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22nd March 2016, 11:40 AM
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Join Date: May 2012
Re: Type Of Insurance In India

As you have asked about the types of life insurance policies in India, I am giving you information about it, check below for the details
Life insurance products come in a variety of offerings catering to the investment needs and objectives of different kinds of investors. Following is the list of broad categories of life insurance products:

Term Insurance Policies

The basic premise of a term insurance policy is to safe the immediate needs of nominees or beneficiaries in the event of sudden or unfortunate demise of the policy holder.
The policy holder does not get any financial benefit at the end of the policy term except for the tax benefits he or she can choose to avail of throughout the tenure of the policy.

Money-back Policies

Money back policies are basically an addition of endowment plans wherein the policy holder receives a fixed amount at specific intervals throughout the duration of the policy.
In the event of the ill-fated death of the policy holder, the full sum assured is paid to the beneficiaries. The terms again might slightly differ from one insurance company to another.

Whole life policy

A whole life insurance plan covers the insured over his life.

Unit-linked Investment Policies (ULIP)
Unit linked insurance policies again belong to the insurance-cum-investment group where one gets to relish the benefits of both insurance and investment. While a part of the monthly premium pay-out goes towards the insurance cover, the remaining money is invested in various types of funds that invest in debt and equity instruments.

Pension Policies
Pension policies let individuals regulate a fixed stream of income post retirement. This basically is a retirement planning investment scheme where the sum assured or the monthly pay-out after retirement entirely depends on the capital invested, the investment timeframe, and the age at which one wishes to retire.


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