Life Insurance, India

Life is very fragile and death is a certainty. We cannot control the uncertainties of life. But, we can cover the risks surrounding us. Life insurance, simply put, is the cover for the risks that we run during our lives. It protects us from the contingencies that could affect us.

Life insurance is not for the person who passes away, it for those who survive. It is the responsibility of every bread earner to guard against the events that could affect the family in the unfortunate circumstance of his / her demise. Thus, having a life insurance policy is very vital. Before going for a life insurance policy it is imperative that you know about various types of life insurance policies. Major among them are:

Endowment Policy
An endowment policy covers risk for a specified period, at the end of which the sum assured is paid back to the policyholder, along with the bonus accumulated during the term of the policy.

Whole Life Policy
A whole life policy runs as long as the policyholder is alive. As risk is covered for the entire life of the policyholder, therefore, such policies are known as whole life policies.

Term Life Policy
Term life insurance policy covers risk only during the selected term period. If the policyholder survives the term, the risk cover comes to an end.

Money-back Policy
Money back policy provides for periodic payments of partial survival benefits during the term of the policy, as long as the policyholder is alive.

Joint Life Policy
Joint life insurance policies are similar to endowment policies as they too offer maturity benefits to the policyholders, apart form covering risks like all life insurance policies.

Group Insurance Policy
Group insurance offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives

Loan Cover Term Assurance Policy
Loan cover term assurance policy is an insurance policy, which covers a home loan. Such a policy covers the individual's home loan amount in case of an eventuality.

Pension Plan or Annuities
A pension plan or an annuity is an investment that is made either in a single lump sum payment or through installments paid over a certain number of years

Unit Linked Insurance Plan
Unit linked insurance plan (ULIP) is life insurance solution that provides for the benefits of risk protection and flexibility in investment.