#1
4th December 2015, 01:10 PM
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Life insurance in India
Hello sir I am Sumit, please tell me what are the different types of Life Insurance Policies in India??
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#2
4th December 2015, 02:54 PM
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Re: Life insurance in India
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person Different types of Life Insurance Policies in India Term Insurance This plan provides coverage only for limited period thus the benefits of this policy can be used only for minimal period and after the maturity times you are not eligible for any profits or allowances Endowment Insurance Plans Endowment Insurance Plans are one of the best saving plans which provide certain amount at the end of specific term or on death of the insurance holder. ULIP Unit Linked Insurance Plans or ULIPs are popular in today’s world as it provides benefit of life insurance as well as mutual benefits. In this plan certain part of your premium is invested in bonds, equities or debt funds and the remaining amount is used for life coverage. Pension Plans Pension plans are nothing but an insurance policy which will help to provide better pension days by saving amount during your earning years. Money-Back Plan For people who look for both insurance coverage and savings, money-back plan is the best. I n this policy you are asked to pay certain premiums for fixed period and during the process you are benefited with reasonable rate of returns along with the finally lump sum return. |