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A life insurance policy provides financial protection to your family in the unfortunate event of your death. At a basic level, it involves paying small sums each month called premiums. At maturity of the policy, depending on the type of life insurance policy you have opted for, you will receive returns the policy may have earned over the years. Also, in case of policyholder’s untimely demise during the tenure of the policy, your family will receive a lump sum amount.
Today, there are many variations to this basic theme, and insurance policies cater to a wide variety of needs such as:
Given below are the basic types of life insurance policies. All other life insurance policies are built around these basic insurance policies by combining various other features.
1. Term Insurance Policy
A term insurance policy which is now also available as E-term insurance policy is a pure risk cover policy that protects the person insured for a specific period of time. In such type of a life insurance policy, a fixed sum of money called the sum assured is paid to the beneficiaries if the policyholder expires within the policy term.
Scenario 1: If a person buys an Rs 2 lakh policy for 15 years, his family is entitled to the sum of Rs 2 lakh if he dies within that 15-year period.
Scenario 2: If the policyholder survives the 15-year period, though the premiums are not paid returned, the family is offered financial security.
2. Whole Life Policy
A whole life policy covers a policyholder against death, throughout his life. The validity of this life insurance policy is not defined and hence the individual enjoys the life cover throughout life. Under this life insurance policy, the policyholder pays regular premiums until his death, upon which the corpus is paid to the family.
3. Endowment Policy
Endowment policies are among the popular life insurance policies as they combine risk over and financial savings. Policyholders benefit in two ways from a pure endowment insurance policy. In case of death during the tenure, the beneficiary gets the sum assured. If the individual survives the policy tenure, he gets back the premiums paid with other investment returns and benefits like bonuses..
4. Money Back Policy
This life insurance policy is preferred by many people because it gives periodic payments during the term of policy. In other words, a portion of the sum assured is paid out at regular intervals. If the policyholder survives the term, he gets the balance sum assured.
ULIPs are market-linked life insurance products that provide a combination of life cover and wealth creation options. A part of the amount that people invest in a ULIP goes toward providing life cover, while the rest is invested in the equity and debt instruments for maximizing returns.
6. Annuities and Pension
In these types of life insurance policies, the insurer agrees to pay the insured a stipulated sum of money periodically. The purpose of an annuity is to protect against financial risks as well as provide money in the form of pension at regular intervals.
Thus, whatever your financial requirements, there is a wide variety of insurance policies to ensure that your requirement is fulfilled as per your needs and planning.
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