eDecreasingTerm is a decreasing term insurance policy. Your sum insured decreases at your chosen decreasing interest rate over the policy term (in line with your reducing outstanding home loan). Your family will receive the prevailing sum insured if an unfortunate event happens to you.
On the other hand, your sum insured is fixed over the policy term under a level term insurance policy. Your family will receive a payout of the sum insured if an unfortunate event happens to you.
For this reason, premiums for the decreasing term insurance are lower than that of the level term insurance. Decreasing Term Insurance would be optimised to help cover for your outstanding home loan. For Decreasing Term Insurance, you do not need to pay premium during the last 2 years of policy term.