Types of Insurance
Life Insurance
Term Life Insurance
The most affordable form of life insurance, premiums of plan under this category are cheap compared to other life insurance products.
In the event of an unfortunate demise during the policy term, Nominees will receive the ‘Sum Assured’.
Whole Life Policy
As in the name, this type of policy covers an individual for his/her entire life. This type of insurance covers insurance and investment components.
The insurance part covers the nominee in the event of death of the policyholder and the investment component helps the holder to borrow or withdraw against.
Endowment Plan
One main difference that Endowment Plans offer from term plans is the Maturity Benefit.
This type of plan pays out sum assured along with profits under both scenarios – death & survival. The profits that are availed in such plans are the result of investment in equities & debt.
Unit Linked Insurance Plans (ULIPs)
As the name suggests, this plan is linked to the markets.
This type of plan are a variant of traditional endowment plan and pay out a certain sum assured on death or maturity, whichever is earlier.
Money Back Policy
This type of policy gives out periodic payments over the policy term.
Incase of the death of the policy holder, the beneficiaries get the full sum assured and if the holder survives the policy term, he/she gets the balance amount (sum assured).