What is Life Insurance? Life insurance is a source of providing a strong financial support for your family members even after you pass on. It is an integrated part of sound financial planning. The aim of different types of life insurance plans is not only to protect you and your family members financially but also help you achieve your important goals. In professional terms, life insurance is mutual agreement between the policy holder and the insurer. Here the insurer on some factors agrees to pay an expected sum of money to the owner after some unfortunate event or critical illnesses.
Why should you have a life insurance? Protection Financial Planning Tax Relief To achieve important goals
Types of Life Insurance Term Life Insurance Endowment Insurance Whole Life Insurance Unit Liked Insurance Plan
Term Life Insurance In case of term life insurance, sum assured is payable only in the case of unfortunate event (death) during the term. In situation of survival, the contract ceases at the end of term. Types of Term Life Insurance – - Increasing Term Insurance - Decreasing Term Insurance - Renewable Term Life Insurance
Endowment Life Insurance Endowment insurance is an investment oriented option which pays in the event of death and also on survival at the end of term. Types of Endowment Life Insurance - Joint Life Endowment Plan - Money Back Endowment Plan - Marriage Endowment Plan - Educational Endowment Plan
Whole Life Insurance Whole Life Insurance is also termed as Permanent Life Insurance. This plan covers death for an indefinite period. Types of Whole Life Insurance – - Ordinary Whole Life Plan - Limited Payment Whole Life Plan
ULIP ULIP is known as Unit Linked Insurance Plan. ULIP is a smart combination of investment and insurance policy. The premium value is invested in stock market and this returns better income on the period of maturity.