Different Types of Life Insurances-life-insurance

Money back plan This plan is designed to meet short-term financial requirements along with life insurance. You can get small amounts of money in short intervals during the term policy. The insurer also gives bonuses during the insurance term. You begin to get an income from money back plan after a few years of paying the premium. Term life insurance Term life insurance is the easiest kind of life insurance that you can avail until a certain period of time. The death benefit is given in case of death of the insured during this period. Otherwise, you have to claim the insurance to obtain the money. This is one of the affordable means of life insurance as it assures a high sum of money at low premium rates. Endowment plan Endowment plans give you double advantage of investment as well as insurance. The premium you pay gets divided where a part of it is reserved for life cover and the rest is invested by the company. You get added bonuses which will be paid as a matured benefit during the end of policy term. Unit Life Insurance Plan This is a beneficial insurance plan for investment and insurance cover. Like the Endowment plan, a part of the premium is accounted for investment and insurance. The best feature in ULIP is that you can choose the mode of investment you would like to do. The investment options are bonds, mutual funds, debits, equities etc.Whole life insurance plan This plan covers your entire life, unlike the term policies. This is a long-term insurance, hence the premium is high. With this plan, you get insurance for your entire life which could also be utilized by your next generation. Child plan Child plan is to benefit the future of your children. The term of the policy is generally up to 18 years. This will secure your child’s education and expenses. Retirement plan This is a long-term savings plan that benefits you after your retirement. The term the policy is 60 years. You can choose this type of life insurance to have a secured retired life. Life insurance is the best way to protect your family financially after your demise. This is essential both for short-term and long-term expenses.