This refers to the distribution of life insurance products via a bank channel.

This document illustrates the benefits of the plan, both guaranteed and non-guaranteed, and the costs and charges associated with the policy you are purchasing, including distribution costs, which take into account the commission the insurer will pay to your insurance adviser, and the charges for insurance coverage.

The amount of money the policyholder will receive if he surrenders his life insurance policy that has a savings feature.

A demand made by you the insured, or your estate, for payment of the benefits as provided by the policy.

Commonly found in a medical expense insurance policy, co-insurance is the amount of the hospital bill which is not covered by the policy and which you need to pay after the deductible (see below on what is a deductible) is met. It is usually expressed as a percentage of the expenses.

Fee paid to the distributor as a percentage of the policy premium. The percentage varies widely depending on coverage, the insurer and the marketing methods.

The scope of protection provided under an insurance policy. In life insurance, living and death benefits are listed. In non-life insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of indemnification.

The Dependants Protection Scheme covers CPF members.

The CPF Lifelong Income Scheme For The Elderly (CPF LIFE) provides a lifetime of income for the elderly in their retirement.

Pays a lump sum either when you are first diagnosed with a critical illness covered by the policy, or after first having a type of surgery covered by the policy.