Types of Life Insurance in India

 


Term Insurance Plans

The most common kind of life insurance is term insurance. The simplest and purest type of life insurance is widely considered to be term insurance. Term insurance is a kind of life insurance that pays a death benefit to the child if the person insured dies while the policy is in existence.

 The least expensive kinds of life insurance are term policies. The high level of coverage provided at incredibly low premium rates is the most distinguishing aspect of a term insurance plan. Therefore, it is more affordable than other kinds of life insurance coverage.

 

Whole Life Insurance Plan

This policy lasts for the duration of the insured's life, unlike other policies that expire after a set period of time. The insured person is also given the survival benefit under this policy. The policyholder within this type of insurance has the choice to partially withdraw the sum insured. The opportunity to borrow money against the coverage is also available to policyholders.

 

Endowment Policy

Endowment policies, which combine risk protection and financial savings, are among the most well-liked life insurance policies. A complete endowment insurance policy offers benefits to policyholders on two different levels. First, the beneficiary receives the sum insured in the case of death during the term. If the person lives through the policy's term, he will receive further advantages, such as bonuses, in addition to the premiums he paid.

 

Money Back Life Insurance

A special kind of life insurance policy known as a money back plan pays the insured a percentage of the death benefit at regular intervals.

 The bonuses offered from time to time by the corporation are also available to money back plans. The policyholder can achieve their short-term financial goals in this method.

 

 

 

 


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