In today’s uncertainties of life, having a life insurance plan has become a necessity for every individual. Life insurance is the safest and the most secure ways to provide financial security to your family and loved ones against any types of unforeseen circumstances. Nowadays, to fulfill the requirements of the customers, many insurance companies have launched highly comprehensive plans that provide life protection along with many additional benefits.
According to the suitability and requirements of the customers, there are different types of life insurance plans provided by the insurance companies. To help you know more about these plans, here we have briefly discussed the top three types of life insurance plans.
Term Insurance plans are the cheapest and the simplest form of life insurance plans that provide full financial protection for a particular period of time. Under term insurance plan a death benefit is payable to the nominee in case of uncertain demise of the policy holder. Some of the benefits offered by term insurance plans are
Endowment plan provides life coverage to the insured for a particular period of time. As per the requirements of the customers, endowment policies are broadly classified into two types i.e. endowment without profit and endowment with profit plan.
The endowment without profit plan which is also known as term plan offers a sum assured amount to the beneficiary only upon the death of the insured. Whereas, in the endowment with profit plan the beneficiary receives the sum assured amount plus bonus during the entire tenure of the policy in case of demise of the policy holder. Some of the benefits offered by endowment policies are
Unit Linked Insurance Plans are market linked products that provide buyers the benefit of both investment cum insurance plans. ULIP plans are linked to capital market and provide flexibility to invest in equity or debt as per the risk appetite. On the basis of the different purpose, they serve to the buyers ULIP plans are categorized as
Some of the benefits offered by ULIP Plans are:
These top three types of life insurance plan not only provide financial protection to the insured and their loved ones but also provide many add-on benefits to fulfill the requirements of their day today life.
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