How many Type of Insurance Policy are there ?
There are mainly 5 types of Insurance policies are there. which are as follow.
- Term Life Insurance
- Whole Life Policy
- Endowment Plans
- Unit Linked Insurance Plans
- Money Back Policy
1. Term Life Insurance :
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| Term Life Insurance |
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term.
2. Whole Life Policy :
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| Whole Life Policy |
Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.
3. Endowment Plans:
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| Endowment Plans |
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.
4. Unit Linked Insurance Plans (ULIP)
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| Unit Linked Insurance Plans (ULIP) |
ULIP is a life insurance product, which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds.
5. Money Back Policy :
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| Money Back Policy |
A money back plan provides the full sum assured on maturity. This is irrespective of the survival benefits and the amount paid under the same. This works just like any standard life insurance policy where the insured party gets a final assured sum at the end of the policy term
