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Different Types of Life Insurance Plans

There are different Types of Life Insurance Policies in India. We want to choose according to the protection cover. Term Plan – pure risk cover. Unit connected insurance design (ULIP) – Insurance Investment opportunity. Enrichment Plan – Insurance Savings. Cash Back – Periodic comes back with insurance cover. Entire Life Insurance – Life scope to the life guaranteed for entire life. Level term implies that the demise advantage remains the same all through the length of the arrangement. Diminishing term implies that the passing advantage drops, ordinarily in one-year increases, throughout the approach's term. Click to more details https://www.coverfox.com/life-insurance/

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Different Types of Life Insurance Plans

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  1. Types of Life Insurance Plans Source:https://www.slideshare.net/rameshsonavne/different-types-of-life-insurance-policies-94749141

  2. Introduction • Life Insurance is one of the fastest growing insurance product in India. • Right from offering the benefit of investment as well as insurance, having a life insurance policy ensures your and your family’s financial safety. • There are many types of life insurance products available in India. • Here are various types of life insurance policies that you can buy:

  3. Term Insurance • A term insurance plan is a pure protection plan that offers financial coverage to a policyholder only for a specific period of time. • This is the most affordable form of life insurance as it offers high coverage at a low premium. • Under this type of life insurance plan, a sum assured is paid to the nominee if the policyholder dies during the term of the policy

  4. Endowment Policy • Unlike term insurance plan, an endowment policy pays out the policyholder under both the scenarios i.e. death and survival. • This type of life insurance offers both the benefit of savings and insurance. • A part of the premium is allocated towards the life cover while the other part is invested. • The policyholder is eligible to receive the life cover and accumulated bonuses if any on maturity or after a specific period of time or death of the insured.   

  5. Money back Policy • A money back policy provides periodic payments to the policyholder. • A survival benefit is paid to the policyholder if he is alive. • In case of death during the policy term, the nominee receives the full sum assured along with bonuses if any.   

  6. Whole Life Insurance • This type of life insurance provides coverage to the policyholder for as long as he survives. • This policy is provided for securing an individual till 100 years or for whole life. • Under this type of insurance, the policyholder is required to pay premiums until his death or for a specified period of time. • The nominee or the beneficiary is paid the sum assured along with the bonus on death of the insured. • On Survival till the end of the policy term, the policyholder receives the maturity benefit along with accumulated bonuses.

  7. Unit Linked Insurance Plan • A ULIP Plan offers the policyholder the benefit of both investment and life insurance. • A certain percentage of premium is used for life cover while balance amount is invested.

  8. Pension Plans • Also known as retirement plan, a pension plan is an investment plan that provides you with a steady income flow post your retirement. • It helps you save a part of your income to build a healthy financial future.

  9. Pension Plans • A child plan is an insurance plan that helps you build a financially secured future for your child. • It helps you build a financial corpus to fund your child’s education or marriage. • It also protects your child in case of your unfortunate demise. • Recommended Read: Different Types of Life Insurance Policies

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