Life insurance refers to an individual insuring their own life or health. There are several types of life insurance policies including whole-life, term life, and annuities. Life insurance policies have certain features such as surrender values, non-forfeiture clauses, and restrictions. Annuities can be either immediate, with the first payment due immediately, or deferred, with payments starting at a later date. Permanent health insurance and group policies are also types of life insurance available.

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Life InsuranceLife Insurance

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ContentContent
• 1. Meaning of Life Insurance
• 2 Types of Life Insurance
• 3. Policy Features
• 4. Annuities
• 5. Permanent Health Insurance
• 6. Group policies

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1. Meaning of Life Insurance1. Meaning of Life Insurance
Life insurance refers to an
individual who ensures his
life or limb as the subject
matter of insurance.

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2 Types of Life Insurance2 Types of Life Insurance
Types
Whole-Life Insurance
Pure Endowments
Endowment Insurances
Term Insurance

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3. Policy Features3. Policy Features
Features
Surrender Values
Non-forfeiture
Paid-up Value
Suicide
Other Restrictions

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4. Annuities4. Annuities
4.1 Immediate Annuities
• An immediate annuity is a contract when
the first payment falls due either the
moment the purchase price is paid in
advance or after the regular interval
prescribed in the policy in arrear. The
frequency of payment is usually monthly,
quarterly or half-yearly. As the benefits
vest immediately the policy is secured by
a single premium.

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4. Annuities4. Annuities
4.2 DeferredAnnuities
Non-returnable
Returnable without Interest
Returnable with Interest

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classificationclassification
Disability InsuranceDisability Insurance
Friendly Societies and
Permanent Health Insurance
Friendly Societies and
Permanent Health Insurance
5. Permanent Health Insurance5. Permanent Health Insurance
Policy ConditionsPolicy Conditions

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