Term Insurance-It is the most basic type of insurance. -It covers you for a specific period. -Your family gets a lump-sum amount in the case of your death. -If, however, you survive the term, no money will be paid to you or your family.
Whole Life Insurance-It covers you for a lifetime. – Your family receives a certain sum of money after your death. -They will also be entitled to a bonus that often accrues on such amount.
Endowment Policy-Like a term policy, it is also valid for a certain period. -A lump-sum amount will be paid to your family in the event of your death. -Unlike a term plan, you get the maturity proceeds after the term period.
Money-back Policy-A certain percentage of the sum assured will be paid to you periodically throughout the term as survival benefit. -After the expiry of the term, you get the balance amount as maturity proceeds. -Your family gets the entire sum assured in case of death during the policy period. This is regardless of the survival benefit payments made.
Unit-linked Insurance Plans (ULIPs)-Such products double up as investment tools. -A part of your premium goes towards your insurance cover. -The remaining amount is invested in Debt and Equity. -A lump-sum amount will be paid to your family in the event of your death.
Child Plan-This ensures your child’s financial security. -In the event of your death, your child gets a lump-sum amount. -The insurer pays the premium amounts after your death. -Your child will continue to get a certain sum of money at specific intervals.
Pension Plans-This helps build your retirement fund. -You can get a regular pension amount after retirement. -In the case of your death, your family can claim the sum assured.

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