Few more informations about Insurance & Policies

Sr No. Type of Insurance Policy Features
 1  Term Life Insurance  Term insurance is a life insurance product offered by an insurance company which offers financial coverage to the policyholder for a specific time period.
 2  Whole Life Policy  The policyholder pays regular premiums until his death, upon which the corpus is paid out to the family.
 3  Endowment Plans  Endowment plans pay out the sum assured under both scenarios - death and survival
 4  Unit Linked Insurance Plans  ULIP is a life insurance product, which provides risk cover for the policyholder along with investment options to invest in any number of qualified investments.
 5  Money Back Policy  The money-back plan is a life insurance product as well as an investment plan which provides life insurance cover against death of the policyholder along with periodic returns as a percentage of sum assured.

What are the various types of life insurance?

There are two basic types of life insurance policies viz. Traditional Whole Life and Term Life Insurance. A whole life is a policy you pay till death of the policy holder and term life is a policy for a fixed amount of time.