Ordinary life insurance is commonly defined as a policy that pays a beneficiary at the end of a policy period or at death. In effect, it is the insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount (or by agreed annual increment amount) during the entire period of the insured.
GLICO LIFE’s ordinary life insurance can be a pure protection policy or a combination of pure protection insurance and investment. In the event of death, accidents or hospitalization, a policyholder receives agreed money payout on a pure protection policy. At the end of an agreed period of insurance with a combination policy, the policyholder receives money payout from the investment made out of the investment premiums contributed. Returns on investment are usually very high compared to other investments Products.