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Life InsuranceThe various types of Life insurances.What are the various types of Life insurances?There are numerous companies offering life insurance policies. Though the bottom line of the policies is to ensure a safe future to policy holder's survivors yet different companies have different classifications. The most basic classifications are:  a. Endowment PolicyAn endowment policy covers risk for a specified period, at the end of which the sum assured is paid back to the policyholder, along with the bonus accumulated during the term of the policy.b. Whole Life PolicyA whole life policy runs as long as the policyholder is alive. The risk is covered for the entire life of the policyholder. c. Term Life PolicyTerm life policy covers risk only during the selected term period. If the policyholder survives the term, the risk cover comes to an end.
d. Money back PolicyIn money back policies, the policy holder gets periodic "survivance payments" during the term of the policy and a lump-sum amount on surviving the term. In the event of death during the term of the policy, the beneficiary gets the full sum assured.
e. Joint Life PolicyJoint life insurance policies are similar to endowment policies as they too offer maturity benefits to the policy holders, apart from covering risks like all life insurance policies
f. Group Insurance PolicyGroup insurance policy offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives, etc.
g. Loan Cover Term Assurance PolicyLoan cover term assurance policy is an insurance policy which covers a home loan. Such a policy covers the individual's home loan amount in case of an eventuality.
h. Pension Plan or AnnuitiesA pension plan or an annuity is an investment that is made either in a single lump sum payment or through instalments paid over a certain number of years.
Unit Linked Insurance PlanUnit linked insurance plan (ULIP) is a life insurance solution that provides for the benefits of risk protection and flexibility in investment.To your specific needs you can feel free to mail to us: info@growmoneyfincorp.com. |
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