Life Assurance – Life insurance is a contract between an insurance company and an individual. Its purpose is to provide financial support for the policyholder’s loved ones if the policyholder dies during the plan term or as a saving plan if the policyholder survives the term.

Group Life Assurance – This is a life cover you receive through your employer or a group or association, Although the employer or organization is the policyholder, covered individuals choose their own beneficiaries. Coverage is typically guaranteed but only lasts as long as you belong to the group or remain employed at the company providing the coverage as an employee benefit.