Certain plans categorized under “Protection and Savings Insurance” can also help you expand your savings over a certain period of time. You can increase the value of your savings by taking advantage of insurance programs that provide various investment avenues for your savings, with the investments being managed by the insurer.

It is an insurance contract whereby the insurance company pays a certain amount to the insurance beneficiary if the insured dies or becomes disabled. Alternatively, a lump sum amount (including savings proceeds) is paid to the insured at the end of the agreed savings period provided for in the insurance contract. In return, the insured pays a premium for the duration of this type of policy.

Protection and savings insurance contracts differ from one insurance company to another in terms of insurance coverage and the value of monthly payment of contributions/premiums. Here, we list the main benefits in terms of insurance coverage that you can get from such an insurance policy.

• Coverage in case of natural death or as a result of an accident;
• Coverage in case of total disability or incurable diseases;
• Benefits of a financial plan that offers you a variety of savings, protection and investment options; and
• Repayment of premium installments payable by the insured in case of death or total or partial disability.