Term Life Insurance Plans
Term life insurance plans are the purest form of life insurance types as they offer life cover with no savings or profit elements. Term life insurance plans are the most affordable types of life insurance policies as premiums are relatively cheaper in comparison to other life insurance plans.
Unit linked insurance plan (ULIP)
One of the most unique life insurance types, a unit-linked insurance plan, is a thorough mixture of investment (market-linked returns) and insurance. As per the life insurance definition, the premium paid for the ULIP plan is partially used as a risk (insurance) cover and partially invested in different funds.
Depending on the policyholder’s risk tolerance, they can invest in different funds offered by the insurance provider. Then the insurance provider invests the collected amount into different money-market instruments such as shares and equities.
Endowment Plan
The endowment plan is a traditional types of life insurance policy that is a blend of insurance and savings.
With life insurance types such as an endowment plan, if the life assured live longer than the policy period, the insurance company provides maturity benefit to the policyholder. Additionally, some endowment plans may offer periodic bonuses that are either paid on maturity or to the beneficiary in case of the policyholder’s untimely death.
Money-Back
Money-back life insurance plans are a unique types of life insurance policy in which a portion of the sum assured is paid back directly to the insured at regular intervals as a survival benefit. This way, the policyholder can achieve short-term financial objectives.
Whole Life Insurance
Whole life insurance plans are amongst the life insurance types that cover the life insured for a lifetime, or in a few cases, up to the age of 100 years.
At the time of purchasing a whole life insurance policy, the sum assured gets determined. During the purchase, a nominee is mentioned. In case of any unfortunate event, as per the whole life insurance definition, they get paid with the death claim and any bonuses, if applicable.
Nevertheless, if the life assured lives longer than 100 years, the insurance provider gives the life insured with a maturity benefit equal to the endowment corpus.
Child Plan
Child life insurance plans aim at building a corpus for the future development of a child. Typically, such life insurance types helps in funding the education and marriage of a child.
Such plans provide installments annually or in one lump sum pay-out, following the major milestones of a child’s life. In case the insured parent meets with an untimely death during the policy term – future premiums are waived off, and the policy benefits continue without disruption.
Retirement Plan
Retirement life insurance plans support building a stable financial source for an individual’s retirement years. The purpose and meaning of life insurance for retirement is to help one become financially independent and live without any worry.
Most retirement life insurance definitions fall under life insurance types that offer annual pay-out (by means of annuities) or a one-time lump sum pay-out (by means of commutation of the accumulated amount, up to the prescribed limits) on the completion of 60 years of age.
In case of an eventuality, within the policy term, the insurer pays the insurance benefit to your family.
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