What IGI Offers
IGI provides a range of life insurance packages designed to fit different life stages and financial goals. Core options include term plans, whole life, and endowment products. Each package varies in premium structure, coverage limits, and additional riders.
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Term Life Packages
Term life plans provide coverage for a fixed period—usually 10, 15, 20, or 30 years. If the insured passes away during that period, the benefit is paid; otherwise, the policy expires. Term plans are popular for their lower premiums and straightforward benefit structure.
Whole Life Packages
Whole life policies combine protection with a cash‑value component that grows over time. Premiums are higher, but the policy remains in force as long as payments are made, and the cash value can be borrowed against or withdrawn.
Endowment Packages
Endowment plans are a hybrid of term and whole life. They pay a lump sum at the end of the term if the insured survives, or the death benefit if the insured dies before maturity. They are often used for savings goals such as education or retirement.
Common Riders and Add‑Ons
IGI allows riders to tailor coverage: term riders for additional death benefit, critical illness riders, disability riders, and accelerated death benefit riders. Riders increase premiums but add flexibility.
Choosing the Right Package
When selecting an IGI package, consider:
- Coverage period – Align with major life events (e.g., children's education, mortgage payoff).
- Premium budget – Term plans are cheaper; whole life and endowment require higher outlays.
- Cash value needs – Whole life offers savings; term does not.
- Risk tolerance – Riders add cost but mitigate specific risks.
Application Process
Application steps: 1) Determine coverage needs. 2) Select base package and riders. 3) Complete the application form and submit medical information. 4) Await underwriting decision. 5) Receive policy documents and set up payment schedule.