Life insurance plans are characterized by the fact that they pay a benefit on death of the insured. The most popular plans have a fixed period of time for which the policy is in force, and death benefit will be paid. Term Life, Endowment, ULIPs, Pension Plans, and Child Plans all have fixed terms. On the other hand, Whole Life Plans offer cover for the entire lifetime.

Term Life

Term Insurance plans provide a death benefit for a fixed tenure. This is the most basic and also the most important type of life insurance policy available in the market. .

Endowment plans

Endowment plans are savings-oriented life insurance plans. These plans have both death benefit as well as maturity benefit. Death Benefit is paid to the nominee if the life insured dies within the policy tenure and Maturity Benefit is paid to the policyholder if he survives the entire policy tenure.

ULIPS

Unit Linked insurance plans (ULIPs) are investment oriented insurance plans. Under these plans, the premiums paid are invested in the capital market. There are different types of investment funds and the policyholder can choose the fund in which the premium should be invested..

Child Insurance plan

Specifically designed to secure your child’s financial future, ensuring they have adequate funds for major milestones like higher education or marriage, even in your absence.

Pension plans

Pension plans are retirement-oriented life insurance plans. Under these plans, the policyholder creates a corpus from which regular annuity payouts are given till the insured is alive. Pension plans come in two variants – Deferred pension plans and Immediate annuity plans..