Insurance plans are a saviour and one should invest in life insurance wisely.

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Insurance plans are a saviour and one should
invest in life insurance wisely.
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What is life insurance

• Life insurance is an investment plan that
  offers a sum of money either in the form of death
  benefits to the beneficiary or as the policy
  matures to the insured person.
• In other definition, Life insurance policies
  are a protection cover from financial loss of
  premature death of the insured person. The named
  beneficiary receives the maturity amount as
  benefits for future financial aid.

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Types of Life Insurance

• There are a number of life insurance plans
  available in India. A few are listed and
  carefully explained here
• Term Life Insurance
• Whole Life Policy
• Endowment Plans
• ULIP (Unit Linked Insurance Plans)
• Money Back Policy

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Term Life Insurance

• A Term Life Insurance is an investment plan that
  offers an assured sum as financial coverage to
  the policyholder after a certain set time period.
• The insurance plan has three major beneficial
  features attached to it, i.e., Tax Benefits,
  Death Benefits and Maturity Benefits.
• One can attach riders to term plans as an
  additional cover along with the promised maturity
  benefits as offered by the insured company.

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Whole Life Insurance Policy

• A Whole Life Insurance Plan or policy is offered
  as a financial benefit to the family of the
  policyholder after the insureds demise in the
  form of corpus.
• There is no pre-defined policy tenure in whole
  life insurance policy.
• The main feature of the policy is that the
  policys validity is into defined hence the
  individual can avail life cover benefits
  throughout his life.
• The insured person needs to pay regular premiums
  until death, upon which the corpus is paid out to
  the family.

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Endowment Plans

• Endowment plans and term plans tend to work in a
  similar pattern although there is one critical
  difference between the two.
• Unlike Term Plans, Endowment policy offers the
  sum assured in both scenarios, i.e, death as well
  as survival.
• However, Endowment plans charge higher fees and
  are expensive comparatively.
• Insured can avail profits from the equities and
  debts, as the premiums are invested in the same.

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Unit Linked Insurance Plan (ULIP)

• ULIPs are considered as a variant of the
  traditional endowment policy.
• The insured person can avail benefits on either
  death or maturity.
• ULIPs are linked to markets.
• The policyholder can choose the allocation of
  investment in stock or debt markets.

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Money Back Policies

• A money back insurance plans offers periodic
  payments over the policy term.
• A portion of the sum assured is paid out in
  regular frequencies or intervals.
• On survival of the policyholder, the rest of the
  sum assured is delivered.
• In case of death of the insured person, the
  beneficiary can claim the full sum assured.

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